He sold land to tens of thousands of people. Silver Saddle Resort was part of an investigation and lawsuit filed by the California Department of Business Oversight in 2019 that looked into fraudulent land sale activities in California City. If your mailing address has changed, please email your new address to info@regulatoryresolutions.com with the subject line SILVER SADDLE W-2 ADDRESS CHANGE. If you did not opt out of electronic delivery, you can access your W-2 through the Insperity Premier website. If approved, the closing date would occur within 60 days, according to the receiver. The Receiver has suspended all business operations, including the Silver Saddle Ranch & Club. We then calculated each investors total claim by adding (1) the amount he or she paid toward the purchase of an undivided fractional interest in the Galileo Project; and (2) the amount contributed to the Galileo Capital Investment Fund (CIF). As the Receiver, it is Mr. McNamaras job to identify, pursue, collect, and preserve the assets of the Receivership Estate while the lawsuit proceeds. The Receivership Estate will not be able to fund these costs for very long. A copy of the Receivers First Interim Status Report is posted in the Documents section of this webpage. The Motion was opposed by Defendant Accelerated Assets and Defendant Thomas Maney. He was shocked to hear the news of the criminal charges. Two offers were made, which the receiver claims were unacceptable. Most of the land Mendelsohn sold was bought by participants of a program he created that taught people how to be a real estate agent-- by selling land in California City. The Top 5 newsletter catches you up with LAs top 5 stories in just 3 minutes. The blue jellyfish-like creatures were swept by the winds of California's recent storms. At all relevant times, efendant d the Galileo Association was a California non-profit corporation with a business address of 7635 North San Fernando Road, Suite A, Burbank, California CALIFORNIA CITY WAS FOUNDED BY A CZECHOSLOVAKIAN IMMIGRANT WITH A VISION TO BUILD A CITY FROM SCRATCH IN THE DESERT. The motion for the court to approve the sale is scheduled for Nov. 6. Graduates of the program were expected to buy a piece of land themselves, and refer their friends and family. We will seek the Courts approval of the sale at a hearing on April 15, 2022, at 9:00 a.m., at the San Diego Superior Court, Hall of Justice, Department C-73. Silver Saddle Resort was part of an investigation and lawsuit filed by the California Department of Business Oversight in 2019 that looked into fraudulent land sale activities in California City. People needed a place to go, to start over. By 1970, Mendelsohn had 3,000 salesmen and 24 sales offices around the world. Both the Ranch and the Galileo Project property are listed for sale. We will seek the Courts approval of the sale at a telephonic hearing on November 6 at 9:00 a.m. via CourtCall and, if granted, the closing should occur 60 days thereafter. Today, most of the roads are abandoned. If you think the Receivers claim determination is wrong, you have until April 8, 2022 to send the Receivers office a letter or email challenging the calculations. Why A Key Program Is Falling Short, An Agonizing Battle With Schizophrenia Ends On A California Freeway. August 17, 2020 Postponement of Receivers Motion to Cancel Escrows. The case is still on-going. If no objections are filed with the Court, the Receiver will promptly file a proposed Order approving the Receivers claim determinations. Who knows when we'll see such vibrance again in this recently drought-choked land? 3. The contract had no cancellation period, and buyers were required to pay $41 a month in membership fees to Silver Saddle -- indefinitely. Because of these ongoing costs, we have determined selling the Ranch is in the best interest of the Receivership Estate. Now, survivors and their descendants seek reparations. For the five-month period of September 2019 to March 2020, water, electricity, labor, and insurance costs for the Ranch was approximately $230,000. Mamann also fielded a separate offer to purchase the approximate 1,020 acres of the adjacentGalileo Project parcels, which are also under state receivership for an additional $900,000. If the motion is granted, the closing should occur 60 days thereafter. Investors will have 90 days to cash the checks. The listing is available here: https://www.loopnet.com/Listing/Rutgers-Rd-Kennedy-Blvd-California-City-CA/20743529/. THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT CHARGED SILVER SADDLE WITH FRAUD AND SHUT THE COMPANY DOWN IN 2019 In September 2019, the California Department of Business Oversight filed a. Case Summary. The price was adjusted a few times before stabilizing at $1.87 million. The DBO alleges that Defendants sale of fractionalized interests in vacant desert land near California City, California violated California securities laws because such sales constituted the sale of unqualified or unregistered securities and were based on fraudulent and deceptive misrepresentations. Each investor who submitted a challenge has been contacted by mail and email explaining the Receivers review and determination of their challenge. The charges include conspiracy to commit a crime, grand theft of personal property, securities fraud and use of a scheme to defraud a consumer regarding the sale of securities. January 17, 2020 W-2s for Former Employees. Motion to Approve Distribution Method and Procedures filed Telephonic Hearing on March 19, 2021 at 9:00 a.m. Before the Receiver can distribute funds to investors, the Court must approve a distribution process. New potential buyer found for Silver Saddle Ranch, BY JACK BARNWELL The ranch and the property were initially marketed in May under real estate company Kidder Matthews, with Teresia Knight and Greg Myers as the listing agents. Heres How To Start Your Search, Emmery Muoz, 14, Was Killed In LA 17 Years Ago. The bankruptcy petitions and appeal were ultimately dismissed, allowing the Receiver to take control over the roughly $4,100,000 in sale proceeds. Should the Court order the sale to go forward, the Receiver intends to recommend to the Court that the sale proceeds be used to fund an additional investor distribution. 2 talking about this. A footnoted in the motion states that because of limited funds in the receivership estate account, the Receiver has temporarily withheld payment of his and counsel's fees and expenses in order to ensure the Receivership Estate has sufficient funds to pay ongoing Ranch expenses.. The agency accused Silver Saddle, Maney, Ducreux and other defendants of securities fraud and selling unqualified securities. "This is no ordinary real estate scheme," read the report. However, before this can occur, the current escrows must be canceled. An onslaught of velella velella washed up on shore this weekend on Southern California beaches. All the defendants have entered not guilty pleas. As the Receiver mentioned in his last update, the same proposed buyer who offered $2,100,000 for the Ranch also offered $900,000 for the Galileo Project vacant land. The Receiver selected Kidder Mathews as the real estate brokers to market the Ranch property, and the listing went active on May 8, 2020. Please prove that you're human. A promotional brochure from Silver Saddle, which is part of the DBO's lawsuit against the company. Even though operating expenses have been reduced, maintaining the Ranch continues to drain the limited resources of the Receivership Estate. Jones expressed a concern that he did not have a full and fair opportunity to pursue an offer which he provided to the broker. Less than an hour after signing a contract we had our doubts and were able to think it through and contacted the broker. We have also accepted an offer to purchase the Galileo Project vacant land for $775,500. As such, the Receiver intends to seek Court authority to sell the Galileo Project land. For the latest national news from NPR and our live radio broadcast, visit LAist.com/radio. We will provide an update if the trial date changes. Winds SW at 15 to 25 mph. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. Also, inclusion of the prospective intervenors as parties would enlarge the issues in the case because many of the approximately 3,000 investors have disparate opinions regarding disposition of the receivership estate. A full copy of the Courts Minute Order is available in the Documents section of this webpage. All the parties will be provided certain due diligence materials (e.g., preliminary title report, seller disclosures, etc.) Receivers Notice of Final Claim Determinations and Proposed Distribution. The sale of the Galileo Project Land, however, was put on hold. Case Information Case Number: 30-2022-01242337-CU-FR-CXC Case Status: Not Classified By Court We do not anticipate that the criminal case will affect this case or the receivership. However, because the Silver Saddle Ranch & Club and the Galileo Project land are worth far less than the investors paid into the Galileo Project, no investor will be returned all of the money he or she invested. In July, the receiver eventually accepted an offer from Kevin Feterik, who had partnered with local businessman Leland Krelle, for $1.77 million. One of these companies, High Plains Mesa Holdings, had a lease option agreement in place to sell a 640-acre parcel of land to a solar energy company for roughly $4,100,000 before this lawsuit was filed. "A Treasure in the Desert!" Located in the high desert at the foot of the majestic. A judge appointed a receiver to take control of the company's assets and property while the case proceeds. Between 2011 and 2019, Silver Saddle made more than $56 million. In a response filed with the court, calling it an eleventh-hour plea to unwind a valid contract and that it wreaks of impropriety and sour grapes based on obtuse contentions that do not withstand the requisite scrutiny required under the law.. Our complaint services are free and our team of expert mediators will assist in resolving complaints with businesses. We just don't do it. More information on these matters is available in the Receivers Fifth Interim Status Report (filed September 16, 2021) and the Receivers Sixth Interim Status Report (filed January 13, 2022). The minute order granting the Receivers motion is in the documents section of this webpage. The lowest water bill was $4,339 for mid-March 2020 to mid-April 2020. A sale will eliminate substantial ongoing expenses. Escrow was opened on July 2, 2020. The new trial date is May 6, 2022. Internet Reaction Is Not Great, There's Something Else Blooming In The Desert: Massive Art Installations, What We Know About The Odd Blue Creatures Washing Ashore On SoCal Beaches, The Palm Springs Government Burned Down Their Neighborhood Now They're Seeking Reparations, The Very Busy Ports Of LA And Long Beach Are Effectively Shut Down, Everything Is Blooming In The SoCal Desert. DBO also filed a motion for preliminary injunction to stop these additional corporate defendants from collecting money related to the Galileo Project. In the mid-1950s, real estate developer Nat Mendelsohn began to buy a ton of land in the Mojave Desert, 100 miles north of Los Angeles. If the DFPI is successful at trial or the parties reach a settlement, then the Receiver will seek permission from the Court to distribute the funds in the Receivership Estate to the Silver Saddle investors. No, the Ranch was permanently closed and recently sold to a third party pursuant to a In other words, Investor A provided 20%, Investor B provided 50%, and Investor C provided 30% of the total investment. The Motion details the proposed distribution process. The Case Remains Cold, Even 'Affordable Housing' In LA Isn't Affordable. April 18, 2022 Court Grants Motion to Approve Sale of Galileo Project Land. On April 15, 2022, the Court held a hearing on the Receivers Motion to Approve the Sale of the Galileo Project Land. If you're enjoying this article, you'll love my daily morning newsletter, How To LA. 4, 2022), Frequently Asked Questions (FAQs) (Feb. 8, 2021), Receiver's 7th Interim Status Report (Sept. 30, 2022), Receiver's 6th Interim Status Report (Jan. 13, 2022), Receiver's 5th Interim Status Report (Sept. 16, 2021), Receiver's 4th Interim Status Report (May 7, 2021), Amended Order re Proposed Distribution Method and Procedures (Apr. We have reviewed records from Equiant and Silver Saddle which detail the investor payments recorded by the Defendants. As we have stated on this webpage, and in our emails to investors, any distributions to investors will only take place after the conclusion of the case. The Court took into account the Receivers concerns and recommendations, as well as those of the other interested parties. Silver Saddle Ranch is delivering the very best 2-acre homesites in the market. I wish (the salespeople) realize how much they cost all the families, he said. Insperity, the payroll provider, will issue W-2s to former employees by January 31, 2020 via either U.S. mail or electronic delivery. It had been going on for years. In September 2019, the California Department of Business Oversight filed a lawsuit against Silver Saddle, accusing the company of securities fraud. In the 1950s and 60s, the city evicted the mostly Black and Latino working-class residents of Section 14 and destroyed their homes. The receiver is currently trying to sell the ranch and all the land around it to help pay back people who bought into the landbanking operation. The Receiver also filed a Response to the Motion to Intervene filed by Antonio Garcia and Carlos Novelo. "Mendelsohn isn't trying to sell land, and the public isn't really buying the land. The case status is Other. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. We can only do this important work with your help. However, the sales pavilion, parking, and other related improvements are located on a 24-acre parcel is owned by the City of California City and leased to Silver Saddle Resort and Club which expires April 17, 2027. 9, 2021), Receiver's Motion for Proposed Distribution to Investors (Feb. 8, 2021), Receiver's 3rd Interim Status Report (Jan. 14, 2021), Minute Order Granting Receivers Motion to Approve Sale of Ranch (Nov. 6, 2020), Receiver's 2nd Motion to Approve Sale of Ranch (Oct. 13, 2020), Receiver's 2nd Interim Status Report (Sept. 15, 2020), Silver Saddle Resort Sales Brochure (August 24, 2020), Galileo Parcels Sales Brochure (August 24, 2020), Receiver's Ex Parte Appl'n for Order Cancelling Escrows (Aug. 5, 2020), Preliminary Injunction re Accelerated Assets; SS Purchco; and Pahrump Valley Real Estate Co. (July 24, 2020), Minute Order re Motion to Intervene and for Preliminary Injunction (July 24, 2020), Moody Decl. Here Are The Legal Hurdles That Could Face, Your SoCal Weather Report: Get The Rain Boots Back Out And Brace For Gray Skies, Emily Guerin tells a story of money, power and deception, 'Beef' Stars Defend David Choe Casting. At that time, you must provide copies (please do NOT send original documents) of all the information and documents supporting your challenge, for example bank statements and the front and back of cancelled checks. The Receiver will file a motion for the Galileo Project land after the sale of the Ranch is complete. In the 1950s and 60s, the city evicted the mostly Black and Latino working-class residents of Section 14 and destroyed their homes. The sale closed but in August 2021, the owners of High Plains Mesa Holdings appealed the sale and filed a bankruptcy petition on the companys behalf without the Receivers permission. As you may be aware, the Court approved the sale of the Silver Saddle Ranch and Club (Ranch) for $2,100,000. The DBO alleged that Defendants committed . While we have carefully considered the concerns raised by these investors, they do not have legal standing to object to the sale of the Ranch. The Receiver intends to seek Court permission to proceed with the sale. August 26, 2022 Receivership Case Stayed. The Motion is posted in full in the Documents section of this webpage. As you may be aware, the Court approved the sale of the Silver Saddle Ranch and Club ("Ranch") for $2,100,000. In my podcast California City, I told the story of a small town in the Mojave Desert where, for more than six decades, salespeople have been peddling nearly worthless desert land to unsuspecting people. Accelerated Assets wanted to postpone any sale of the Ranch so that the Ranch can be used as part of settlement negotiations it wishes to have with the Department of Financial Protection and Innovation. Silver Saddle lured prospective buyers from around California with the promise of a free weekend at the ranch. The Ranch is listed for $1,874,500. Instead, each investor will receive a share of the proceeds proportionate to his or her investment in the Galileo Project (a pro rata share). Once final determinations are reached, every investor who made a challenge will be notified via mail and/or email and by posting notice on the receivership website of the final outcome. Silver Saddle Ranch & Club Inc :: Superior Court of California, County of Los Angeles :: State Civil Lawsuit No. The criminal action by the Attorney General is separate and independent from this case. After 14 days, the Receiver will respond to any investor objections filed with the Court, so that the Court can evaluate the Receivers calculations. There would be half a million residents living along winding city streets that were curved to slow down traffic. The listing is available here: https://www.loopnet.com/Listing/20751-Aristotle-Dr-California-City-CA/19775266/. The Court has rescheduled the hearing on the Receivers Motion from August 28, 2020 to August 19, 2020 at 1:30 p.m. All responses and oppositions to the Receivers Motion must be filed with the Court by August 6, 2020. At a hearing on October 16, 2019, the San Diego Superior Court issued a Preliminary Injunction with asset freeze and confirmed the appointment of the Receiver over the Receivership Defendants (Silver Saddle Commercial Development, LP; Silver Saddle Ranch & Club, Inc.; The Galileo Commercial Property Owners Association, Inc., as well as any other entity that has conducted any business related to Defendants offering and selling of the Galileo Project investment contracts). One offer fell too low beneath the listing price. The proposed call to approve the land sale isnt the first time the receiver has anticipated selling the resort and the project land. To be clear, the Galileo Project investors do NOT hold an interest in the Ranch property; the Ranch is owned by Receivership Defendant Silver Saddle Ranch & Club, Inc. 12. Moving forward with a sale is essential because, as we have previously reported the costs to maintain Ranch are draining the limited resources of the Receivership Estate. Both purchases needed to be approved by the Court before they could proceed. the assets of the Receivership Estate while the lawsuit proceeds. Copies of the Complaint and the TRO are available in the documents section of this webpage. While many individuals have requested refunds, whether refunds will be issued depends on the outcome of the case and will be an issue for the DBO and the Court to resolve. The listing is available here: https://www.loopnet.com/Listing/Rutgers-Rd-Kennedy-Blvd-California-City-CA/20743529/. Heres How To Start Your Search, Emmery Muoz, 14, Was Killed In LA 17 Years Ago. For additional details on the sale of the Ranch, please see below. Community funding keeps us independent and accountable. On November 6, 2020, the Court held a hearing on the Receivers Motion to Approve Sale of the Silver Saddle Ranch and Club. We will provide a further update at that time. Importantly, the Receiver intends to request the Court authorize that the Galileo lands be conveyed with a clear title and free of the Galileo investors fractional interests. The receiver noted in the motion that many of these amenities were modestly constructed, outdated, and poorly maintained.. Case Details Parties Documents Dockets. As such, the Receiver accepted the offer and will soon seek Court authority to sell the Galileo Project land. 14,248 were here. I mean, its the way I live my life.. Temporary Restraining Order and Appointment of a Receiver Issued by San Diego County Superior Court. Timeline for Court Challenge to Receivers Confirmation of Claim Determination. It seemed like such an anachronism, a relic of Southern California post-war hubris, or maybe even Gold Rush-style boosterism. 7. The DFPI alleged that Defendants . Trial is presently scheduled for May of this year. In my reporting, I learned that Silver Saddles land sale scheme was essentially an open secret in Kern County. What about Silver Saddle Ranch & Club - is it still open? Sorry, there are no recent results for popular commented articles. On 06/06/2019 MICHAEL BALAGTAS, filed a Contract - Other Contract lawsuit against SILVER SADDLE COMMERCIAL DEVELOPMENT, LP ,. The blue jellyfish-like creatures were swept by the winds of California's recent storms. July 10, 2020 Offer to Purchase Silver Saddle Ranch and Club. The Court granted Mr. Maneys request on August 11, 2022, which means the trial in this case will no longer occur in September as previously scheduled. On July 16, 2020, the Court held a hearing on the Receivers Ex Parte Application to Shorten Time for a Hearing on the Receivers Motion to Approve the Sale of Silver Saddle Ranch and Club. The sale is set to close in 60 days. Escrow was opened on September 29, and the proposed buyer has 21 days to clear contingencies. Today on Public Media Giving Day, keep LAist strong with your support. For additional details on the sale of the Ranch, please see below. Mendelsohn advertised the program in major newspapers around the West, and it was wildly successful. 4, 2022), Knight Decl. There would be a golf course, a university, a mall, a massive park and an airport. The Court will need to approve a distribution before the proceeds from the sale can be distributed to investors. Most of the money, the DBO learned, was gone. The resort was listed at $1.87 million and theGalileo Project at $919,746. They're engaged in a grand illusion of creating wealthNK Mendelsohn has perfected the art of turning desert dust into gold -- but only for himself.". After hearing argument, the Court granted the Receivers Motion and approved the sale of the Ranch. If you'd like to follow the Silver Saddle court case, follow me on Twitter: @guerinemily. Today on Public Media Giving Day, keep LAist strong with your support. Landbanking is where a group of people jointly own a huge chunk of land. In 1984, the company declared bankruptcy. Given the stay, we do not expect any material activity to occur prior to the resolution of the criminal prosecution. 4, 2022), Gordon Decl. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. The receiver also accepted a separate $775,000 offer from Feterik to purchase the Project land. 6. The Receiver intended to use the money from the sale to pay the expenses of the Receivership Estate and provide a first distribution of funds to Silver Saddle investors to begin compensating them for their losses. 13, 2020), Amendment to Complaint Adding SS Purchco, Kvassay, Huebner (Feb. 5, 2020), Amendment to Complaint Adding Kelly Maney (Dec. 5, 2019), Amendment to Complaint Adding Maria Rosales (Dec. 5, 2019), Temporary Restraining Order (Sept. 24, 2019), Motion to Approve the Sale of the Galileo Project Land, Declaration of Cornelia J. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. The Receiver has filed a Motion to Approve the Sale of the Ranch and an Application to Shorten the Time for a Hearing, asking the Court to hear the Receivers Motion to Approve the Sale of the Ranch on July 16, 2020 at 8:30 a.m. via CourtCall. 2023 Southern California Public Radio - All Rights Reserved, As Fentanyl Deaths Climb, Bill Would Require Drug Education In Schools, Lawmakers Want More Social Media Regulation. The Court ordered that the Receiver cannot distribute any money to investors until the end of the case. After the Nader's Raiders' published their report in 1971, the Federal Trade Commission began to investigate. Community funding keeps us independent and accountable. It is currently listed for $1,895,000. The individual expressed a concern that he did not have a full and fair opportunity to pursue an offer which he provided to the broker. Internet Reaction Is Not Great, There's Something Else Blooming In The Desert: Massive Art Installations, What We Know About The Odd Blue Creatures Washing Ashore On SoCal Beaches, The Palm Springs Government Burned Down Their Neighborhood Now They're Seeking Reparations, The Very Busy Ports Of LA And Long Beach Are Effectively Shut Down, Everything Is Blooming In The SoCal Desert. On September 9, 2019, the California Commissioner of Business Oversight (DBO) filed an action against multiple parties involved in a real estate investment scheme which allegedly sold highly overpriced fractionalized interests in vacant desert land in rural Kern County, California. The Judge overseeing this case is Joel R. Wohlfeil. At the same time the Receiver accepted an offer to purchase the Silver Saddle Ranch, he accepted an offer to purchase the Galileo Project Land. As a result, Investor A has a claim for $200, Investor B has a claim for $500, and Investor C has a claim for $300. The Court is currently scheduled to hear DBOs motion for preliminary injunction on July 24, 2020 at 9:00 a.m. DBO also added Kelly Maney, Maria Rosales, Robert Kvassay, and Richard Huebner as additional defendants. This means that the Receiver can start calculating investors losses so that, if and when a distribution is ordered, the Receiver can begin sending money to investors right away. Winds SW at 20 to 30 mph. Each investor will, however, receive a part of the proceeds from the sale proportionate to the money he or she paid for the property, as described in the recently distributed Claim Determination letters. IN 2011, SILVER SADDLE TRANSITIONED FROM SELLING VACANT DESERT LOTS TO SELLING SHARES OF A CONFUSING REAL ESTATE INVESTMENT CALLED 'LANDBANKING'. In other words, no investor will receive the full amount of his or her claim. THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT CHARGED SILVER SADDLE WITH FRAUD AND SHUT THE COMPANY DOWN IN 2019. Craig's Personal Injury/Premises Liability Lawsuit. In part, the ruling states that, [t]he prospective intervenors, like all investors, will be afforded an opportunity to be heard regarding the disposition of the receivership estate through the Receivers notice and recommendations to the Court. Defendants comingled and diverted funds that had been promised to be set aside and preserved for the investors benefit, making it difficult to trace exactly how investor money was being spent. 2023 Southern California Public Radio - All Rights Reserved, 'Beef' Stars Defend David Choe Casting. The Top 5 newsletter catches you up with LAs top 5 stories in just 3 minutes. We have received emails and letters from a small number of investors (who appear to be coordinating with Antonio Garcia and Carlos Novelo, and their United Owner Investors, Inc.) objecting to the sale of the Ranch. But much of the land they bought is nearly worthless. LAist is part of Southern California Public Radio, a member-supported public media network. Consumers had filed almost three dozen complaints with various agencies: the Kern County District Attorney, the California Department of Real Estate, even the Federal Trade Commission, but the company continued to operate until 2019. re Accelerated's Opposition Preliminary Injunction (July 16, 2020), Receiver's Motion to Approve Sale (July 10, 2020), Receiver's Ex Parte Appl'n to Shorten Time (July 10, 2020), Receiver's Response to Motion to Intervene (July 9, 2020), Receiver's 1st Interim Status Report (Mar. Investor payments will be made by check. The developer of California City, Nat Mendelsohn, built hundreds of miles of roads through the empty desert. Every investor should carefully review the Receivers claim determination. To that end, on February 8, 2021, the Receiver filed a Motion to Approve Distribution Method and Procedures (Motion). That case, which is a separate civil lawsuit unrelated to the new criminal charges, is set to go to trial in September. The Receiver hired counsel for both matters. It wasnt. September 24, 2020 Ranch and Galileo Project Property Update. 3. This will involve (1) calculating each investors claim and then (2) dividing this by the aggregate amount of all investor claims to get a pro rata figure which (3) will be multiplied by the amount available for distribution. SACRAMENTO - The Department of Business Oversight announced Oct. 1 that a state judge has granted its request to shut down an alleged investment fraud that collected more than $30 million from illegal land sales and other charges associated with the Silver Saddle Ranch & Club in California City. My 8-episode investigative podcast, California City, seeks to answer that question, as well as a bunch of others that came up over the course of my reporting. All parties, including Feterik and Jones, were encouraged to submit a last, best and final offer with a Sept. 14 deadline. Since 2011, Silver Saddle's sales agents sold "shares" of the landbanking project to more than 2,000 people, for up to $30,000 each. Instead Judge Wohlfeil treated the ex parte application as an application for order shortening time, which he granted. A photo of Nat Mendelsohn, the founder of California City, on the cover of the 1961 annual report to property owners. Nevertheless, the Receiver intends to recommend to the Court that the funds from the sale of the Ranch be used to make an initial distribution to Galileo Project investors. I wish they would give the money back to us., When I interviewed Thomas Maney for the podcast in early 2019, he told me, Well, first of all, we've never misrepresented.
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