We have also accepted an offer to purchase the Galileo Project vacant land for $775,500. The listing is available here: https://www.loopnet.com/Listing/Rutgers-Rd-Kennedy-Blvd-California-City-CA/20743529/. Based upon an independent appraisal received on the Galileo Project land, the Receiver believes this offer is fair, reasonable and at market value for the property. As such, the Receiver intends to seek Court authority to sell the Galileo Project land. EMILY GUERIN: Like decades in the future? In May 2020, DBO filed an amended complaint, adding additional defendants, SS Purcho, LLC, Accelerated Assets, LLC, and Pahrump Valley Real Estate Co., LLC. These expenses include water, electricity, labor, and insurance costs. And honestly, I started to wonder if that was intentional. 2023 Southern California Public Radio - All Rights Reserved. Marian has 1 job listed on their profile. 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. Tom denied he sold land for up to 100 times what its worth. EMILY GUERIN: Oh wait, you know what, can I actually buy a mug? 4. EMILY GUERIN: They can eliminate as much of these problems as Im mentioning. Even though operating expenses have been reduced, maintaining the Ranch continues to drain the limited resources of the Receivership Estate. 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 investor distribution. In my podcast California city, I told the story of a small town in the Mojave Desert where, for more than six decades, salesmen have been selling nearly worthless desert land to unsuspecting people. The Court ordered that the Receiver cannot distribute any money to investors until the conclusion of the case. But they werent to blame. Tom Maney. As we have noted repeatedly, calculating the Final Claim Determination amounts does NOT mean investors will receive those amounts. MICHAEL VIERNES: Why the hell did you do this? The sale has been structured to allow the buyer 30 days to clear contingencies for the Ranch property and closing will be 60 days after the Court approves the sale. The Courts decision means that when the sale closes, the Silver Saddle investors will no longer have an interest in the Galileo Project Land. CALIFORNIA CITYEpisode 6 Transcript: The Hunted Becomes The HunterEPISODE 6 TRANSCRIPT. The Top 5 newsletter catches you up with LAs top 5 stories in just 3 minutes. Thats when the California Department of Financial Protection and Innovation raided Silver Saddles headquarters, halted all sales operations and took control of its bank accounts. EMILY GUERIN: Um, do you see how I have my left arm up? I kept trying to start the interview, but he kept interrupting to show me pictures. But it does seem like everyone in town knows that something sketchy is going on out there. Home > 2022 > June > 10 > Uncategorized > marian ducreux silver saddle. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. The Attorney Generals office didnt immediately respond to a request for comment. I knew he blamed Nat Mendelsohn for all the problems. Accordingly, he filed a Motion for Approval of Proposed Distribution Method and Procedures with the Court asking for permission to make a first distribution. BEN PEREZ: That money is supposed to be for my future. MICHAEL VIERNES: It usually never floods here. She told me so. 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. But I would learn later that they too had recorded our conversation, secretly. After the Receiver reaches final determinations on all claims, a Notice of Final Determination and Proposed Distribution will be filed with the Court. EMILY GUERIN: Like, do you feel like because you invited people you helped Silver Saddle get more people into the scam? Division of Consumer Financial Protection, Division of Corporations and Financial Institutions, Licensee & Financial Service Provider Search, Actions, Order and Administrative Hearing Decisions, Central Locations for Service of Legal Process, Office of Financial Technology Innovation, Press Releases 2009 - 2013 (Dept of Corporations), Press Releases 2001 - 2013 (Dept of Financial Institutions). April 18, 2022 Court Grants Motion to Approve Sale of Galileo Project Land. Timeline for Court Challenge to Receivers Confirmation of Claim Determination. October 16, 2019 Preliminary Injunction, Asset Freeze, and Confirmation of Receiver Order Issued by San Diego Superior Court. Copies of the Receivers Motion to Approve the Sale of the Ranch and Application to Shorten Time are available in the documents section of this webpage. Why not? And, I wanted it to be true. 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. The Vietnamese refugee who trusted Californias laws would protect him from scams. Prior to the hearing, the Court issued a tentative ruling approving the sale. She was Tom and I was me. Plus, Ben becomes part of Silver Saddle's sales machine. Nice to meet you. When I asked if he warned his friends not to buy anything, he said yes, but then he said no. The Motion is posted in full in the Documents section of this webpage. The Motion was opposed by Defendant Accelerated Assets and Defendant Thomas Maney. Now I'm starting to get nervous. It had rained the night before, and the air tasted clean and cold. The Court also determined that the Receiver had shown the current offer was fair and reasonable. 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. The local news you read here every day is crafted for you, but right now, we need your help to keep it going. Claim Determination letters have gone out today to Silver Saddle investors who invested in the Galileo Project (sometimes called LandBanking Plus). Copies of the Complaint and the TRO are available in the documents section of this webpage. feeding westchester mobile food truck schedule. For example, to date the Receiver has paid $285,580 for water alone. EMILY GUERIN: Tom had been reluctant to talk to us. 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. And they say it over and over and over, in the calmest possible way, until you begin to think maybe this person is right. The new trial date is May 6, 2022. After completing this process, the Receiver will select the best offer and submit it to the Court for consideration. MICHAEL VIERNES: My name is Michael Viernes, and I'm from Union City, and I happened to go, went, I went to Side Saddle Ranch about a year ago if I'm not mistaken. EMILY GUERIN: Previously on California City: KATHRYN EFFORD: Real estate is the basis of all wealth. Debra Nicastro Owner at "DNEM" Debra Nicastro - Expert Management & Business Development Los Angel You never know. As we got closer, we saw the road snaking up Galileo Hill. It had been going on for years. MICHAEL VIERNES: Sorry its kind of flooded all over the place. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. In March 2022, we sent out 2,970 letters to investors notifying them of the Receivers Preliminary Claim Determinations. However, the Court did ultimately approve the Receivers proposed method and procedures for a distribution. Clifford J. Reynolds of Pasco, Washington; Marian G. Ducreux of Corona, California; and Wayne A. Pedersen of Sequim, Washington are identified as relief defendants who allegedly received ill-gotten gains from the scheme. Western Saddle Bridle Silver Trim Kit 2 Billet Trim & 6 Conchos Rope Edge Floral. Post author: Post published: June 10, 2022; Post category: why does mayella begin to cry the first time? Call (334) 382-3819 to book an appointment or to hear more And the total claim will be used to determine the investors pro rata share of any distribution(s) ordered by the Court. EMILY GUERIN: Silver Saddle Ranch and Club was closed for the winter, so there wasnt really anyone around when James and in drove past the unmanned guardhouse. EMILY GUERIN: Administrative office. And he said, hey, what are you guys doing this weekend? JAMES KIM: James, nice to meet you. Thank you. Even with the reduced water rates, we expect water will continue to be a substantial expense and all other expenses will continue e.g., electricity, labor, and insurance. Prosecutors charged Thomas Maney, the 83 year-old owner of Silver Saddle, Marian Ducreux, 68, one of the companys top sales people, and seven other former sales agents, managers and employees of the ranch in late May. 11 months later, we split up. 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. EMILY GUERIN: That was like the nicest, confrontational interview I've ever done. A receiver was appointed to take over the company assets for the benefit of the investors. I was going to a convicted murderer for advice. Why are you so stupid? All of the defendants are affiliated with Silver Saddle Ranch & Club, a remote desert resort in California City about an hour and a half north of L.A., where salespeople offered free weekend vacations to Latino, Filipino and Chinese consumers in exchange for sitting through a high-pressure sales pitch. My senior producer and I even role-played. That's because I'm sweating and I need to air out my armpit. I knew Tom had once lived in Carmel, California, in a 4-bedroom house with six fireplaces, a sauna and a view of the sea. The Court will need to approve a distribution before the proceeds from the sale can be distributed to investors. But Marian Ducreux told me at least five of Bens referrals spent money. Ken had made sure the agreement covered all of Great Western Cities successors and subsidiaries. Based on everything Ive learned about Silver Saddle, from dozens of people who visited or bought in, I do think Silver Saddle took advantage of him. Their signatures were both on page 21, just centimeters apart. Elizabeth SmithElizabeth.Smith@dfpi.ca.gov. Separately, the Receiver sought the Courts permission to list for sale two other, smaller properties owned by Receivership Defendant High Plains Mesa Holdings. We have reviewed records from Equiant and Silver Saddle which detail the investor payments recorded by the Defendants. Every investor should carefully review the Receivers claim determination. Whatever act he's putting on, he knows. 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. Definitely. chandrika tandon and indra nooyi Facebook gurunanda diffuser instructions Twitter petronas offshore malaysia Instagram burning dove symbolism death YouTube riverdale neighborhood portland, oregon Pinterest. On September 29, 2020, California City approved the Ranch for a lower water rate, which should result in lower water bills. The Receiver has received several inquiries concerning W-2s from former employees. 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. In that scenario, Investor As pro rata share is 3% and Investor Bs pro rata share is 5%. But today, we were talking to the man in charge. DBO also filed a motion for preliminary injunction to stop these additional corporate defendants from collecting money related to the Galileo Project. EMILY GUERIN: Tom made me feel like everything was crystal clear. Investors should look for the letter in the U.S. mail. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo investors. I knew they bought Silver Saddle Ranch. The complaint names Thomas M. Maney of Lancaster, California as the central figure in a scheme that violated state securities laws and targeted Filipino, Chinese and Spanish-speaking communities with high-pressure sales tactics and false promises. After hearing argument, the Court granted the Receivers Motion and approved the sale of the Ranch. Each investor would receive a part of the proceeds from the sale proportionate to the money he or she paid for the property. View Marian Ducreux's profile on LinkedIn, the world's largest professional community. You know, we've all gone through that. The property was split into 4,000 fractionalized interests to sell to investors. And I think he was just trying to get his money back. They threatened investors who later complained with lawsuits and financial harm. The day after filing the Notice of Appeal, High Plains Mesa Holdings and High Plains Mesa Management filed for bankruptcy. EMILY GUERIN: Oh, that you don't have cigarettes? EMILY GUERIN: I know its kind of weird, but Kens little pep-talk did help. EMILY GUERIN: We actually had some at the Best Western, but thank you. As we previously reported, even though operating expenses have been reduced, maintaining the Silver Saddle Ranch and Club (Ranch) continues to drain the limited resources of the Receivership Estate. James bought cigarettes, and I hit up the only coffee shop in California City: the McDonalds. March 9, 2022 Motion to Approve Sale of Galileo Project Land Filed. Did he believe that 60-year old refrain: that California City was on the verge of booming? 4, 2022), Knight Decl. Guthrie ThomasCountry 2012 Guthrie ThomasReleased on: 2012-02-17Auto-generated by YouTube. I have nothing planned Um, but at that time, though, he didn't tell me about, it was an investment thing. The DBO licenses and regulates more than 360,000 individuals and entities that provide financial services in California. It's good to see you. ENGRAVED PRAYING COWBOY SILVER TRIM KIT for horse saddle cantle conchos. The guys from Solid, who were L.A. originals. 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. oferta; cennik; dla biznesu; Nasza flota March 29, 2023 Receivership Case Remains Stayed. I said yes to the Nescaf, and we sat down at his kitchen table. EMILY GUERIN: Really, so you think he's just kind of bullshitting me? We continue to receive inquiries and entertain offers for the properties. The allegations against the defendants include that they: Ben Perez is one of the more than 2,000 people who invested money with Silver Saddle. The Receiver intends to seek Court permission to proceed with the sale. JAMES KIM: How are you feeling now about Tom's interview? But honestly, I knew the moment he proposed that it was a bad idea. In other words, no investor will receive the full amount of his or her claim. The investment was called LandBanking Plus or The Galileo Project and offered interests in a roughly 1,000-acre parcel of raw desert land in Kern County. EMILY GUERIN: But by the end, Tom and Debbie switched tactics. Because I was nervous that Tom would get angry, or yell, or kick us out. Tom Maney. The Receiver will use proceeds from the sale to pay expenses of the Receivership Estate and provide a first distribution to Silver Saddle investors. While we have heard from a number of Galileo Investors (who are coordinating with Antonio Garcia and Carlos Novelo, and their United Owner Investors, Inc.) objecting to the sale of the Ranch, the investors do NOT hold an interest in the Ranch property. Real Estate Broker at Silver Saddle Ranch Corona . Administrative actions filed simultaneously requested penalties and an order that Maney, Silver Saddle Ranch and the other entities offer to repurchase the investments. BEN PEREZ: She told me like, this is super easy, guys. 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. I will sue you for defamation of character and false accusations if you will not stop this.. They acknowledged that there could be problems at Silver Saddle. Upon receipt of an acceptable offer(s), the Receiver will then bring the issue before the Court, August 27, 2020 Ranch and Galileo Project Property Update. The sale is set to close in 60 days. The Court said that the Receiver can continue to collect funds for the Receivership Estate, but the stay may affect the timing of a distribution to investors. 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