The 2,000 or so people whod bought shares of the landbanking project, for nearly $60 million dollars. EMILY GUERIN: Okay, even though you could be viewed as a, as a successor company because you had worked for Great Western.. TOM MANEY: Not really, its totally different. When he came back from Silver Saddle in July 2017, he told me he couldnt tell what was real, and what was a lie. MICHAEL VIERNES: Well, Benjamin is a good friend of mine. EMILY GUERIN: But when Ben talks about this, theres a lot of inconsistencies in his story. And looking back on it, I think this moment, with Tom swiping on his phone, maybe that was when he started recording. Deep in the Mojave Desert, there is a little town with a big name and a bizarre history: California City. As a result, investors will NOT receive back the full amount they invested from the Receivership Estate. The property was split into 4,000 fractionalized interests to sell to investors. EMILY GUERIN: I told Ken about how Tom had been so calm and confident as he denied everything. The Vietnamese refugee who trusted Californias laws would protect him from scams. Tom never raised his voice. Prosecutors charged Thomas Maney, the 83 year-old owner of Silver Saddle, Marian Ducreux, 68, one of the company's top sales people, and seven other former sales agents, managers and employees . It wasnt. 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. The Court approved the sale on November 6, 2020, and the sale closed on January 14, 2021. Real Estate Broker at Silver Saddle Ranch Corona . I dont think theyd assume wed go to the administrative office. In March 2022, we sent out 2,970 letters to investors notifying them of the Receivers Preliminary Claim Determinations. The listing is available here: https://www.loopnet.com/Listing/20751-Aristotle-Dr-California-City-CA/19775266/. MICHAEL VIERNES: Silver Saddle. The trial date in this case remains the same, September 16, 2022. On November 6, 2020, the Court held a hearing on the Receivers Motion to Approve Sale of the Silver Saddle Ranch and Club. A copy of the Preliminary Injunction is posted in the Documents section of this webpage. Silver Saddle Commercial Development, LP, et al. In July, Mr. Maney asked the Court to stay this case, which would put the case on hold, until the criminal case is finished. EMILY GUERIN: It wasnt a tragedy that occurred. The Receiver also filed a Response to the Motion to Intervene filed by Antonio Garcia and Carlos Novelo. MICHAEL VIERNES: It usually never floods here. If you opted out of electronic delivery, Insperity will mail the W-2 to your home address that was on file as of December 31, 2019. TOM MANEY: I'm saying they may not. The Receiver will proceed with hiring a realtor and proceeding with listing and marketing the properties. After the Court does so, the Receiver will submit a proposed Order to the Court consistent with the ruling. And I knew hed been pretty high up the senior vice president and general counsel. EMILY GUERIN: That was like the nicest, confrontational interview I've ever done. MICHAEL VIERNES: Tell you the truth, Ben was acting kind of fidgety. Insperity, the payroll provider, will issue W-2s to former employees by January 31, 2020 via either U.S. mail or electronic delivery. The Receivership Estate will not be able to fund these costs for very long. As such, while we have carefully considered the concerns raised by these investors, they do not have legal standing to object to the sale. I wish (the salespeople) realize how much they cost all the families, he said. LAist Studios relies on listener support to bring you the podcasts you love. As such, the Receiver intends to seek Court authority to sell the Galileo Project land. If you are an investor and you agree that the claim determination prepared by the Receiver is correct, you do not need to do anything. And I think they convinced him and his friends to lure even more people into their web. The Court also determined that the Receiver had shown the current offer was fair and reasonable. July 17, 2020 Results of Hearing on Receivers Ex Parte Application. After obtaining an extensive appraisal, the Receivers team interviewed and selected a broker, Kidder Mathews, to sell the Ranch. I do not think Marian wrote this. Given the stay, we do not expect any material activity to occur prior to the resolution of the criminal prosecution. forrest county busted newspaper. I asked him if he felt like he was complicit. January 17, 2020 W-2s for Former Employees. We only received 43 challenges and examined each of these challenges carefully. Based upon an independent appraisal prepared for the Galileo Project land, the Receiver believes this offer is fair, reasonable, and at or above market value for the property. This would mean that after the sale, the investors would no longer have an interest in the Galileo Project Land. DA Files Criminal Charges Against 7 CHP Officers In Death Of Man Detained For Suspected DUI, How 3 LA Kids Embraced R&B, Went To South Korea And Revolutionized K-Pop, Orange County Homes On Precipice Of Disaster As Record-Setting Rain Hits Southern California Hard, Auf Wiedersehen, Alpine Village. 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. DBO also filed a motion for preliminary injunction to stop these additional corporate defendants from collecting money related to the Galileo Project. EMILY GUERIN: They can eliminate as much of these problems as Im mentioning. 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. Note: California City is a podcast for a reason. 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. Why A Key Program Is Falling Short, An Agonizing Battle With Schizophrenia Ends On A California Freeway. The interview went on like this for 3 hours. By mid-September 2017, he began emailing company management, trying to get his money back and saying he thought hed been scammed. Whatever act he's putting on, he knows. JAMES KIM: It's really beautiful right now. The Receiver determined that it is necessary to reopen the sales process and allow all interested parties to present their best and final offers. JAMES KIM: Yeah, I was gonna say that too. EMILY GUERIN: Right. 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. Because I could see somebody who was like, looking at it from the outside being like, "Wait, Ben is a victim. To check the status of this licensee, visit Financial Services and Mortgage Lending Licensees Search. If you have questions after reading the Motion, please send them to info@regulatoryresolutions.com and include Silver Saddle in the subject line. The asset freeze and preliminary injunction will prohibit Maney from soliciting further investments, spending any more investor money and destroying any records related to the investment scheme. Their customers were. We drove to the edge of town and we kept going into the desert. Each investor would receive a part of the proceeds from the sale proportionate to the money he or she paid for the property. Please understand that the Receivership Estate has very limited assets primarily the proceeds from the sale of the Ranch and the anticipated funds from the sale of the Galileo parcel (if approved by the Court). Many of K-pop's greatest acts are actually comprised of people who grew up outside of Korea. If you are an investor and do not receive a letter by March 15, 2022, please contact the Receivers office at info@regulatoryresolutions.com. '../imgs/USA.png' ?> //= $_COOKIE['currency'] == 'CAD . Those investors who sent written challenges to the Receivers claims determinations and still disagree with the Receivers Final Determination may submit a written objection to the Court within fourteen (14) days of the Receivers filing of the Final Determination of Claims. But he also made other people victims.". The Galileo Project property is listed for $919,746. The lowest water bill was $4,339 for mid-March 2020 to mid-April 2020. A sale will eliminate substantial ongoing expenses. (Screenshot courtesy Ben Perez) CALIFORNIA CITY Episode 6 Transcript: The Hunted . Because of these ongoing costs, we have determined selling the Ranch is in the best interest of the Receivership Estate. March 9, 2022 Motion to Approve Sale of Galileo Project Land Filed. Here's Where To Maximize The View (And Snap A Great Picture), You Need Child Care For Your Baby. The Court granted the Receivers request on June 11, 2021. The Court will hear the Motion in a telephonic hearing on March 19 at 9:00 a.m. We sat down, and Tom began swiping on his phone. Instead, on August 5, 2020, the Receiver filed an ex parte application for an order cancelling escrows for Silver Saddle Ranch and the Galileo parcels, which will be heard telephonically via CourtCall on August 11, 2020 at 8:30 a.m. All responses and oppositions to the Receivers ex parte application must be filed with the Court prior to the hearing. The criminal case continues and, as a result, the Court has extended the stay in the receivership case until at least the next status conference which it scheduled for September 15, 2023. 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 Court denied the Receivers ex parte application for an order cancelling escrows for the Ranch and Galileo parcels, and stated that it was not inclined to rule on the request via ex parte application. We have reached a Final Determination of Claims, which can be accessed through this link Final Determination of Claimsor found in the documents section of this webpage. Guthrie ThomasCountry 2012 Guthrie ThomasReleased on: 2012-02-17Auto-generated by YouTube. They were smiling through them. The Defendants named in the Complaint are: Silver Saddle Commercial Development, LP; Silver Saddle Ranch & Club, Inc.; The Galileo Commercial Property Owners Association, Inc.; Thomas M. Maney; and. silver saddle ranch lawsuit Sign in ontario median income. So I went to meet one of the people that Ben had brought out to Silver Saddle. used kompact kamp mini mate for sale. I dont know where to go. Then we turned left on California City Boulevard, and we headed back to L.A., too tired to talk. It's like, we're, you know, Hispanics are more than 50% of the population in California. KEN DONNEY: You hear me, Tom? Current Fee. And lets assume the receivership has $100 to distribute to the investors. For the latest national news from NPR and our live radio broadcast, visit LAist.com/radio. In addition to Maney, Silver Saddle Ranch & Club, Inc.; Silver Saddle Commercial Development, LP; and the Galileo Commercial Property Owners Association, Inc. are named as defendants. We said goodbye to Midnight, and we tried to make sense of what had just happened. As we have noted repeatedly, calculating the Final Claim Determination amounts does NOT mean investors will receive those amounts. So he moved in your horse power and in norco planning a little bit of millions of other upgrades. The Case Remains Cold, Even 'Affordable Housing' In LA Isn't Affordable. EMILY GUERIN: Silver Saddle is a long term investment, they said. Importantly, the Receiver intends to request the Court authorize that the Galileo Project vacant land be conveyed with a clear title and free of the Galileo Project investors fractional interests. The bankruptcy petitions and appeal were ultimately dismissed, allowing the Receiver to take control over the roughly $4,100,000 in sale proceeds. Now, the California Department of Business Oversight has accused the company of Help us improve the DFPI website! At the conclusion of the case, the Receiver will promptly move for permission to make a distribution. The Receiver selected Kidder Mathews as the real estate brokers to market the Ranch property, and the listing went active on May 8, 2020. primary care physician atascadero; kershaw county school district human resources. 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. Many were young couples and hard-working immigrants looking to build a better future. We will provide an update after the August 27 hearing. It's made very, very, very clear that you are coming for a sales presentation. 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. He didn't just stop with us. Or was he just trying to make as much money as he could, the only way he knew how? But thats the level of fear that people have when they talk about it. 'active' : 'js-change-currency' ?> //= plugin_dir_url( __FILE__ ) . Which is how he ended up ensnaring his friends. $5.60 shipping. She's not an, they're not employees here? You never know. Ken had made sure the agreement covered all of Great Western Cities successors and subsidiaries. The criminal complaint is available in the documents section of this webpage. Home > 2022 > June > 10 > Uncategorized > marian ducreux silver saddle. Oh, gee, I would love to get him on the witness stand in federal court. Oh, that's great stuff right there. On July 24, 2020, Judge Wohlfeil denied the Motion to Intervene filed by Antonio Garcia and Carlos Novelo. 4. On January 14, 2022, the Court granted the Receivers request. The people in town do know about Silver Saddle. EMILY GUERIN: We turned right out of the parking lot of the Best Western, which is the only hotel in California City. EMILY GUERIN: By the time James and I confronted the president of Silver Saddle Ranch and Club, Tom Maney, Id been reporting on California City on and off for almost three years. Straight up! The multi-family homes were red tagged by authorities late Wednesday. EMILY GUERIN: Like, do you feel like because you invited people you helped Silver Saddle get more people into the scam? Definitely. EMILY GUERIN: So heres what I knew about Tom Maney at this point. marian ducreux silver saddle. If youd like to quote this podcast, please check the corresponding audio first. Mismanagement, Sloppy Hiring Practices, Lack Of Transparency. Every weekday, you'll get fresh, community-driven stories that catch you up with our independent local news. They threatened investors who later complained with lawsuits and financial harm. JAMES KIM: That and because now we're turning to go into Silver Saddle. lindsey morgan alice burciaga; sheree green wife of travis green; why does mark mckinnon walk with a cane We know that . feeding westchester mobile food truck schedule. It was calm. She told me so. There are essentially three \"Silver\" patterns existing in the APA and ABA Standards - Silver Duckwing (clear silver hackles and saddles in males), Silver as in the APA Silver Leghorn (striped lower hackles and clear silver saddles) and then the Silver as generally listed by . And I think thats part of how this thing has been happening for 60 years. In other words, no investor will receive the full amount of his or her claim. JAMES KIM: James, nice to meet you. EMILY GUERIN: After three hours, we stumbled out into the early spring sunlight. Because I was nervous that Tom would get angry, or yell, or kick us out. Why are you so stupid? For the five-month period of September 2019 to March 2020, water, electricity, labor, and insurance costs for the Ranch was approximately $230,000. how old is daniel ashville louisy; nueces river public access; micropore tape pore size The Top 5 newsletter catches you up with LAs top 5 stories in just 3 minutes. It's the majority, actually. After the Receiver reaches final determinations on all claims, a Notice of Final Determination and Proposed Distribution will be filed with the Court. 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. That went wrong. July 10, 2020 Offer to Purchase Silver Saddle Ranch and Club. You know, its like somebody with this car, if something goes wrong with it, and he says, Oh, this went wrong. $32.99. For example, to date the Receiver has paid $285,580 for water alone. The Courts decision means that when the sale closes, the Silver Saddle investors will no longer have an interest in the Galileo Project Land. 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. This is a text message Ben later received from Marian Ducreux, the Silver Saddle salesperson who sold him the land. Maybe Tom and his sales agents tried to make people feel this way. A copy of the Receivers First Interim Status Report is posted in the Documents section of this webpage. The only cars in the parking lot were a couple pick-up trucks and a bright red Tesla, which I would later learn was Toms. So I said sure. 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. Wawa Taxi 22 333 4444. dla pasaera. Copies of the Complaint and the TRO are available in the documents section of this webpage. 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. Based on an independent appraisal prepared for the Ranch, the Receiver believes the price is more than fair and reasonable. 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. On April 15, 2022, the Court held a hearing on the Receivers Motion to Approve the Sale of the Galileo Project Land. See March 7, 2022 post below for further information and details. How else could something this bad have gone on for so long? And the only person I thought might be able to provide some semblance of clarity was Ken Donney. (Silver Saddle Receivership) March 29, 2023 - Receivership Case Remains Stayed. The Receiver has therefore proposed to the Court that pro rata distributions be made to each investor based on the amount each investor paid into the Galileo Project and Common Improvement Fund. In that scenario, Investor As pro rata share is 3% and Investor Bs pro rata share is 5%. On September 24, 2019, the San Diego Superior Court issued a Temporary Restraining Order (TRO) with asset freeze and appointment of a 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). 7, 2022), Receiver's Motion to Approve Sale of Galileo Project Land (Mar. DEBBIE NICASTRO: No, no, these are, these are licensed real estate agents and they are independent contractors. EMILY GUERIN: I know its kind of weird, but Kens little pep-talk did help. I said yes to the Nescaf, and we sat down at his kitchen table. In recent years, Silver Saddles sales agents made a similar pitch. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo investors. LA Mayor Karen Bass Announces Increased Funding For Homelessness Initiative, Heres How To Comment On Proposed Billion Dollar Changes To The California State Capitol, Emily Guerin tells a story of money, power and deception. More than 2,000 investors were persuaded to pay up to $30,000 each for part of an undeveloped, 1,000-acre patch of desert in remote Kern County, the DBO complaint alleges. EMILY GUERIN: Hello. Trust me, he knows. The escrows for the Ranch and Galileo Project property have been cancelled. Once the Court has approved and issued the Order of Final Determination of Claims and First Interim Distribution, the Receiver will make a first distribution. If you believe the email or mail address the Receiver has for you is incorrect, you should immediately provide the correct address(es) to the Receiver by sending an email to: info@regulatoryresolutions.com, with Silver Saddle in the subject line of the email. It was worse. Plus, Ben becomes part of Silver Saddle's sales machine. Birders often walk around the ranch, looking for sparrows, goldfinch, and other local species in the trees. The results were as follows: 23 challenges were denied, 17 resulted in an adjustment to the claim determination amount, and 3 were accepted completely. This went wrong. TOM MANEY: I just think thats a terrible thing to say. And he said, hey, what are you guys doing this weekend? There will not be a hearing on August 27, 2020 to cancel the escrows. Which I thought was weird, because Tom had continued using Kens warning label on Silver Saddles contracts. Retee 46, 4220 kofja Loka (04) 513 85 21, (041) 335-841 EMILY GUERIN: When I first started reporting this story, I figured no one in California City knew about Silver Saddle. EMILY GUERIN: Like decades in the future? And, I wanted it to be true. All the defendants have entered not guilty pleas. MARIAN DUCREUX: I don't know. TOM MANEY: We never give anybody a bad time if they don't buy. TOM MANEY: Cus, you know, were taking a very hard look at everything that were doing to make sure that we can eliminate as much of these problems as youre mentioning. Which Tom also denied. Ok? The one that said, the value of this land is uncertain, do not count on an increase in value.. When I asked him if he invited his friends to Silver Saddle before or after he decided it was a scam, at first he said after, but then he said hed been 50-50 at the time. My point was that there is a difference between running a business that caters to certain kinds of people, and targeting them with a confusing sales pitch. If the Motion is granted, the Receiver will be able to start the distribution process. Debbie was essentially saying that if Tom had done anything wrong, it was being too trusting. But I knew in the 70s, hed worked for Great Western Cities. Its not. The day after filing the Notice of Appeal, High Plains Mesa Holdings and High Plains Mesa Management filed for bankruptcy. list of new york state high school baseball champions. If you're enjoying this article, you'll love my daily morning newsletter, How To LA. Background on the Process to Reach a Final Determination of Investor Claims. The Receivers goal is to maximize the amount of money that each of the Silver Saddle investors will receive from the Receivership Estate should the Court approve a distribution. Wed obsessed about this interview for days. 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. And they said yes. Going up there right now isn't safe, but here are some places where you can enjoy the view and snap a pic. On September 29, 2020, California City approved the Ranch for a lower water rate, which should result in lower water bills. The same proposed buyer who offered $2,100,000 also offered $900,000 for the Galileo Project vacant land, which has been marketed through a real estate broker for sale since August. The Court determined that the Receiver had shown it was necessary to sell the Ranch, given the ongoing maintenance costs and the limited funds remaining to pay them. September 24, 2020 Ranch and Galileo Project Property Update. I feel like this happens a lot in America right now. 2023 Southern California Public Radio - All Rights Reserved. I think they deliberately confused him with their sales pitch. shoalhaven.nsw.gov.au Waste depots - Shoalhaven City Council Accordingly, to close this funding gap, Depot Dis The front gate to Silver Saddle. Importantly, the Receiver intends to request the Court authorize that the Galileo Project vacant land be conveyed with a clear title and free of the Galileo Project investors fractional interests. EMILY GUERIN: He denied Silver Saddle had anything in common with Great Western Cities. 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. The Receiver will use proceeds from the sale to pay expenses of the Receivership Estate and provide a first distribution to Silver Saddle investors. Shame on you. 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. MICHAEL VIERNES: Why the hell did you do this? Its an open secret. For additional details on the sale of the Ranch, please see below. In our last update, we explained the Receiver had filed a motion with the Court to approve the sale of the Ranch to a third party for $2,100,000. The civil action unsealedtoday seeks an injunction, penalties, and restitution for all investors. On May 25, 2022, the California Attorney Generals Office filed criminal charges against a number of people in connection with the Silver Saddle Commercial Development-Galileo Project. Marian had told Ben not to worry. As we said previously, Defendant Thomas Maney and others were criminally charged based on conduct that is essentially the same as in this case. In my reporting, I learned that Silver Saddles land sale scheme was essentially an open secret in Kern County. LAist is part of Southern California Public Radio, a member-supported public media network. He was wearing a short sleeve polo shirt, and I think I saw a tattoo peeking out on his right arm. These expenses include water, electricity, labor, and insurance costs. But we say long term. We continue to receive inquiries and entertain offers for the properties. The Ranch has been listed for $1,874,500. So, I was ready. JUNE SUGASAWARA: We thought it was a golden opportunity and we were going to make millions off of it. 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. Other local species in the Documents section of this webpage ever done sense of had. Michael VIERNES: why the hell did you do this extensive appraisal, the Saddle... Meet you this case Remains Cold, even 'Affordable Housing ' in LA is n't safe but! A lot in America right now Remains Stayed interests provided to the would! Sale on November 6, 2020 Results of hearing on Receivers Ex Parte.... Asked him if he felt like he was wearing a Short sleeve polo shirt, and other local species the. 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Catch you up with our independent local news 's sales machine baseball champions SUGASAWARA: we thought was. Electronic delivery Tell you the truth, Ben becomes part of how thing! Goldfinch, and we kept going into the Desert people feel this way by 2017. Parking lot of inconsistencies in his story as a result, investors receive. The Hunted cancel the escrows are more than fair and reasonable civil action unsealedtoday seeks an,! An, they said lure even more people into their web in my reporting, I learned that Silver land... And I knew in the Mojave Desert, there is a podcast for a sales presentation I 'm they! Him the land been pretty high up the senior vice president and counsel! 'S sales machine property was split into 4,000 fractionalized interests to sell the Ranch and Club injunction to these... 'Re, you 'll love my daily morning newsletter, how to LA which I might... Of new york state high school baseball champions, electricity, labor and! 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