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. 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 selected Kidder Mathews as the real estate brokers to market the Ranch property, and the listing went active on May 8, 2020. If you have questions after reading the Motion, please send them to info@regulatoryresolutions.com and include Silver Saddle in the subject line. Community funding keeps us independent and accountable. The second offer was made by Jones the night of Sunday, Sept. 13 for $1.8 million, with an $800,000 offer for the Project property. The Top 5 newsletter catches you up with LAs top 5 stories in just 3 minutes. The trial date in this case remains the same, September 16, 2022. 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 In this new podcast from LAist Studios, host Emily Guerin tells a story of money, power and deception. But much of the land they bought is nearly worthless. Thomas Maney and the companies running these investments (the Defendants) were sued by the California Department of Financial Protection and Innovation (DFPI) in 2019. 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. We can only do this important work with your help. The list is sorted by investor account number, which number was included in the Preliminary Claim Determination letters that were mailed to each investor. DON'T MISS ANY L.A. CORONAVIRUS NEWS Prior to the hearing, the Court issued a tentative ruling approving the sale. March 23, 2021 Motion to Approve Distribution Method and Procedures. While the Ranch may be the Receivership Estate's most valuable asset, its costly upkeep, utilities, and insurance will soon deplete the limited funds of the Receivership Estate if it is not sold, the motion states. At the conclusion of the case, the Receiver will promptly move for permission to make a distribution. 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. As such, the Receiver intends to seek Court authority to sell the Galileo Project land. According to the receivers motion, the offer was submitted along with a joint venture proposal involving the Galileo Project investors and also involved financing contingencies, compared to a previous all-cash offer by Jones. PDF March 7, 2022 - Notice to Silver Saddle Investors of Claims Determinations You can either mail the information to: Silver Saddle Receiver c/o Regulatory Resolutions 655 W. Broadway, Suite 900 San Diego, CA 92101. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. The Receivership Estate will not be able to fund these costs for very long. 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. This case was filed in Kern County Superior Courts, Metropolitan Branch located in Kern, California.
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