difference between public office information and confidential office information
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. However, because the Silver Saddle Ranch & Club and the Galileo Project land are worth far less than the investors . For the latest national news from NPR and our live radio broadcast, visit LAist.com/radio. Around the same time, a young Ralph Nader asked his gang of consumer protection attorneys, the "Nader's Raiders," to investigate land sales and development throughout California. Every weekday, you'll get fresh, community-driven stories that catch you up with our independent local news. Defendants specifically targeted investors from several ethnic communities, many of whom spoke little to no English. As we said previously, Defendant Thomas Maney and others were criminally charged based on conduct that is essentially the same as in this case. On March 19, the Court heard oral argument on the Receivers Motion and denied the Receivers request to proceed with an interim distribution to investors. 12. Ultimately, more than 73,000 people bought land, netting Mendelsohn's company hundreds of millions of dollars. 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. After the Court does so, the Receiver will submit a proposed Order to the Court consistent with the ruling. The last 5 digits of the account number represent the investors unit number. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. On July 24, 2020, Judge Wohlfeil denied the Motion to Intervene filed by Antonio Garcia and Carlos Novelo. The Ranch is closed and will remain closed indefinitely. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. However, the receiver soon received complaints from Maney and from local businessman Rick Jones. Windy with sunshine. Silver Saddle Ranch | Carson City August 17, 2020 Postponement of Receivers Motion to Cancel Escrows. Investors should look for the letter in the U.S. mail. In addition to these structures, the ranch includes a stable and adjacent corral for animals, as well as a variety of amenities which were offered to guests: two swimming pools, a hot tub, man-made lakes, an RV park, and space for various sporting activities (miniature golf, basketball, tennis, volleyball, and badminton courts, etc.). That's because the land Silver Saddle sold was "near worthless real estate," according to the DBO. 14,248 were here. An escrow account was opened on Sept. 29 with a $100,000 deposit. The DFPI alleged that Defendants . Regulatory Resolutions, operated by Thomas McNamara, agreed to the sale of the 130-acre property for $2.1 million to the proposed buyer Aaron Mamann after a previous arrangement was canceled. It wasnt. He envisioned building a city of 200 square miles in this otherwise desolate spot. 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. Each investor would receive a part of the proceeds from the sale proportionate to the money he or she paid for the property. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. You can either mail the information to: Silver Saddle Receiver c/o Regulatory Resolutions 655 W. Broadway, Suite 900 San Diego, CA 92101. Please notify us immediately if your mailing address has changed. After the Nader's Raiders' published their report in 1971, the Federal Trade Commission began to investigate. Each investor who submitted a challenge has been contacted by mail and email explaining the Receivers review and determination of their challenge. On 09/09/2019 People of the State of California filed an Other lawsuit against Silver Saddle Commerical Development LP. 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. The Judges overseeing this case are JOHN J. KRALIK and WILLIAM F. HIGHBERGER. 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. SILVER SADDLE TARGETED A VERY SPECIFIC TYPE OF CUSTOMER: LATINO, FILIPINO AND CHINESE PEOPLE, MOST OF WHOM LIVED IN CALIFORNIA AND OFTEN SPOKE ENGLISH AS A SECOND LANGUAGE. 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. BC314239 Your activity looks suspicious to us. The Court will need to approve a distribution before the proceeds from the sale can be distributed to investors. 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 current sales brochure for the Ranch and the Galileo Project can be found in the Documents section of this webpage. By Emily Guerin and Gabriel Dunatov | KPCC/LAist For decades, salespeople at a remote resort in the Mojave Desert have allegedly used high pressure sales tactics to sell land to thousands of people throughout California, including many in Filipino, Chinese and Latino communities. In 1984, the company declared bankruptcy. 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. Investors will have 90 days to cash the checks. During the sales pitch, potential customers were divided up by ethnicity and paired with a salesperson who spoke their primary language. The agency accused Silver Saddle, Maney, Ducreux and other defendants of securities fraud and selling unqualified securities. The criminal action by the Attorney General is separate and independent from this case. This case was filed in Los Angeles County Superior Courts, Spring Street Courthouse located in Los Angeles, California. 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. 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. Galileo Project investors stage protest of pending Silver Saddle sale "Mendelsohn isn't trying to sell land, and the public isn't really buying the land. Sorry, there are no recent results for popular commented articles. The Receiver has received several inquiries concerning W-2s from former employees. On May 13, 2021, the Receiver asked the Court for permission to proceed with the sale of the land to the solar energy company. Landbanking is where a group of people jointly own a huge chunk of land. With the trial date approaching, the Receiver intends to proceed with the sale of the Galileo Project Land for $900,000 to the same individual who purchased the Ranch. 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. Instead Judge Wohlfeil treated the ex parte application as an application for order shortening time, which he granted. The bankruptcy petitions and appeal were ultimately dismissed, allowing the Receiver to take control over the roughly $4,100,000 in sale proceeds. Silver Saddle Ranch & Clubruns and operates a resort facility in California City called the Silver Saddle Ranch and Club (Ranch), located at 20751 Aristotle Drive, California City, California 93505. The Court granted the Receivers request on June 11, 2021. Background on the Process to Reach a Final Determination of Investor Claims. 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 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 Notice to Investors re Claim Determinations (Mar. 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). 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 developer of California City, Nat Mendelsohn, built hundreds of miles of roads through the empty desert. The Receiver will file a motion for the Galileo Project land after the sale of the Ranch is complete. 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). Right now, the case is set for trial in September 2022. Claim Determination letters have gone out today to Silver Saddle investors who invested in the Galileo Project (sometimes called LandBanking Plus). 2 talking about this. A copy of the listing brochure is posted in the documents section. The listing is available here: https://www.loopnet.com/Listing/20751-Aristotle-Dr-California-City-CA/19775266/. A trial date has been set for July 2021. lawsuit on September 9, 2019 against Defendants. 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. In July, the receiver eventually accepted an offer from Kevin Feterik, who had partnered with local businessman Leland Krelle, for $1.77 million. Finally, last year, the parties filed a Joint Stipulation to Continue the trial and related dates and deadlines to allow them to address discovery and potential settlement issues, which the Court granted on October 22, 2021. The proposed call to approve the land sale isnt the first time the receiver has anticipated selling the resort and the project land. Instead, each investor will receive a share of the proceeds proportionate to his or her investment in the Galileo Project (a pro rata share). It seemed like such an anachronism, a relic of Southern California post-war hubris, or maybe even Gold Rush-style boosterism. PDF California Department of Business Oversight-Complaint March 7, 2022 Notice to Silver Saddle Investors of Claim Determinations. This case was filed in San Diego County Superior Courts, San Diego Central Courthouse located in San Diego, California. Help us provide credible local journalism and timely NPR reporting to our entire community. DBO also stated that many victims spent as much as $30,000 in a scheme that lasted eight years. 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. Thomas Maney and the companies running these investments (the Defendants) were sued by the California Department of Financial Protection and Innovation (DFPI) in 2019. Jones expressed a concern that he did not have a full and fair opportunity to pursue an offer which he provided to the broker. 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. Temporary Restraining Order and Appointment of a Receiver Issued by San Diego County Superior Court. The receiver filed a motion on Oct. 13 with the San DiegoSuperior Court to approve the sale. The receiver also accepted a separate $775,000 offer from Feterik to purchase the Project land. 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. Silver Saddle Resort was the mechanism by which the sales were made, facilitating sales events and provided investors with a free nights stay and tours of the ranch.. What You Should Know About This Year's 'Constant Bloom', You Need Child Care For Your Baby. On March 16, 2023, the Superior Court in the receivership case held a status conference to discuss the status of the criminal proceeding. JOSE CARRILLO VS SILVER SADDLE RANCH & CLUB, INC - UniCourt Mismanagement, Sloppy Hiring Practices, Lack Of Transparency. 60 Years Of Deception And Land Sales In California City: 7 Takeaways From My Investigative Podcast, California City Podcast: State Adds Use Of Cell Phone Jammers to Complaint Against Silver Saddle, 'California City' Podcast Tells The Dark Side Of The American Dream. 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. One offer fell too low beneath the listing price. After 14 days, the Receiver will respond to any investor objections filed with the Court, so that the Court can evaluate the Receivers calculations. Parent and Community Center Grand Opening, Tehachapi area Crime Data Report for March, U.S. 395 to Close for Emergency Infrastructure Damage Repairs. When Kidder Matthews began marketing the Silver Saddle property, the company developed a sales brochure and highlighted the resorts features, including a host of amenities. Graduates of the program were expected to buy a piece of land themselves, and refer their friends and family. They sued Mendelsohn's company, which was then known as Great Western Cities. The Receiver will reply to any objections and the Court will rule. Last week march 20 we signed a contract from silver saddle ranch club 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. The Motion was opposed by Defendant Accelerated Assets and Defendant Thomas Maney. In order to move promptly when the case is resolved, we are providing notice to all investors of the Receivers claim determinations. This case was filed in Kern County Superior Courts, Metropolitan Branch located in Kern, California. Feterik initially resisted the attempt to cancel the escrow. To that end, on February 8, 2021, the Receiver filed a Motion to Approve Distribution Method and Procedures (Motion). The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo investors. On March 4, 2022, the Receiver filed a Motion to Approve the Sale of the Galileo Project Land. 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 lawsuit by the state of California accused Accelerated Assets, SS Purchco and PVRE of aiding-and-abetting securities violations allegedly committed by the developer of the Silver Saddle Ranch & Club in the Mojave Desert and certain executives and employees of Silver Saddle Ranch. The criminal complaint is available in the documents section of this webpage. Help us provide credible local journalism and timely NPR reporting to our entire community. March 9, 2022 Motion to Approve Sale of Galileo Project Land Filed. Every weekday, you'll get fresh, community-driven stories that catch you up with our independent local news. The motion for the court to approve the sale is scheduled for Nov. 6. As you may be aware, the Court approved the sale of the Silver Saddle Ranch and Club (Ranch) for $2,100,000. Prior to the hearing, the Court issued a tentative ruling approving the sale. The price was adjusted a few times before stabilizing at $1.87 million. The Final Determination of Investor Claims will be used to calculate the pro rata share of any distribution ordered by the Court. Complaints for Silver Saddle Ranch & Club, Inc. in California City, CA 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 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. Editor The Silver Saddle Ranch was acquired for its combination of recreation potential, unique natural resources and its strategic location as a natural bridge connecting the Pine Nut Mountains and the Prison Hill Recreation Area. Both purchases needed to be approved by the Court before they could proceed. BORRAYO VS SILVER SADDLE RANCH & CLUB, INC | Court Records - UniCourt Today on Public Media Giving Day, keep LAist strong with your support. The case status is Not Classified By Court. There would be a golf course, a university, a mall, a massive park and an airport. The Receiver has been marketing the Ranch through a real estate broker for sale since May. 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. 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. 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. Port officials say "resuming cargo operations at Americas busiest port complex is critical to maintaining confidence of our customers and supply chain stakeholders.". Will Orange County's Fledgling Clean Power Agency Survive. The highest water bill was $46,864 for mid-October 2019 to mid-November 2019. Silver Saddle Ranch is delivering the very best 2-acre homesites in the market. March 23, 2021 Motion to Approve Distribution Method and Procedures. If the motion is granted, the closing should occur 60 days thereafter. Their books were so disorganized that the DBO's fraud examiner determined it was probably deliberate -- Silver Saddle must have been transferring money between multiple accounts to make it difficult to trace. All the defendants have entered not guilty pleas. Proceeds from Silver Saddle Resort and eventually the Galileo Project parcels will be used to reimburse the receivers costs and provide remuneration for investors who sunk money into purchasingGalileo property. Investor payments will be made by check. inter alia, defendants Silver Saddle Ranch & Club, Inc. (SSRC), Silver Saddle Commercial Development, LP (SSCD), Galileo Commercial Property Owners Association, Inc. (GCPOA), and Thomas M. Maney (Maney), alleging that said defendants offered and sold to the public an Maney helped negotiate the settlement with the FTC, and after Great Western Cities declared bankruptcy in 1984, he acquired some of the assets, including a lot of vacant California City land and a small resort called Silver Saddle Ranch. The blue jellyfish-like creatures were swept by the winds of California's recent storms. As we have noted repeatedly, calculating the Final Claim Determination amounts does NOT mean investors will receive those amounts. If approved, the closing date would occur within 60 days, according to the receiver. Saddle Commercial Development, LP, Silver Saddle Ranch & Club, Inc., and Galileo Commercial Property Owner's Association, Inc. are hereby ordered to desist and refrain from the further offer or sale of securities in the State of California, including but not limited to investments in the 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. They had an elaborate referral program: Anyone who bought a share of the landbanking project and then referred their friends would receive $2,000. There will not be a hearing on August 27, 2020 to cancel the escrows. Port officials say "resuming cargo operations at Americas busiest port complex is critical to maintaining confidence of our customers and supply chain stakeholders.". 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 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. At the hearing, the Court approved the sale of the land for $900,000, with clear title and free of all liens and encumbrances. IN 2011, SILVER SADDLE TRANSITIONED FROM SELLING VACANT DESERT LOTS TO SELLING SHARES OF A CONFUSING REAL ESTATE INVESTMENT CALLED 'LANDBANKING'. 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. However, before this can occur, the current escrows must be canceled. July 17, 2020 Results of Hearing on Receivers Ex Parte Application. If you have questions after reading the Motion, please send them to info@regulatoryresolutions.com and include Silver Saddle in the subject line. The Galileo Project property has been listed for $919,746. A telephonic hearing has been set for August 27, 2020 at 9:00 a.m. to allow for full briefing on the matter. 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. 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. In this new podcast from LAist Studios, host Emily Guerin tells a story of money, power and deception. Now, the California Attorney General has charged nine of those salespeople with felonies. What it took to investigate a suspicious town in the Mojave Desert The deadline for bids on the Ranch and the Galileo Project properties was September 14, 2020 at 10:00 a.m. And lets assume the receivership has $100 to distribute to the investors. October 14, 2020 Motion to Approve Sale of the Silver Saddle Ranch and Club Filed andTelephonic Hearing Set for November 6, 2020 at 9:00 a.m. On October 13, 2020, the Receiver filed a Motion to Approve the Sale of the Silver Saddle Ranch and Club (Ranch) for $2,100,000. 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.