A copy of the Preliminary Injunction is posted in the Documents section of this webpage. MICHAEL BALAGTAS, ET AL VS SILVER SADDLE COMMERCIAL - UniCourt PDF California Department of Business Oversight-Complaint PDF California Department of Financial Protection and Innovation-Permanent Investors will have 90 days to cash the checks. 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. By 1970, Mendelsohn had 3,000 salesmen and 24 sales offices around the world. The buyers were nearly all Filipino, Chinese or Latino, and many spoke English. 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. No. 2023 Southern California Public Radio - All Rights Reserved, 'Beef' Stars Defend David Choe Casting. 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. Between 2011 and 2019, Silver Saddle made more than $56 million. How could this be happening in the 21st century? 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 motion for the court to approve the sale is scheduled for Nov. 6. Background on the Process to Reach a Final Determination of Investor Claims. Unfortunately, the Receiver did not receive acceptable offers before the deadline. The Ranch is listed for $1,874,500. The request to have the sale approved will be filed separately. 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.. The DFPI alleged that Defendants . The contract had no cancellation period, and buyers were required to pay $41 a month in membership fees to Silver Saddle -- indefinitely. Every weekday, you'll get fresh, community-driven stories that catch you up with our independent local news. While Jones attorney eventually responded that the offer wasnt contingent on any joint venture, the deadline had passed and Jones offer since rejected, though the receiver invited him to submit another offer through Kidder Matthews. September 24, 2020 Ranch and Galileo Project Property Update. PDF Silver Saddle Receivership FAQs Updated as of 11/26/2019 Maney opposed the sale because he wants to propose a joint venture in which the Ranch is included in an agreement between the investors and a third party, Rick Jones. If and when the Court enters an Order allowing a distribution to investors, the Receiver will issue investor checks promptly and consistent with the claims determinations. Community funding keeps us independent and accountable. Our news is free on LAist. In this new podcast from LAist Studios, host Emily Guerin tells a story of money, power and deception. 4. Because of these ongoing costs, we determined selling the Ranch is in the best interest of the Receivership Estate. 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. As previously reported, the receivership case was stayed (put on hold) on August 11, 2022 as the result of a request by Defendant Maney. Two Los Angeles artists have new work on display. In September 2019, the California Department of Business Oversight filed a lawsuit against Silver Saddle, accusing the company of securities fraud. 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. 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. They had an elaborate referral program: Anyone who bought a share of the landbanking project and then referred their friends would receive $2,000. The DBO alleged that Defendants committed securities fraud in connection with the sale of undivided interests in 1,020 acres of vacant desert property near California City, California in Kern County. PDF Silver Saddle Receivership FAQs Updated as of 10/10/2019 Thomas Maney and the companies running these investments (the Defendants) were sued by the California Department of Financial Protection and Innovation (DFPI) in 2019. Mismanagement, Sloppy Hiring Practices, Lack Of Transparency. The Attorney Generals office didnt immediately respond to a request for comment. Landbanking is where a group of people jointly own a huge chunk of land. The Case Remains Cold, Even 'Affordable Housing' In LA Isn't Affordable. 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. Please notify us immediately if your mailing address has changed. 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. On January 14, 2022, the Court granted the Receivers request. The complaints about California City caught the eye of the attorney leading the project, who included a chapter on the city in the report. 5. 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. CALIFORNIA CITY The attempt to sell Silver Saddle Ranch and Resort may see success on a second attempt, according to an update from the propertys state-approved receiver on Oct. 14. Silver Saddle Ranch is delivering the very best 2-acre homesites in the market. Silver Saddle sale approved | News | desertnews.com PHUNG NGUYEN VS. SILVER SADDLE RANCH & CLUB, INC. | ClassAction.io An onslaught of velella velella washed up on shore this weekend on Southern California beaches. When emailing our office, please include your unit number to allow us to locate your records quickly. 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. This will ensure the sales process is healthy and will maximize the sales price, which is in the best interest of the Receivership Estate. Both the Ranch and the Galileo Project property are listed for sale. 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 highest water bill was $46,864 for mid-October 2019 to mid-November 2019. In order to move promptly when the case is resolved, we are providing notice to all investors of the Receivers claim determinations. Low 44F. Because of these ongoing costs, we have determined selling the Ranch is in the best interest of the Receivership Estate. 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. If no objections are filed with the Court, the Receiver will promptly file a proposed Order approving the Receivers claim determinations. Winds SW at 15 to 25 mph. The Motion is posted in full in the Documents section of this webpage. 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. Why A Key Program Is Falling Short, An Agonizing Battle With Schizophrenia Ends On A California Freeway. Now, survivors and their descendants seek reparations. We do not anticipate that the criminal case will affect this case or the receivership. The Court ordered that the Receiver cannot distribute any money to investors until the end of the case. 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 agency accused Silver Saddle, Maney, Ducreux and other defendants of securities fraud and selling unqualified securities. Instead, each investor will receive a share of the proceeds proportionate to his or her investment in the Galileo Project (a pro rata share). 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. 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. An onslaught of velella velella washed up on shore this weekend on Southern California beaches. In a Judicial Council form complaint filed May 25, 2012, Craig alleged he was injured on October 10 or 11, 2010 while a customer at a restaurant in Universal City owned by Saddle Ranch, a limited liability company, when the chair in which he was sitting collapsed. Today on Public Media Giving Day, keep LAist strong with your support. High near 70F. 2 talking about this. But in an interview, Maney told me he and Silver Saddle have nothing in common with Nat Mendelsohn or Great Western Cities. (Chava Sanchez/KPCC). Once the Court has resolved any investor objections, the Receiver will file a Proposed Order of Final Determination of Claims and First Interim Distribution. Investors should look for the letter in the U.S. mail. Defendants specifically targeted investors from several ethnic communities, many of whom spoke little to no English. It was supposed to be a good investment. Mr. Maney and a number of others are facing criminal charges in connection with Silver Saddle. 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. THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT CHARGED SILVER SADDLE WITH FRAUD AND SHUT THE COMPANY DOWN IN 2019. BC314239 Your activity looks suspicious to us. It had been going on for years. The listing is available here: https://www.loopnet.com/Listing/Rutgers-Rd-Kennedy-Blvd-California-City-CA/20743529/. Each investor will get a pro rata share of the distribution: Investor A will receive $20 (20% of the distribution), Investor B will receive $50 (50% of the distribution) and Investor C will receive $30 (30% of the distribution). People of the State of California vs Silver Saddle - UniCourt The blue jellyfish-like creatures were swept by the winds of California's recent storms. "This is no ordinary real estate scheme," read the report. Copies of the Complaint and the TRO are available in the documents section of this webpage. 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. This case was filed in Orange County Superior Courts, Orange County Civil Complex Center located in Orange, California. LAist is part of Southern California Public Radio, a member-supported public media network. The Top 5 newsletter catches you up with LAs top 5 stories in just 3 minutes. 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. After completing this process, the Receiver will select the best offer and submit it to the Court for consideration. Criminal Charges Filed Against Real Estate Company At Center Of - LAist According to court documents, Jones claimed his offer was not given a full and fair evaluation., A previous motion stated that Mr. Right now, the case is set for trial in September 2022. The Court took into account the Receivers concerns and recommendations, as well as those of the other interested parties. 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 day after filing the Notice of Appeal, High Plains Mesa Holdings and High Plains Mesa Management filed for bankruptcy. BORRAYO VS SILVER SADDLE RANCH & CLUB, INC | Court Records - UniCourt 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. A promotional brochure from Silver Saddle, which is part of the DBO's lawsuit against the company. 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. On November 6, 2020, the Court held a hearing on the Receivers Motion to Approve Sale of the Silver Saddle Ranch and Club. 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. The Court will hear the Motion in a telephonic hearing on March 19 at 9:00 a.m. To that end, on February 8, 2021, the Receiver filed a Motion to Approve Distribution Method and Procedures (Motion). Leads Ali Wong and Steven Yeun issue a joint statement along with show creator Lee Sung Jin. 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. The investment claims to be at least $54 million. After the Nader's Raiders' published their report in 1971, the Federal Trade Commission began to investigate. The sales process continued and Mamann offered an initial offer of $1.8 million for the ranch and $600,000 for the Project land. 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. Last week march 20 we signed a contract from silver saddle ranch club On 04/16/2019 JOSE CARRILLO filed a Labor - Wrongful Termination lawsuit against SILVER SADDLE RANCH CLUB, INC. Heres How To Start Your Search, Emmery Muoz, 14, Was Killed In LA 17 Years Ago. It seemed like such an anachronism, a relic of Southern California post-war hubris, or maybe even Gold Rush-style boosterism. If you have a tip or story to share about California City or Silver Saddle (or anything else), email me: eguerin@scpr.org. Trial is presently scheduled for May of this year. In the 1950s and 60s, the city evicted the mostly Black and Latino working-class residents of Section 14 and destroyed their homes. We will provide an update after the August 27 hearing. 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 "The only similarity is that we sold land," he said. July 10, 2020 Offer to Purchase Silver Saddle Ranch and Club. The alleged scheme targeted Filipino, Chinese and Spanish-speaking individuals, according to an Oct. 1, 2019, DBO news release. In July, Mr. Maney asked the Court to stay this case, which would put the case on hold, until the criminal case is finished. Timeline for Court Challenge to Receivers Confirmation of Claim Determination. In my reporting, I learned that Silver Saddles land sale scheme was essentially an open secret in Kern County. The last 5 digits of the account number represent the investors unit number. Case Information Case Number: 30-2022-01242337-CU-FR-CXC Case Status: Not Classified By Court According to the receiver, the resort operated at a loss that eventually hit $1.5 million a year but continued to operate on subsidies from other related business the defendants operated. 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). 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. The vegetation varies from cottonwood trees and willows along the riparian corridor to the irrigated pasture fields and . 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. Knight stated she emailed Jones the submission forms for the offer, confirmed the acreage size of the ranch listing and offered another tour, which was declined. Thomas W. McNamara was appointed as the Receiver in this case.

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