September 24, 2020 Ranch and Galileo Project Property Update. 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. By 1970, Mendelsohn had 3,000 salesmen and 24 sales offices around the world. The Receiver will use proceeds from the sale to pay expenses of the Receivership Estate and provide a first distribution to Silver Saddle investors. All the defendants have entered not guilty pleas. California City would be that place. Motion to Approve Distribution Method and Procedures filed Telephonic Hearing on March 19, 2021 at 9:00 a.m. Before the Receiver can distribute funds to investors, the Court must approve a distribution process. 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. The case status is Other. The Receiver will reply to any objections and the Court will rule. On November 6, 2020, the Court held a hearing on the Receivers Motion to Approve Sale of the Silver Saddle Ranch and Club. 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. A 1969 newspaper ad for the real estate training program that Nat Mendelsohn used to sell so much land, "Land for sale" signs litter the empty desert in California City. 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 state filed an injunction and lawsuit against several people accused of $30 million in fraud and illegal land sales, including Maney and Silver Saddle Ranch & Club, Inc., among several others. That case, which is a separate civil lawsuit unrelated to the new criminal charges, is set to go to trial in September. A copy of the Receivers First Interim Status Report is posted in the Documents section of this webpage. 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 Court took into account the Receivers concerns and recommendations, as well as those of the other interested parties. (Chava Sanchez/KPCC). Internet Reaction Is Not Great, There's Something Else Blooming In The Desert: Massive Art Installations, What We Know About The Odd Blue Creatures Washing Ashore On SoCal Beaches, The Palm Springs Government Burned Down Their Neighborhood Now They're Seeking Reparations, The Very Busy Ports Of LA And Long Beach Are Effectively Shut Down, Everything Is Blooming In The SoCal Desert. The salespeople held raffles for free airline tickets to Hong Kong and Manila, shopping sprees, watches, cameras and other perks to encourage people to invest. The reason the Receiver took the motion to approve the sale off calendar is that shortly after the Receiver accepted an offer to purchase the Ranch, another individual, who had also presented an offer, complained about the sales process and his interaction with the real estate broker. 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 Silver Saddle Ranch in California City, California has been closed to the public and visitors. The results were as follows: 23 challenges were denied, 17 resulted in an adjustment to the claim determination amount, and 3 were accepted completely. People needed a place to go, to start over. We then calculated each investors total claim by adding (1) the amount he or she paid toward the purchase of an undivided fractional interest in the Galileo Project; and (2) the amount contributed to the Galileo Capital Investment Fund (CIF). 1. We have also accepted an offer to purchase the Galileo Project vacant land for $775,500. In March 2022, we sent out 2,970 letters to investors notifying them of the Receivers Preliminary Claim Determinations. Right now, the case is set for trial in September 2022. The alleged scheme targeted Filipino, Chinese and Spanish-speaking individuals, according to an Oct. 1, 2019, DBO news release. The day after filing the Notice of Appeal, High Plains Mesa Holdings and High Plains Mesa Management filed for bankruptcy. As the Receiver mentioned in his last update, the same proposed buyer who offered $2,100,000 for the Ranch also offered $900,000 for the Galileo Project vacant land. Port officials say "resuming cargo operations at Americas busiest port complex is critical to maintaining confidence of our customers and supply chain stakeholders.". The Receiver has suspended all business operations, including the Silver Saddle Ranch & Club. In 1984, the company declared bankruptcy. The escrows for the Ranch and Galileo Project property have been cancelled. The vegetation varies from cottonwood trees and willows along the riparian corridor to the irrigated pasture fields and . Our news is free on LAist. On March 16, 2023, the Superior Court in the receivership case held a status conference to discuss the status of the criminal proceeding. The Receiver will file a motion for the Galileo Project land after the sale of the Ranch is complete. 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. Winds SW at 20 to 30 mph. The receiver countered at $2.1 million/$900,000, which was accepted. In February of this year, the Court, after briefing and argument, confirmed that two other companies, High Plains Mesa Holdings, LP and High Plains Mesa Management, LLC, were part of the receivership estate. 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. And lets assume the receivership has $100 to distribute to the investors. The Receiver will proceed with hiring a realtor and proceeding with listing and marketing the properties. As part of the proposed sale, the Receiver and the Proposed Buyer will work cooperatively during the escrow period to secure the City of California City's consent to an assignment of the ground lease to the Proposed Buyer, the motion states. A lot of it was used to pay sales agents. As we said previously, Defendant Thomas Maney and others were criminally charged based on conduct that is essentially the same as in this case. SACRAMENTO - The Department of Business Oversight (DBO) announced today 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, California. California City is filled with signs advertising vacant land for sale. The resort was listed at $1.87 million and theGalileo Project at $919,746. Consumers had filed almost three dozen complaints with various agencies: the Kern County District Attorney, the California Department of Real Estate, even the Federal Trade Commission, but the company continued to operate until 2019. As such, the Receiver accepted the offer and will soon seek Court authority to sell the Galileo Project land. Given the stay, we do not expect any material activity to occur prior to the resolution of the criminal prosecution. This would mean that after the sale, the investors would no longer have an interest in the Galileo Project Land.
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