Background on the Process to Reach a Final Determination of Investor Claims. Unfortunately, the Receiver did not receive acceptable offers before the deadline. PDF March 7, 2022 - Notice to Silver Saddle Investors of Claims Determinations 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. In the 1950s and 60s, the city evicted the mostly Black and Latino working-class residents of Section 14 and destroyed their homes. Deep in the Mojave Desert, there is a little town with a big name and a bizarre history: California City. 4, 2022), Gordon Decl. Given the stay, we do not expect any material activity to occur prior to the resolution of the criminal prosecution. 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. Lets assume Investor A invests $200, Investor B invests $500, and Investor C invests $300 for a total of $1,000 invested. Every two years, Desert X presents site-specific outdoor installations throughout the Coachella Valley. 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 the mid-1950s, real estate developer Nat Mendelsohn began to buy a ton of land in the Mojave Desert, 100 miles north of Los Angeles. They're engaged in a grand illusion of creating wealthNK Mendelsohn has perfected the art of turning desert dust into gold -- but only for himself.". July 10, 2020 Offer to Purchase Silver Saddle Ranch and Club. Mismanagement, Sloppy Hiring Practices, Lack Of Transparency. Two Los Angeles artists have new work on display. If you have questions after reading the Motion, please send them to info@regulatoryresolutions.com and include Silver Saddle in the subject line. 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). The sale is set to close in 60 days. Any response must be filed before the hearing. The Receiver intended to use the money from the sale to pay the expenses of the Receivership Estate and provide a first distribution of funds to Silver Saddle investors to begin compensating them for their losses. If you were an investor, please continue to keep the Receivers office apprised of any address changes. 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 What You Should Know About This Year's 'Constant Bloom', You Need Child Care For Your Baby. 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. With a neighborhood design that enhances privacy by separating homes from one another to create open spaces, mature hardwood trees, ponds, and a convenient location only 3 miles south of Interstate 20, this community is going to sell out quickly! IN 2011, SILVER SADDLE TRANSITIONED FROM SELLING VACANT DESERT LOTS TO SELLING SHARES OF A CONFUSING REAL ESTATE INVESTMENT CALLED 'LANDBANKING'. Landbanking is where a group of people jointly own a huge chunk of land. Family Says Mental Health System Failed Their Son, A Los Angeles Family Seeks Answers And Accountability After Black Mom Dies In Childbirth. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. The receiver filed a motion on Oct. 13 with the San DiegoSuperior Court to approve the sale. California City would be that place. 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. The Case Remains Cold, Even 'Affordable Housing' In LA Isn't Affordable. Both properties are located in Cal Citys Second Community. There will not be a hearing on August 27, 2020 to cancel the escrows. A telephonic hearing has been set for August 27, 2020 at 9:00 a.m. to allow for full briefing on the matter. PDF Silver Saddle Receivership FAQs Updated as of 10/10/2019 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. Investor payments will be made by check. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. 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). This case was filed in Los Angeles County Superior Courts, Spring Street Courthouse located in Los Angeles, California. Today, most of the roads are abandoned. For the latest national news from NPR and our live radio broadcast, visit LAist.com/radio. 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. Please continue to check the Receivers website for periodic updates. DBO contends that businessman Thomas Maney and other associates conned people into purchasing land shares on theGalileo Project with the promise of earning a significant return on investment down the road. 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. Silver Saddle Ranch & Club, Inc. Summary: This case is a class action lawsuit against Silver Saddle Ranch & Club, Inc. for violations of consumer fraud. They sued Mendelsohn's company, which was then known as Great Western Cities. A photo of Nat Mendelsohn, the founder of California City, on the cover of the 1961 annual report to property owners. 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. Each investor who submitted a challenge has been contacted by mail and email explaining the Receivers review and determination of their challenge. PDF MARY ANN SMITH [Exempt from filing fees pursuant - The Department of
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