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. 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.". The Receiver will file a motion for the Galileo Project land after the sale of the Ranch is complete. The DFPI alleged that Defendants . In 1984, the company declared bankruptcy. 7. We do not anticipate that the criminal case will affect this case or the receivership. Deep in the Mojave Desert, there is a little town with a big name and a bizarre history: California City. Mr. Maney and a number of others are facing criminal charges in connection with Silver Saddle. 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 Receiver has suspended all business operations, including the Silver Saddle Ranch & Club. People needed a place to go, to start over. March 29, 2023 Receivership Case Remains Stayed. 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. The Courts decision means that when the sale closes, the Silver Saddle investors will no longer have an interest in the Galileo Project Land. 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. On 06/06/2019 MICHAEL BALAGTAS, filed a Contract - Other Contract lawsuit against SILVER SADDLE COMMERCIAL DEVELOPMENT, LP ,. 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. 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.. Please notify us immediately if your mailing address has changed. The blue jellyfish-like creatures were swept by the winds of California's recent storms. 3. The blue jellyfish-like creatures were swept by the winds of California's recent storms. 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. As we have stated on this webpage, and in our emails to investors, any distributions to investors will only take place after the conclusion of the case. If you have a tip or story to share about California City or Silver Saddle (or anything else), email me: eguerin@scpr.org. 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 case remains pending in San Diego County Superior Court, with a current trial date of January 21, 2022. 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. The Receiver has been marketing the Ranch through a real estate broker for sale since May. Port officials say "resuming cargo operations at Americas busiest port complex is critical to maintaining confidence of our customers and supply chain stakeholders.". The current sales brochure for the Ranch and the Galileo Project can be found in the Documents section of this webpage. Today, most of the roads are abandoned. 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 hearing originally set for August 19, 2020 on the Receivers motion to approve the sale of real property owned by Silver Saddle Ranch & Club, Inc. has been taken off calendar. The sale of the Galileo Project Land, however, was put on hold. It is currently listed for $1,895,000. In the 1970s, a man named Tom Maney began working for Great Western Cities. The Galileo Project property is listed for $919,746. The trial date in this case remains the same, September 16, 2022. The price was adjusted a few times before stabilizing at $1.87 million. PDF March 7, 2022 - Notice to Silver Saddle Investors of Claims Determinations At that time, the Receiver will also file a Notice of Final Determination of Claims with the Court. In that same brief, the receivers attorney, Edward Chang, noted that the real estate company handling the transaction and Jones have sharply contrasting descriptions of the sales process. The Motion to Approve the Sale of the Ranch and related documents are in the Documents section of this webpage. 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. As a result, investors will NOT receive back the full amount they invested from the Receivership Estate. In Silver Saddle's case, approximately 1,000 acres of empty desert on the outskirts of California City, divided into 4,000 shares. On 02/08/2018 BORRAYO filed a Personal Injury - Other Personal Injury lawsuit against SILVER SADDLE RANCH CLUB, INC. 4, 2022), Frequently Asked Questions (FAQs) (Feb. 8, 2021), Receiver's 7th Interim Status Report (Sept. 30, 2022), Receiver's 6th Interim Status Report (Jan. 13, 2022), Receiver's 5th Interim Status Report (Sept. 16, 2021), Receiver's 4th Interim Status Report (May 7, 2021), Amended Order re Proposed Distribution Method and Procedures (Apr. One of these companies, High Plains Mesa Holdings, had a lease option agreement in place to sell a 640-acre parcel of land to a solar energy company for roughly $4,100,000 before this lawsuit was filed. March 23, 2021 Motion to Approve Distribution Method and Procedures. 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. In order to move promptly when the case is resolved, we are providing notice to all investors of the Receivers claim determinations. Help us provide credible local journalism and timely NPR reporting to our entire community. (Chava Sanchez/KPCC). If the Court grants the motion to cancel the escrows, the Receiver intends to reopen the sales process and all interested parties will have an opportunity to submit their best and final offer for the Ranch real property directly to the Receiver. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. Criminal Charges Filed Against Real Estate Company At Center Of - LAist The prospective purchaser agreed to cancel the escrows, thus eliminating the need for the Receivers motion and the hearing on the matter. As we have noted repeatedly, calculating the Final Claim Determination amounts does NOT mean investors will receive those amounts. The motion for the court to approve the sale is scheduled for Nov. 6. 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. 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. On September 24, 2019, the San Diego Superior Court issued a Temporary Restraining Order (TRO) with asset freeze and appointment of a 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 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). Bids for the Ranch are due on September 14, 2020 by 10:00 a.m. Every weekday, you'll get fresh, community-driven stories that catch you up with our independent local news. 12. Now, survivors and their descendants seek reparations. MICHAEL BALAGTAS, ET AL VS SILVER SADDLE COMMERCIAL - UniCourt

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