If you are an investor and do not receive a letter by March 15, 2022, please contact the Receivers office at [email protected]. As such, the Receiver accepted the offer and intends to seek Court authority to sell the Galileo Project land. Windy with sunshine. The Courts decision means that when the sale closes, the Silver Saddle investors will no longer have an interest in the Galileo Project Land. January 17, 2020 W-2s for Former Employees. As the Receiver, it is Mr. McNamaras job to identify, pursue, collect, and preserve the assets of the Receivership Estate while the lawsuit proceeds. THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT CHARGED SILVER SADDLE WITH FRAUD AND SHUT THE COMPANY DOWN IN 2019 In September 2019, the California Department of Business Oversight filed a. The letters explained how to challenge the Preliminary Determination if an investor felt the determination was incorrect. They could build a house, or just hold onto the land and sell it in the future. 4, 2022), Knight Decl. Each investor will, however, receive a part of the proceeds from the sale proportionate to the money he or she paid for the property, as described in the recently distributed Claim Determination letters. The Court approved the sale on November 6, 2020, and the sale closed on January 14, 2021. In May 2020, DBO filed an amended complaint, adding additional defendants, SS Purcho, LLC, Accelerated Assets, LLC, and Pahrump Valley Real Estate Co., LLC. The current sales brochure for the Ranch and the Galileo Project can be found in the Documents section of this webpage. 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. 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. This means that the Receiver can start calculating investors losses so that, if and when a distribution is ordered, the Receiver can begin sending money to investors right away. Given the stay, we do not expect any material activity to occur prior to the resolution of the criminal prosecution. 60 Years Of Deception And Land Sales In California City: 7 - LAist But even if the sale goes through, it won't generate nearly enough money to make all the investors whole. BORRAYO VS SILVER SADDLE RANCH & CLUB, INC | Court Records - UniCourt Diane Chun v. Silver Saddle Ranch & Club Inc :: Superior Court of 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 Our complaint services are free and our team of expert mediators will assist in resolving complaints with businesses. August 5, 2020 Cancellation of August 19 Hearing on Receivers Motion to Approve Sale of Silver Saddle Ranch and Club. Many of those consumers ended up spending tens of thousands of dollars on land they were made to believe would be worth much more in the near future. Galileo Project investors stage protest of pending Silver Saddle sale The Motion to Approve the Sale of the Ranch and related documents are in the Documents section of this webpage. If no objections are filed with the Court, the Receiver will promptly file a proposed Order approving the Receivers claim determinations. PDF March 7, 2022 - Notice to Silver Saddle Investors of Claims Determinations Each investor who submitted a challenge has been contacted by mail and email explaining the Receivers review and determination of their challenge. The landowners live all over the world. The results were as follows: 23 challenges were denied, 17 resulted in an adjustment to the claim determination amount, and 3 were accepted completely. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. As such, the Receiver intends to seek Court authority to sell the Galileo Project land. [email protected], 8016 California City Blvd.St#7,California City,CA, Rosamond celebrates Diamond Street Project Completion, Rosamond Man arrested for Stolen Vehicles, Tehachapi Man arrested for 2007 Sexual Assault Pleads No Contest, S.K.U.S.D. We just don't do it. 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. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. Because of these ongoing costs, we determined selling the Ranch is in the best interest of the Receivership Estate. re Accelerated's Opposition Preliminary Injunction (July 16, 2020), Receiver's Motion to Approve Sale (July 10, 2020), Receiver's Ex Parte Appl'n to Shorten Time (July 10, 2020), Receiver's Response to Motion to Intervene (July 9, 2020), Receiver's 1st Interim Status Report (Mar.

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