We will provide an update if the trial date changes. Department of Business Oversight sues to stop $30 million Silver Saddle 1. The Receiver will file a motion for the Galileo Project land after the sale of the Ranch is complete. Editor 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! 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. Investors will have 90 days to cash the checks. Silver Saddle Resort was the mechanism by which the sales were made, facilitating sales events and provided investors with a free nights stay and tours of the ranch.. 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 additional investor distribution. Thomas W. McNamara was appointed as the Receiver in this case. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. The individual expressed a concern that he did not have a full and fair opportunity to pursue an offer which he provided to the broker. the assets of the Receivership Estate while the lawsuit proceeds. PDF MARY ANN SMITH Deputy Commissioner SEAN ROONEY - The Department of And the total claim will be used to determine the investors pro rata share of any distribution(s) ordered by the Court. The Silver Saddle Ranch was acquired for its combination of recreation potential, unique natural resources and its strategic location as a natural bridge connecting the Pine Nut Mountains and the Prison Hill Recreation Area. Notice of this filing will be provided to investors by email and via posting on the receivership website. After completing this process, the Receiver will select the best offer and submit it to the Court for consideration. AFTER GREAT WESTERN CITIES WENT BANKRUPT, A FORMER EMLOYEE QUIETLY CONTINUED SELLING VACANT LAND IN CALIFORNIA CITY. Melinda Cerda Et Al Vs Silver Saddle Ranch & Club Inc Et Al 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. Silver Saddle Ranch and Club California, City, California USA Phone: 760-373-8617 Web: silversaddle.com Category: Unusual Rip-Off Silver Saddle Ranch and Club Silver Saddle Commercial Development LLCGalileo Project Land Banking Scam California, City California *Consumer Suggestion: Silver Saddle Ranch Club A pyramid scheme In March 2022, we sent out 2,970 letters to investors notifying them of the Receivers Preliminary Claim Determinations. "The only similarity is that we sold land," he said. 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. The Ranch is closed and will remain closed indefinitely. Craig v. Saddle Ranch Chop House, LLC - Casetext The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. In 1977, the company settled, and was ordered to pay what was, at the time, the largest consumer refund in the history of the FTC. Help us provide credible local journalism and timely NPR reporting to our entire community. The contract had no cancellation period, and buyers were required to pay $41 a month in membership fees to Silver Saddle -- indefinitely. It was supposed to be a good investment. Help us provide credible local journalism and timely NPR reporting to our entire community. 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. The Receivership Estate will not be able to fund these costs for very long. The case status is Not Classified By Court. If you are an investor and you agree that the claim determination prepared by the Receiver is correct, you do not need to do anything. 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. As we have noted repeatedly, calculating the Final Claim Determination amounts does NOT mean investors will receive those amounts. 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. The current sales brochure for the Ranch and the Galileo Project can be found in the Documents section of this webpage.

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