Good morning, fellow AEM Investors,
While we are all trying wrap our thoughts around AEM’s problems, it appears we
are scrambling to catch up.
Because it is wise that we all have good legal representation, for each
investor to have an attorney working on this issue is inefficient and expensive.
Would anyone be interesting in joining forces in a class action process to
pursue civil legal proceedings. I believe we are all in this together, perhaps
I’m incorrect. But if we pursue any remedy, it would wise to work together.
With hearing from Hamstreet that there has never been no audit and no tax
filings for the last ten years, the possibility of illegal financial accounting
seems to be looming. So pursuing a class action civil suit against AEM
principles may be a feasible and aid in exposing additional financial assets.
I am open to any thoughtful suggestions and any opportunity to get together and
redeem our investments.
We need a leader, a spokesperson and a mutually agreed upon legal team to
represent us, the investors.
I wish everyone the best in this difficult time. At the May 30 meeting I was
disheartened to see many good people in the senior years affected by this
trauma.
Let me know what suggestions and ideas you all may have.
Thank you, best regards
Bill
Bill Pritchard
drwilliampritchard@xxxxxxxxx
I would appreciate it, as I am sure you do, that our emails need to stay
private and not broadcast all over. This may impossible, be at least we try.
Thanks.
On Jun 23, 2019, at 2:48 PM, Julia Pond <juliapond@xxxxxxxxxxx> wrote:
At this rate, Hamstreet and company will bill a million by the end of the
year.
--
Julia Pond
juliapond@xxxxxxxxxxx
On Sun, Jun 23, 2019, at 2:41 PM, LARRY MANSFIELD wrote:
Julia, unfortunately I was in involved in a Ponzi scheme years ago and it is
not over yet as of a few months ago the receivership attorney had received
2.96 million and other attorneys associated over 1.5 million and about
another half million for miscellaneous and probably received $.10 back on
the dollar and the people involved in that. The master mine does not get
out of prison Until 2027 and his accomplice is out now and spent about three
or four years in prison I had checked American Equities out with the Better
Business Bureau police fellow investors and being local and in business
since the 70s I felt pretty comfortable
Sent from my iPhone
On Jun 23, 2019, at 2:22 PM, Julia Pond <juliapond@xxxxxxxxxxx> wrote:
Usually, a bankruptcy attorney is the receiver (if court-appointed in the
usual manner). They bill at about $400/hour, but would not require a second
attorney to liaise with the court, as Hamstreet does. So that is a costly
duplication of billings.
--
Julia Pond
juliapond@xxxxxxxxxxx
On Sun, Jun 23, 2019, at 1:48 PM, Troy Rendon wrote:
Hi everyone,
To add to what Eva has said, my attorney has recommended similar advice.
Going after the funds / pools may be fruitless b/c they are going to be
liquidated in receivership, etc. So what is left? The other entities
(managers, accountants, attorneys , etc) that remain. This would include
Davis Wright Tremaine potentially b/c they wrote some or all of these
contracts for American Equities. However, he warned this would be no slam
dunk. There is no guarantee what Ross, et al is worth (if anything) and
Davis Wright Tremaine is a large law firm that has the ability and
motivation to defend itself (it could be expensive).
I’m on the fence about appointing a different receiver. I agree that the
current firm is charging very high fees and that this will get expensive.
However, I believe that would be true of any receivership. I would like
to hear more about forcing a bankruptcy and having a public entity (the
federal courts) overseeing the distribution of funds. However, what are
the risks of having a public entity overseeing a bankruptcy? I think we
need to learn more about all pros and cons of these potential decisions.
Troy Rendon
Sent from my iPhone
On Jun 23, 2019, at 12:35 PM, Eva Johnson <los-johnsons@xxxxxxxxxxx>
wrote:
Julia,
We are in Oregon and more importantly, so is our attorney, so I do not
know if we could file for the motion to change receivership. It’s my
understanding that if we file for involuntary bankruptcy (in Oregon or
federally), it would make it easier for our attorney to intervene. In any
case, our first step should be in my opinion, to get us together and have
someone who knows tell us our options. For instance, our attorney
suggested that we should go in mass to the District Attorney’s office in
Vancouver and/or to the US District Attorney’s office in Portland. Or
that we go after the entities that are not in receivership, so the
accountants and lawyers working for AEM, along with the family.
But I am only relaying these ideas and cannot elaborate much , because I
am not that well versed in the law. So it would be better to hear these
from a lawyer.
Eva Johnson
On Jun 23, 2019, at 11:39 AM, Julia Pond <juliapond@xxxxxxxxxxx> wrote:
Yes. It changes the outcome for everyone if there is found to be illegal
activity.
The receiver also did not explain our options or procedures for
objections. He said only (and somewhat flippantly) that if we didn’t
like something we could take it up with the court.
A couple of weeks ago I contacted the FBI and made a report. I pointed
to the discrepancy between liabilities and assets as well as the amount
of money involved as evidence of a Ponzi scheme. The agent who took my
report said that the entity/situation is known to them. They could not
elaborate.
--
Julia Pond
juliapond@xxxxxxxxxxx
On Sun, Jun 23, 2019, at 11:33 AM, LARRY MANSFIELD wrote:
Also at meeting at Red Lion, he was asked if he would contact or report
any illegal issues to proper authorities and his response was I am not
here to prosecute or judge illegal activities only to liquidate assets
or words to that effect were said, you are right he is representing
Ross only.
Sent from my iPad
On Jun 23, 2019, at 11:15 AM, Julia Pond <juliapond@xxxxxxxxxxx> wrote:
Agreed. The current situation is neither objective nor least-cost, as
we are entitled to as creditors. We need to pursue the option to
change receiver at a minimum. I am willing to be one of the two that
makes the motion. Can your attorney file it?
My attorney is filing my objection to the notice of intent to
compensate. We have a couple of reasons in our objection, so at least
the runaway train that this has been is momentarily paused.
--
Julia Pond
juliapond@xxxxxxxxxxx
On Sun, Jun 23, 2019, at 10:13 AM, Robert Johnson wrote:
Hello,
My name is Eva Johnson, I am Robert Johnson's wife. We wrote and
sent the letter to all we could, in an attempt to get everybody
together. This list-serve is a great idea, thank for setting it up.
I think that we should pursue Julia's suggestion and file a motion to
change receivership. My husband I have been talking to our attorney
and we were told that we could also force AEM into involuntary
bankruptcy (possibly in federal court), which takes it out of the
receivership and puts it into court. We need to meet ASAP. I am not
sure how to make this happen, anyone have an idea or would want to
take this on? We will have our attorney show up and help us figure
out our options. But time is of the essence. We want to meet with
as few or as many as are willing to do so. Thank you,
Eva and Rob Johnson
On Thu, Jun 20, 2019 at 4:24 PM Julia Pond <juliapond@xxxxxxxxxxx>
wrote:
All,
It only takes a motion of two or more creditors (served and filed
within 30 days of the notice mailed to creditors) to make the court
order a meeting of all creditors to determine whether a person other
than the assignee named in the assignment should be appointed as a
general receiver.
I think we ought to at least try to get someone who doesn’t have such
high fees AND get Ross’ attorneys out of this process.
As it stands, Hamstreet and the attorneys are on track to bill over a
million dollars by year end, and in any tough decision will favor
Ross over any or all of us—if it keeps the money flowing.
--
Julia Pond
juliapond@xxxxxxxxxxx
