Larry,
yes, I know that you have gone through this before. I want to know what options
we have to get the best results possible. I’m aware of the direness of the
whole ordeal, I just want to fight back.
On Jun 26, 2019, at 2:25 PM, (Redacted sender "larryman44" for DMARC)
<dmarc-noreply@xxxxxxxxxxxxx> wrote:
Eva, I unfortunately lost money in a scheme like this years ago and at the
meeting can tell you exactly how the receivership and costs will go, the
people behind this for me the first time are in prison now
-----Original Message-----
From: Eva Johnson <los-johnsons@xxxxxxxxxxx>
To: aem-vanc <aem-vanc@xxxxxxxxxxxxx>
Sent: Wed, Jun 26, 2019 1:14 pm
Subject: [aem-vanc] Re: AEM Investor Representation
Yes, that option needs to be discussed as well.
On Jun 26, 2019, at 1:11 PM, Julia Pond <juliapond@xxxxxxxxxxx <>> wrote:
I understand all that. But the benefit of collectively bringing another
lawsuit needs to be explained.
--
Julia Pond
juliapond@xxxxxxxxxxx <>
On Wed, Jun 26, 2019, at 12:49 PM, bfranke wrote:
Julie, there is the receivership for the assets that are ours collectively
and then there is a lawsuit for negligence on the part of AEM and it’s
owners. The receivership would happen first I would assume but I think a
lawsuit needs to be filed for afterwards and the losses still sustained.
Maybe not everyone wants to pursue this but whoever does could go the route
that Troy is presenting. Not a class action due to the cost.
Belinda
From: aem-vanc-bounce@xxxxxxxxxxxxx <>
[mailto:aem-vanc-bounce@xxxxxxxxxxxxx ;<>] On Behalf Of Julia Pond
Sent: Wednesday, June 26, 2019 2:25 PM
To: aem-vanc@xxxxxxxxxxxxx <>
Subject: [aem-vanc] Re: AEM Investor Representation
A class action lawsuit will benefit only the attorneys. A receivership at
least recovers in proportion to claims with lower costs.
I wouldn’t be interested in being a class member of a lawsuit (which would
be in addition to the pending one!) until or unless someone can tell me
definitively that my recovery will be greater than the receivership (with a
truly independent receiver) AFTER attorneys’ fees are paid.
--
Julia Pond
juliapond@xxxxxxxxxxx <>
On Wed, Jun 26, 2019, at 12:02 PM, Troy Rendon wrote:
I for one, am interested in pooling resources and choosing a law firm to
represent us all.
Do we have a law firm interested in taking on this case on behalf of us
all? I believe a potential contingency arraignment would be beneficial.
Where a hypothetical law firm agrees to take a percentage of winning if
successful. A true class action arrangement often seems to mostly benefit
of the law firm where any winnings are mostly chewed up by the attorneys
and anything left over is divided up amongst the class action plaintiff.
We are a group of nearly 200 investors. That’s a relatively large group
with a large combined network. Does anyone know a law firm willing to
take up our cause under a contingency arraignment?
Sent from my iPhone
On Jun 26, 2019, at 10:06 AM, Julia Pond <juliapond@xxxxxxxxxxx <>> wrote:
“amount of money” I meant. Darn autocorrect.
--
Julia Pond
juliapond@xxxxxxxxxxx <>
On Wed, Jun 26, 2019, at 10:01 AM, Julia Pond wrote:
It would be smart to have one attorney for whom everyone shares the cost
burden. Right now I believe we need to make the move to have the meeting
with the court to discuss the change of receiver. Because it was voluntary
by Ross, we got neither objectivity nor least cost. And given the punt of
money and the circumstances of senior citizens due to this, it is a crime
in my view that Hamstreet and attorneys will bill $1mm by year end.
--
Julia Pond
juliapond@xxxxxxxxxxx <>
On Wed, Jun 26, 2019, at 9:52 AM, William Pritchard wrote:
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 <>
