Chris,
Bob and I have sent our stories to Kondrat on his request. We have also had 3
conference calls with him.
Pat
Sent from my iPad
On Aug 7, 2019, at 12:22 PM, Christine Bugas <chrisbugas@xxxxxxxxx> wrote:
So what we paid for with Hamstreet Bill is a report - only focused on money—
and how Hamstreet can extract their large as possible cut.
Their story is not complete. We don’t know the truth and we are in the dark
as to the 160 who did not respond to Rob and Eva’s request to gather our
forces together. That RoyThompson meeting inTigard was also an eye opener.
But like you said — we need the happenings — The Who, what,when,where,why. I
think we can be helpful. We are sitting on a new digitized list that has had
redundancy and error removed. We do not have everyone’s emails. The letter
written by Dr.Bill and Trey will explain what is going on, potentially ask
for several things, including a story.
We are on the same page.
I am awaiting direction fromTreyand he is talking to the lawyer world, I am
certain. He has motive to be involved, is best informed and has used the
word shark in describing a potential representative.
I shipped a large packet — 200hard copies of info to Robert Kondrat, Dept of
Financial InstitutionsState of Washington.
As well—he asked just today for stories. So whoever is reading this send max
1 page story to chris bugas@gmail. Com. Put full name and address and email
and best phone.
The movie? I’ve got an idea. Name? Exit Wound.
On Wed, Aug 7, 2019 at 11:25 AM Julia Pond <juliapond@xxxxxxxxxxx> wrote:
What would really help (for every purpose we’ve discussed) is for us to put
together a bird’s eye view of all/each of the LLCs with a timeline as to
which chunk of money went in when. That would be at least half of the
picture, and factual (we have no reason to falsify, individually or
collectively).
I am trying to think of software that could create and display (in print or
online) such a thing. The closest I can come is entity-relationship
diagramming software.
But even if we could do a spreadsheet for each LLC that would put us ahead
of what Hamster is doing. (You heard me right, hamster. For a $525/hour
consultant he is a worse information manager than a damn Kelly girl.)
If we could get it into Excel, maybe there is charting capability in that
software from that.
This information would have to be collected anew, as I don’t think the
proofs of claim are online or otherwise accessible.
--
Julia Pond
juliapond@xxxxxxxxxxx
On Wed, Aug 7, 2019, at 10:15 AM, bfranke wrote:
Chris, Sure sounds like a good summarization. The quantities and qualities
of properties sure doesn’t represent the 77m that were invested by us. I
know my funds weren’t invested until 2014 and 2016 so where is the proof of
properties purchased in these years? It sure seems like there are enough
assets/trust/insurance companies to go after in a civil suit. I know there
is still the avenue of a class action suit.
I know people are not comfortable with Hamstreet, but since we are paying
for their work why don’t we use their information and then add to it from
our own investigation. We don’t need to pay someone else to do what we
have already paid them to do. The more we fight what they are doing the
more it cost us in their time. They may be finding out how crooked and
criminal this scheme really is and actually help us a bit. If we find
favoritism to American Equites we should be able to use this in our
lawsuit. And why the heck are we paying for Hamstreet and their attorney.
Ross should be paying for these costs. This needs to be included in our
lawsuit. Can there be a motion on the amount of money spent or the time it
takes to get this settled? Don’t we have a say so in the process if we are
paying for it?
I talked to Hamstreet yesterday and was told they are planning to have an
auction of properties located in Oregon, Washington and one other state in
November. Why don’t they tell us this on their site?
They are also hiring an attorney in Mexico to find out our rights to
recover on those properties and they are suppose to be having a conference
call the the securities commission today. They haven’t been contacted by
the FBI yet.
They said they may also pursue a civil suit at some point. Just passing
on what I was told yesterday.
I don’t know if I agree with the plan by Mr. Thompson. I think it is a
good thought, but if the properties are like the ones in the pictures we
would just be taking on a headache and a lot of costs to bring them up to
be sellable. Finding someone to do the work and their costs. The only
thing of value is the contracts that are not delinquent and are paying a
monthly fee. If these properties were of value and could be sold why
didn’t American Equities do that and make more money for themselves. As I
see from properties that were purchased there was a fee paid to American
Equities for them and also continued to take out management fees on the
interest payments. More skimming of money. And their accounting methods
of determining the value of the properties are completely wacked so you
surely can trust the values given.
On top of this we still have to come up with the moneys for legal fees and
investigation. This may be more money than the investors want to put up.
So we would need a calculation of costs per investor and not all investors
are going to have any money to put up. We don’t even know if we can come
up with enough money. Going back to the class action where no one has to
come up with money. The recovery is going to be less, but there is no
money output up front.
If the FBI does anything I don’t believe it will be soon. They seem to be
slow to react and do not communicate with anyone on what they are doing. I
still believe we need to get a civil suit going asap knowing that we don’t
have to wait for the receivership. Let them get what they can get and we
use their findings in addition to our investigation against Ross and
affiliates in a civil suit. If Hamstreet is working for us they have to
cooperate or they could be legally charged I would think.
I am far from an attorney and don’t know legalities, but these are my
common sense thoughts. We do have an advantage of multiple minds to
brainstorm on the best direction. Chris and Trey have already done a lot
of investigation and help on figuring things out. Maybe we can negotiate a
discount for all the work that has already been done and the ability to use
Hamstreets finding and the attorney that are already involved to help out
in the case. Whether we go with a civil suit or a larger law firm I think
this should apply.
Lots of stuff, but maybe it will help in some way with our decisions. I
continue to believe we need to work together and it makes us a stronger
unit against this injustice.
Belinda Franke
From: aem-vanc-bounce@xxxxxxxxxxxxx [mailto:aem-vanc-bounce@xxxxxxxxxxxxx] ;
On Behalf Of Christine Bugas
Sent: Tuesday, August 06, 2019 11:13 PM
To: aem-vanc@xxxxxxxxxxxxx
Subject: [aem-vanc] Re: Proposal for formation of new LLC and the end of
Receivership
Genius! It preserves what can be preserved in value of assets.
These are a strange brew of trailer - trash properties perhaps purchased
by design to be farflung and a smoke screen for real assets: the
businesses with the same address as American Equities -- the "affiliated
entities."
Glaring in plain sight in Hamstreets's table of unsecured loans is
Ridgecrest Development Inc, LLC -- we can see loans from AEM pools to
build the development. Makes one wonder: were the AEM mortgage pools a
front all along? Was the real MO to do development projects using pool
monies as needed?
Was the reason it worked for so long that the investors in the pools were
using IRA's and reinvesting interest?
As people retired, there was the problem of new checks that had to be
written as people wanted money. The pools were used Ponzi- style for that
But perhaps the racketeers were all in on it and the real money was in the
development of housing projects with pool money. I know Tanner the
assistant said Ross had one main rule: make a mil on each housing project.
Perhaps the pools were never to buy real estate that had interest paying
out to investors. Perhaps investors were paying investors as needed and
the bulk of the rest of the money was used to construct various Ridgecrest
type developments. Perhaps the pools were planned to be Ross's bank. In
conversations, he lamented that his 5 banks dried up after -08. Perhaps we
were the bank through the pools.
Perhaps the two aspects of American Equities are not separate. There were
the pools. But there were the "affiliated entities" of which Ridgecrest is
one. Hamstreet alludes to the affiliated entities' self dealing needing
investigatory work 26 Oaks, Ridgecrest, The LIghthouse, Tomoro, The
Someday Fund, Marina Mexico, Valerio's acreage...
Perhaps with time and the resources that are left from the 77 mil
investment of investors: the mother lode can be uncovered. The answer
will take forensic accountants. It will perhaps take SEC and FBI and civil
suits. That will take time.
Ross was either bad at his job or a crook. If he was a crafty crook, he
used pools and affiliated entities in such a way that he is in possession
of a pot of money.
This plan appears to buy time while kicking Ross's choice of receivership
to the side. Miller and Nash lawyering for both -- will likely hate to see
their source of payment be usurped. But to my eye Roy Thompson's idea is
genius, not bottom feeding. (Always did like cod.)
Trey: what say you?
On Tue, Aug 6, 2019 at 5:51 PM Ed Wilson <ej.wilson62@xxxxxxxxx> wrote:
Roy,
Personally I think this is a great idea at first glance. I would like to
take a harder look at this option and hear the opinions of others who are
interested. Every day that goes by with the receivership in place is
costing each investor dearly.
Is there another meeting being planned to inform and discuss the
viability of this plan.
Sent from my iPhone
Thanks,
Ed Wilson
503-572-1324
On Aug 6, 2019, at 5:31 PM, treytennyson3 <treytennyson3@xxxxxxxxx> wrote:
No it does not. The receivership acts to suspend legal actions against the
persons and entities that are named as parties only. Ross Miles, American
Equities and American Eagle Mortgage Management are not parties and can be
sued now. That is what Gary Grenley is doing on behalf of the Nichols, his
clients.
Trey Tennyson
Sent from my Galaxy Tab A
-------- Original message --------
From: Pat Witt <pat.witt@xxxxxxxxx>
Date: 8/6/19 5:19 PM (GMT-07:00)
To: aem-vanc@xxxxxxxxxxxxx
Subject: [aem-vanc] Re: Proposal for formation of new LLC and the end of
Receivership
We have a question....
Does the Receivership have to end before a lawsuit can be brought against
Miles by the or any investor??
Thank you,
Pat Witt and Bob Kalmbach
Sent from my iPad
On Aug 6, 2019, at 4:56 PM, Julia Pond <juliapond@xxxxxxxxxxx> wrote:
Mr Thompson,
Very creative thinking, I like it.
However, 10 to 25 cents on the dollar on a bunch of assets whose value is
low to unknown is not going to entice the receiver (much less his/Ross’
counsel) away from a million dollars in billings. I think at this rate,
between them, they will bill a half million by year end, easily, and will
lengthen the engagement by any means necessary.
However, I am in favor of anything that dissolves the receivership. I think
at this point our only hope of that is a criminal referral.
I reiterate my previous assertion that no ethical person would have agreed
to take this on as an engagement.
--
Julia Pond
juliapond@xxxxxxxxxxx
On Tue, Aug 6, 2019, at 4:34 PM, Michael Banks wrote:
Dear American Equities/American Eagle Investors:
As some of you may know, my name is Roy Thompson and I'm the senior
partner in the Lake Oswego law firm, Thompson Bogran PC. My firm arranged,
at the behest of my clients, Rob and Eva Johnson, the recent July 25th
meeting at which I spoke and in which some of you participated, either
personally or on the phone at the Oregon State Bar.
I and some other attorneys and investors are considering forming an LLC
called "American Equities Recovery, LLC" which is intended to take
advantage of a ruling from the Court on August 2nd. During that hearing,
the Court approved of the process which is sometimes called "bottom
feeding," which essentially allows other investors or third parties to
purchase and/or sell the investment interests of others as part of the
Receivership. I propose to create the AER in order to make an offer to pay
the Receiver between 10 to 25 cents on the dollar for all assets in the
receivership. The offer would be in a form of a Note, payable in 5 years
at 3% interest. Once formed, we would file a motion with the Court to
accept this Note in payment, which would effectively end the need for a
Receivership, thus ending the current need for legal and receivership fees.
This would also avoid the necessity of placing your money in a litigation
fund because I would propose that your payment to the LLC would make you a
member of the LLC. The LLC would in turn have a management committee to
oversee the hiring of the legal team and the prosecution of any actions
against Mr. Miles and any other persons or entities the legal team believes
should be named in any future actions. In addition to the management
committee I believe an advisory committee of investors also be informed and
kept in "the loop" on all legal proceedings.
I hope this proposal finds you all well and I look forward to your input.
Roy B. Thompson/hrs
