To all investors:
I offer the following for your consideration.
I appreciate the clear message and reality check that Mr Thompson presented
below. I can only speak for myself in saying that I have held back in sending a
check until the results of the August 2 hearing were known and a go-forward
strategy was put forth so that I would have a better sense of how this might
proceed. We clearly have some remarkable individuals who are deeply involved in
research, making key contacts and reporting back to the email group. However, I
feel that a key missing piece that is critical to our hope for success, is
organization and leadership. I don’t think it is fair to put the mantel of
leadership on a single individual, so would like to suggest that perhaps 3-5
people volunteer to step forward to form a steering committee which can use
their best judgement based on input from the broader group, to lead the charge,
discussing among themselves, identifying needs and calling for volunteers as
needed, making decisions and reporting to the rest of us. I don’t think I need
to name names of the investors who have been most active so far and who I think
are most knowledgeable and qualified.
I will acquire funds and mail a check as soon as tomorrow if I have the
confidence that this body will grow a head to coordinate the legs in moving
forward.
I deeply appreciate those who have been working so hard on behalf of all
investors. Thank you so much.
Looking forward,
Doug Meddaugh
From: aem-vanc-bounce@xxxxxxxxxxxxx [mailto:aem-vanc-bounce@xxxxxxxxxxxxx] On ;
Behalf Of Michael Banks
Sent: Thursday, August 08, 2019 5:06 PM
To: aem-vanc@xxxxxxxxxxxxx
Subject: [aem-vanc] Re: Proposal for formation of new LLC and the end of
Receivership
Message from Roy Thompson, attorney for Rob and Eva Johnson
To American Equity Investors
I appreciate all the discussion and commentary about my recent suggestion
regarding the formation of an LLC, as well as the formation of a litigation
fund to pursue those individuals and/or entities not part of the Washington
Receivership.
However, the upshot is that other than receiving a check from two investors, no
one else has sent any other amounts that I am aware of either to my or Mr.
Grenley’s firms. In case you weren’t aware, we imposed a thirty day deadline
to ascertain the interest of you as investors to establish a litigation fund.
I have been approached directly by some investors who have voiced support both
for my ideas and the litigation fund, and I appreciate their words and actions
to date. However, I represent Rob and Eva Johnson only, and unless there is
appreciable movement towards some resolution within the 30 day window, I and my
law firm will withdraw from any further action in this matter, other than to
support our clients, and only our clients.
I am hopeful there will be some among you who will take it upon yourself to try
to take a lead and advocate for a position that will attempt to move this
matter forward. Again, my firm’s involvement to date has only been to attempt
to facilitate a communal effort on all of your parts to seek solutions beyond
the current Receivership matter. If you are all able to come together and
select a law firm to lead this charge, I have already stated that my firm
cannot and will not take the lead, as this matter is more appropriately led by
a larger firm with more assets available. My law firm specializes in tax and
business litigation, and both my partner and myself possess advanced tax
degrees and have broad experience with financial tracing efforts for litigation
purposes. I have advocated for Gary Grenley’s firm to take the lead, and Mr.
Grenley has indicated his firm would be consider taking over the matter if
enough of you sign up and contribute to either a litigation fund or some other
vehicle.
Frankly, it is time for as many of you to come together in some manner and
select a path that makes sense. Yes it is risky; and yes it will be expensive.
I point out that the meeting that was held on July 25th was supported by Rob
and Eva Johnson and this firm and none of us asked for money to arrange and
hold the meeting. There is no way to sugar coat this issue. Therefore, if
this matter is not resolved in some form by August 26th, I will pull my firm
out of this matter completely.
I wish you all the best.
Roy Thompson
On Tue, Aug 6, 2019 at 4:33 PM Michael Banks
<americanequitiesinvestors@xxxxxxxxx
<mailto:americanequitiesinvestors@xxxxxxxxx> > 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
