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
