Thanks for the support. Either Tim or I will be in touch soon.TreySent from my
Galaxy Tab A
-------- Original message --------From: "Troy Rendon(Redacted sender
"trendon74" for DMARC)" <dmarc-noreply@xxxxxxxxxxxxx> Date: 7/2/19 7:20 PM
(GMT-07:00) To: aem-vanc@xxxxxxxxxxxxx Subject: [aem-vanc] Re: Status of
current objections to Receivership Thank you Trey. I’ll join in signing in
support of the objection Troy Rendon3512 E Mill Plain BlvdVancouver, WA
98661360.281.4216Sent from my iPhoneOn Jul 2, 2019, at 4:28 PM, treytennyson3
<treytennyson3@xxxxxxxxx> wrote:Good afternoon, fellow investors. My name is
Trey Tennyson. My mother and I have very large investments in the AEM 600
fund, but no others.I am a recently retired trial attorney from Vancouver. As
I relocated to Arizona a few years ago, I hired Vancouver attorney Tim Dack to
represent my interests in the AEM receivership.After reviewing the legal
documents (pleadings) that American Equities filed with the court to start the
receivership, I became convinced that the receivership had been improperly
started. The documents that were filed with the court showed that American
Equities (as Manager of each of the different funds) had made what is called an
assignment of assets to the Receiver in favor of its creditors. This is a
fancy way of saying that American Equities simply transferred our assets to a
third party who will now act as our new fund Manager. Unfortunately, this new
Manager (the Receiver) wants to be paid $500 per hour and wants its attorneys
(((Miller Nash) to be paid $500 per hour. These fees are well in excess of
the .50 percent management fee we were paying to American Equities. As you all
know, each fund is set up as a separate Washington Limited Liability
Company(LLC). The investors in each LLC became its members and also its
creditors. LLCs in Washington are governed by statutes. The most important
statute relates to member voting rights, and provides that ALL members must
consent to any dissolution (dissolving) of the LLC or to any action of the LLC
Manager which is outside the ordinary course of business of the LLC. The
receivership would effectively dissolve each of the LLCs and it is clearly not
part of the normal course of the business which is managing real estate
investmenLast week, Tim Dack filed an objection to the Receiver`s request for
compensation (including attorneys fees, receivers fees, accountants, etc) on
the grounds that the LLC investors did not vote to approve the receivership and
it is therefore illegal. We also onjected on the grounds that the receiver and
his attorneys were requesting that they be paid different amounts of money from
each LLC for work that they claimed benefitted each fund equally. This could
cause some funds to pay far more than their fair share and hurt the investors
in these funds.My mother and I were the only investors to file an objection to
the Receivers request for compensation. However, I am sure many of you share
these same concerns and would agree with these positions. None of us voted to
set up an expensive receivership. What we need is a new Manager of the LLC
funds who is competent , will work for a reasonable fee and can gradually
liquidate the funds in the way that returns the most money to the investors.
As a result of our objection, the Receiver will have to file a legal motion and
set a hearing in front of Judge Gregerson. This will be done in the next week
or two and the hearing will likely be in late July.The Receiver has also
scheduled a hearing in July where he is requesting approval from the Judge to
sell property owned by all the LLCs. We are objecting to this request because
the receivership was not properly approved by the investors.My attorney has
requested that I find other investors in the AEM 600 fund and the other funds
who will join in writing and support our objections. This will show the Judge
that many investors object to the receivership and the sky high fees that come
with it. If you are willing to sign such a statement, please email me with
your name, address and telephone and either myself or my attorney will contact
you. With our combined effort, the Receivership can be terminated and a new
Manager properly appointed that will return a much larger amount to the
investors.Trey Tennysontreytennyson3@gmail.comSent from my Galaxy Tab A
