Trey..........Do you know if it is possible to make Hamstreet turn over all
the email addresses and or home addresses of Investors? I'm given to
understand they will not do it willingly. Can the court make that happen?
Thoughts? Neil 360 903 0055 or nmr1311b@xxxxxxxxx
On Wed, Jul 3, 2019 at 11:29 AM Neil & Marilyn <nmr1311b@xxxxxxxxx> wrote:
Thanks Trey. Neil Rylander 360 903 0055, 1311 NW 131st Way, Apt B,
Vancouver, WA 98685 Please add me to your list. Thx. Neil
On Wed, Jul 3, 2019 at 7:49 AM treytennyson3 <treytennyson3@xxxxxxxxx>
wrote:
Thank you. I will be back in touch after speaking with Tim Dack. Have a
good July 4th!
Trey
Sent from my Galaxy Tab A
-------- Original message --------
From: Gay Maclellan <gay@xxxxxxxxxx>
Date: 7/3/19 7:26 AM (GMT-07:00)
To: aem-vanc@xxxxxxxxxxxxx
Subject: [aem-vanc] Re: Status of current objections to Receivership
We will be a part of your request.
Robert and Gay MacLellan
PO Box 61467
Vancouver, WA 98666
360-609-7330
gay@xxxxxxxxxx
Gay MacLellan
Cell Phone:
360-609-7330
Medford Office Address:
3126 State St. Ste. 200
Medford, OR 97504
Vancouver Mailing Address:
PO Box 61467
Vancouver, WA 98666
On 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 investmen
Last 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 Tennyson
treytennyson3@xxxxxxxxx
Sent from my Galaxy Tab A
