The court has the power to authorize the disclosure of investor and address
information. I am going to ask Tim Dack to look into this right away. We are
all better off connected in this mess and will have more power as a United
front.TreySent from my Galaxy Tab A
-------- Original message --------From: Ila Stanek <timeout29@xxxxxxxxxxx>
Date: 7/4/19 4:35 PM (GMT-07:00) To: aem-vanc@xxxxxxxxxxxxx Subject:
[aem-vanc] Re: Status of current objections to Receivership I doubt privacy
laws would allow such a release without a court order - and a good reason for
it as well. Just sayin’Sent from Ila's iPhone with a mind of its own.On Jul 4,
2019, at 3:40 PM, Neil & Marilyn <nmr1311b@xxxxxxxxx> wrote: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@gmail.comOn 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. NeilOn
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!TreySent 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 MacLellanPO Box
61467Vancouver, WA 98666360-609-7330gay@xxxxxxxxxx
Gay MacLellanCell Phone:360-609-7330Medford Office Address:3126 State St. Ste.
200Medford, OR 97504Vancouver Mailing Address:PO Box 61467Vancouver, 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 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
