Hello Trey,
Thank you so much for work. We would gladly sign on.
Robert and Eva Johnson
20244 NE Interlachen Lane
Fairview, OR 97024
(503) 667-5115 (msg.)
In AEM 600.
Must we do the same with the other funds?
Thanks again,
Eva
On Jul 2, 2019, at 5:43 PM, treytennyson3 <treytennyson3@xxxxxxxxx> wrote:
Thank you. I appreciate your response and will be in touch soon.
Trey
Sent from my Galaxy Tab A
-------- Original message --------
From: Cbugas <chrisbugas@xxxxxxxxx>
Date: 7/2/19 5:10 PM (GMT-07:00)
To: aem-vanc@xxxxxxxxxxxxx
Subject: [aem-vanc] Re: Status of current objections to Receivership
Jim kulik, chris bugas
1600 nw 32nd Ave
Portland, Or., 97210
Chrisbugas@xxxxxxxxx <mailto:Chrisbugas@xxxxxxxxx>
Home503-220-1689
Mobile503-806-0578
In AEM 600 since 2012.
We thank you for your service and will be supportive of and involved in
selecting a manager of the unwinding of the assets.
Sent from my iPhone
On Jul 2, 2019, at 4:28 PM, treytennyson3 <treytennyson3@xxxxxxxxx
<mailto: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 <mailto:treytennyson3@xxxxxxxxx>
Sent from my Galaxy Tab A
