Thanks, Doug. It appears we think alike. Most investors are in this for the
income, rather than a fast return of principal. I would rather receive a lower
income stream now and better return down the road than fire sale prices. Would
you be willing to consider also retaining Tim as a client? The more we can get
the lower the costs for each client.Tim or I will be in touch soonTreySent from
my Galaxy Tab A
-------- Original message --------From: Doug Meddaugh <dmmedda@xxxxxxxxxxxx>
Date: 7/2/19 6:05 PM (GMT-07:00) To: aem-vanc@xxxxxxxxxxxxx Subject:
[aem-vanc] Re: Status of current objections to Receivership Thank you, Trey! I
only today was able to get setup on the list-serve and read through all the
posts to date. All I can say is thank you for taking the steps you have and I
am happy to sign the statement. I couldn’t agree more that we need a new
manager in place. I, for one, would rather take longer to liquidate properties
and contracts and receive greater return by doing so, than sell quickly at fire
sale prices for lower return. And I just want to say that I believe the sooner
we can collectively agree on a single legal representative who represents all
interests, and share the costs, the better off we all will be. Again, thank
you. Douglas Meddaugh2901 Columbia StVancouver WA 98660360-241-9999 From:
aem-vanc-bounce@xxxxxxxxxxxxx [mailto:aem-vanc-bounce@xxxxxxxxxxxxx] On Behalf ;
Of treytennyson3Sent: Tuesday, July 02, 2019 4:28 PMTo:
aem-vanc@freelists.orgSubject: [aem-vanc] Status of current objections to
Receivership 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 Tennysontreytennyson3@xxxxxxxxx Sent from my Galaxy Tab A
