Thank You Chris
Sincerely
Pat Witt and Bob Kalmbach
Sent from my iPhone
On Jul 4, 2019, at 9:56 AM, Cbugas <chrisbugas@xxxxxxxxx> wrote:
Of note, in the meeting with Hamstreet at the RedLionInn-- I wrote a note
that it was said that if your investment was placed after American Equities
date of insolvency, then you need to get a lawyer.
That was in response to questions in re whether we each need to get
individual representation.
Debt/asset compounded as did interest. Foreclosures post 2008 needed payment
of back taxes and payments of assets' money requirements to retain ownership
of the contracts. Checks were discussed by me with MaryCarol, Ross's sister
and secretary after the receivership was requested once Ross could not figure
a way to turn this around.
The issue is lying. What words of assurance were given with intent to get
cash that were untrue? For instance: in email did Ross say "this is a great
deal!" When, in fact, Ross understood he was lying.
In the age of Trump, grifting, making private gains at the expense of groups
he has deceived, is the simplicity of Ponzi scheming. This is not
multilevel management.
This is not a pyramid corporation.
Ross did a lot of money making through his career. He hadn't a hint of
failure . He was and is a salesman.
I sold Christmas trees with him in college. We were in first through 12th
grades together through Star of the Sea grade school and Star of the Sea high
school in Astoria , Oregon. His mother and father and sisters and children
and ex wife and current girlfriend and grandchildren and friends know how
brilliant and kind Ross is.
But what I believe is that Ross failed at communication. He got in trouble
after 2008. After that he slid down the slippery slope of cheating.
He could have said to all these beautiful investors I have met that "I'm in a
squeeze financially. Can you work with me? If you receive no interest for a
while -- I will buy back all these foreclosed contracts, pay their back taxes
, and American Equities pools can wait collectively on payouts while the
economy improves. ". People would have worked with you. They were loyal as
only you can be if every contract paid out on time like clockwork.
That would have been honest. Telling investors "I'm in a squeeze". Even
bankruptcy. Understandable. And your investors-- a great group, BTW, would
likely have helped out where possible. I know we were in it for the long
term. We reinvest everything and don't receive any regular checks from
Pools.
But you did not level with investors. You knew since 2008 that you could
not recover. You put your finger in the hole in the dike but it was
unsustainable. You started off innocently enough but it was unsustainable.
The deadly sin is lying. Saying we should get into American Eagle (American
Equities) as we rolled the money from a successful venture to this, these
unsuccessful pools--was a quick offload from us into the payouts of other
pool members payouts.
I never understood pools. Except that they are similar in organization to
what caused the 2008 financial crash: collateralized debt obligations,
CDL's.
So, Ross, like all human beings-- had temptation to greed. He formed pools
of money which were on paper but not in any black-letter law.
That is important-- the protocols needed to oblige black letter law. Ross, I
think you probably tried 17 hours a day to make this latticework of
complexity work.
The reason it's a Ponzi is that it always required lying to new investors.
So,as Hamstreet said at the Red Lion Inn, it matters when the pools were
insolvent. If you bought in when American Equities was insolvent you may be
out of luck.
Hamstreet was reported to have been hired in April 2018. But MilesMinsker
said for the interview w the Columbian newspaper out of Vancouver, "we never
recovered after 2008; not even close".
In 2017 a law suit was filed against American Equities for failure to pay out
a contract that had come due.
So Ross, you've known since 2017-- when we gave you money for Parkland --
that the pools were insolvent. But you never mentioned it.
We found it out from Hamstreet in May of 2019. Man are you good at keeping a
secret, Ross!
Even now we invest in Estates at Parklands. It is exactly as it was
represented to us by Ross said it was to this point.
I have been asssured future funds are to come with the 2017-2021 contract
dates. We are carefully watching, but we did get a number of checks . Our
investment, though much longer a term than he initially promised, - has paid
back some principal, with promises of interest over the period when lots at
The Estates at Parkland are to be sold in the unforeseen future. My advice
on this deal, Ross, is if you don't sell those properties fast enough-- don't
lie about it. Work with your investors.
That said, it is the 4th of July and I am going to a Springsteen -themed band
performance-- eat my brains out, then dance at a 70th friend's birthday.
Sieze the Day 7/4/2019
Chris bugas
Sent from my iPhone
On Jul 4, 2019, at 8:00 AM, Paty <pat.witt@xxxxxxxxx> wrote:
Trey
At the meeting with Hamstreet and staff on May 30 The Red Lion hotel
Hamstreet told the entire AEM group his charge per m hour is $550. His 2
CPA's in office were $350 hour each and the 2 Attorneys also present from
Seattle...Miller Nash Firm were $600 and $700 per hour.
I'm not sure if he gave us all this information before or after telling us
we would be lucky to get 20 to 25% on the dollar.
We hope and pray you can help us in any way.
Pat Witt and Bob Kalmbach
Sent from my iPhone
On Jul 3, 2019, at 10:27 PM, Julia Pond <juliapond@xxxxxxxxxxx> wrote:
I will sign also. Sent you mail with my info.
--
Julia Pond
juliapond@xxxxxxxxxxx
On Wed, Jul 3, 2019, at 10:07 PM, FreeLists Mailing List Manager wrote:
aem-vanc Digest Wed, 03 Jul 2019 Volume: 01 Issue: 013
In This Issue:
[aem-vanc] Re: Status of current objections to Receivership
[aem-vanc] Re: Status of current objections to Receivership
[aem-vanc] Re: Status of current objections to Receivership
[aem-vanc] Re: Status of current objections to Receivership
----------------------------------------------------------------------
Date: Wed, 3 Jul 2019 07:26:08 -0700
Subject: [aem-vanc] Re: Status of current objections to Receivership
From: Gay Maclellan <gay@xxxxxxxxxx>
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
------------------------------
From: Paty <pat.witt@xxxxxxxxx>
Date: Wed, 3 Jul 2019 07:35:16 -0700
Subject: [aem-vanc] Re: Status of current objections to Receivership
U so FUNNY
Sent from my iPhone
On Jul 2, 2019, at 10:01 PM, Neil & Marilyn <nmr1311b@xxxxxxxxx> wrote:
So who's talking Troy or Trey? Should I find it confusing? Yes :-)
On Tue, Jul 2, 2019 at 9:58 PM treytennyson3 <treytennyson3@xxxxxxxxx>
wrote:
Thanks for the support. Either Tim or I will be in touch soon.
Trey
Sent 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 Rendon
3512 E Mill Plain Blvd
Vancouver, WA 98661
360.281.4216
Sent from my iPhone
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
------------------------------
Date: Wed, 03 Jul 2019 07:49:45 -0700
Subject: [aem-vanc] Re: Status of current objections to Receivership
From: treytennyson3 <treytennyson3@xxxxxxxxx>
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------------------------------
From: "Neil & Marilyn" <nmr1311b@xxxxxxxxx>
Date: Wed, 3 Jul 2019 11:29:10 -0700
Subject: [aem-vanc] Re: Status of current objections to Receivership
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
------------------------------
End of aem-vanc Digest V1 #13
*****************************
