Thanks Chris. Well said!
On Thu, Jul 4, 2019 at 2:20 PM Paty <pat.witt@xxxxxxxxx> wrote:
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:note that it was said that if your investment was placed after American
Of note, in the meeting with Hamstreet at the RedLionInn-- I wrote a
Equities date of insolvency, then you need to get a lawyer.
individual representation.
That was in response to questions in re whether we each need to get
payment of back taxes and payments of assets' money requirements to retain
Debt/asset compounded as did interest. Foreclosures post 2008 needed
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.
get cash that were untrue? For instance: in email did Ross say "this is a
The issue is lying. What words of assurance were given with intent to
great deal!" When, in fact, Ross understood he was lying.
groups he has deceived, is the simplicity of Ponzi scheming. This is not
In the age of Trump, grifting, making private gains at the expense of
multilevel management.
This is not a pyramid corporation.failure . He was and is a salesman.
Ross did a lot of money making through his career. He hadn't a hint of
I sold Christmas trees with him in college. We were in first through12th 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.
trouble after 2008. After that he slid down the slippery slope of
But what I believe is that Ross failed at communication. He got in
cheating.
in a squeeze financially. Can you work with me? If you receive no
He could have said to all these beautiful investors I have met that "I'm
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.
Even bankruptcy. Understandable. And your investors-- a great group,
That would have been honest. Telling investors "I'm in a squeeze".
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.
could not recover. You put your finger in the hole in the dike but it was
But you did not level with investors. You knew since 2008 that you
unsustainable. You started off innocently enough but it was unsustainable.
(American Equities) as we rolled the money from a successful venture to
The deadly sin is lying. Saying we should get into American Eagle
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 organizationto what caused the 2008 financial crash: collateralized debt obligations,
CDL's.
pools of money which were on paper but not in any black-letter law.
So, Ross, like all human beings-- had temptation to greed. He formed
Ross, I think you probably tried 17 hours a day to make this latticework of
That is important-- the protocols needed to oblige black letter law.
complexity work.
investors.
The reason it's a Ponzi is that it always required lying to new
insolvent. If you bought in when American Equities was insolvent you may
So,as Hamstreet said at the Red Lion Inn, it matters when the pools were
be out of luck.
MilesMinsker said for the interview w the Columbian newspaper out of
Hamstreet was reported to have been hired in April 2018. But
Vancouver, "we never recovered after 2008; not even close".
pay out a contract that had come due.
In 2017 a law suit was filed against American Equities for failure to
-- that the pools were insolvent. But you never mentioned it.
So Ross, you've known since 2017-- when we gave you money for Parkland
keeping a secret, Ross!
We found it out from Hamstreet in May of 2019. Man are you good at
represented to us by Ross said it was to this point.
Even now we invest in Estates at Parklands. It is exactly as it was
I have been asssured future funds are to come with the 2017-2021contract 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.
band performance-- eat my brains out, then dance at a 70th friend's
That said, it is the 4th of July and I am going to a Springsteen -themed
birthday.
Hamstreet told the entire AEM group his charge per m hour is $550. His 2
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
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.
us we would be lucky to get 20 to 25% on the dollar.I'm not sure if he gave us all this information before or after telling
wrote: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>
mother and I have very large investments in the AEM 600 fund, but no others.
Good afternoon, fellow investors. My name is Trey Tennyson. My
relocated to Arizona a few years ago, I hired Vancouver attorney Tim Dack
I am a recently retired trial attorney from Vancouver. As I
to represent my interests in the AEM receivership.
Equities filed with the court to start the receivership, I became convinced
After reviewing the legal documents (pleadings) that American
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.
Limited Liability Company(LLC). The investors in each LLC became its
As you all know, each fund is set up as a separate Washington
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
compensation (including attorneys fees, receivers fees, accountants, etc)
Last week, Tim Dack filed an objection to the Receiver`s request for
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.
Receivers request for compensation. However, I am sure many of you share
My mother and I were the only investors to file an objection to the
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.
motion and set a hearing in front of Judge Gregerson. This will be done in
As a result of our objection, the Receiver will have to file a legal
the next week or two and the hearing will likely be in late July.
requesting approval from the Judge to sell property owned by all the LLCs.
The Receiver has also scheduled a hearing in July where he is
We are objecting to this request because the receivership was not properly
approved by the investors.
fund and the other funds who will join in writing and support our
My attorney has requested that I find other investors in the AEM 600
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.
wrote:
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>
treytennyson3@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 <
dmarc-noreply@xxxxxxxxxxxxx>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)" <
wrote: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>
mother and I have very large investments in the AEM 600 fund, but no others.
Good afternoon, fellow investors. My name is Trey Tennyson. My
relocated to Arizona a few years ago, I hired Vancouver attorney Tim Dack
I am a recently retired trial attorney from Vancouver. As I
to represent my interests in the AEM receivership.
Equities filed with the court to start the receivership, I became convinced
After reviewing the legal documents (pleadings) that American
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.
Limited Liability Company(LLC). The investors in each LLC became its
As you all know, each fund is set up as a separate Washington
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
for compensation (including attorneys fees, receivers fees, accountants,
Last week, Tim Dack filed an objection to the Receiver`s request
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.
the Receivers request for compensation. However, I am sure many of you
My mother and I were the only investors to file an objection to
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.
legal motion and set a hearing in front of Judge Gregerson. This will be
As a result of our objection, the Receiver will have to file a
done in the next week or two and the hearing will likely be in late July.
requesting approval from the Judge to sell property owned by all the LLCs.
The Receiver has also scheduled a hearing in July where he is
We are objecting to this request because the receivership was not properly
approved by the investors.
600 fund and the other funds who will join in writing and support our
My attorney has requested that I find other investors in the AEM
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.
�f��w��6�{����}���tҗ��������8^���zƫ{ ��)��Ǭ�����җ�q�황ځ鞞��{
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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Have a
------------------------------
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.
wrote: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>
mother
Good afternoon, fellow investors. My name is Trey Tennyson. My
relocated toand I have very large investments in the AEM 600 fund, but no others.
I am a recently retired trial attorney from Vancouver. As I
representArizona a few years ago, I hired Vancouver attorney Tim Dack to
Equitiesmy interests in the AEM receivership.
After reviewing the legal documents (pleadings) that American
that thefiled with the court to start the receivership, I became convinced
filedreceivership had been improperly started. The documents that were
thewith the court showed that American Equities (as Manager of each of
thedifferent funds) had made what is called an assignment of assets to
thatReceiver in favor of its creditors. This is a fancy way of saying
willAmerican Equities simply transferred our assets to a third party who
(thenow act as our new fund Manager. Unfortunately, this new Manager
(((MillerReceiver) wants to be paid $500 per hour and wants its attorneys
the .50Nash) to be paid $500 per hour. These fees are well in excess of
members andpercent 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
Thealso its creditors. LLCs in Washington are governed by statutes.
thatmost important statute relates to member voting rights, and provides
or toALL members must consent to any dissolution (dissolving) of the LLC
each ofany action of the LLC Manager which is outside the ordinary course of
business of the LLC. The receivership would effectively dissolve
businessthe LLCs and it is clearly not part of the normal course of the
etc)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,
groundson the grounds that the LLC investors did not vote to approve the
receivership and it is therefore illegal. We also onjected on the
far morethat 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
sharethan 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
us votedthese same concerns and would agree with these positions. None of
of theto set up an expensive receivership. What we need is a new Manager
to theLLC funds who is competent , will work for a reasonable fee and can
gradually liquidate the funds in the way that returns the most money
done ininvestors.
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
requestingthe 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
areapproval from the Judge to sell property owned by all the LLCs. We
fundobjecting 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
objections.and the other funds who will join in writing and support our
receivershipThis will show the Judge that many investors object to the
sign suchand the sky high fees that come with it. If you are willing to
anda statement, please email me with your name, address and telephone
effort,either myself or my attorney will contact you. With our combined
appointedthe Receivership can be terminated and a new Manager properly
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
*****************************
