Mr Thompson,
Very creative thinking, I like it.
However, 10 to 25 cents on the dollar on a bunch of assets whose value is low
to unknown is not going to entice the receiver (much less his/Ross’ counsel)
away from a million dollars in billings. I think at this rate, between them,
they will bill a half million by year end, easily, and will lengthen the
engagement by any means necessary.
However, I am in favor of anything that dissolves the receivership. I think at
this point our only hope of that is a criminal referral.
I reiterate my previous assertion that no ethical person would have agreed to
take this on as an engagement.
--
Julia Pond
juliapond@xxxxxxxxxxx
On Tue, Aug 6, 2019, at 4:34 PM, Michael Banks wrote:
Dear American Equities/American Eagle Investors:
As some of you may know, my name is Roy Thompson and I'm the senior partner
in the Lake Oswego law firm, Thompson Bogran PC. My firm arranged, at the
behest of my clients, Rob and Eva Johnson, the recent July 25th meeting at
which I spoke and in which some of you participated, either personally or on
the phone at the Oregon State Bar.
I and some other attorneys and investors are considering forming an LLC
called "American Equities Recovery, LLC" which is intended to take advantage
of a ruling from the Court on August 2nd. During that hearing, the Court
approved of the process which is sometimes called "bottom feeding," which
essentially allows other investors or third parties to purchase and/or sell
the investment interests of others as part of the Receivership. I propose to
create the AER in order to make an offer to pay the Receiver between 10 to 25
cents on the dollar for all assets in the receivership. The offer would be in
a form of a Note, payable in 5 years at 3% interest. Once formed, we would
file a motion with the Court to accept this Note in payment, which would
effectively end the need for a Receivership, thus ending the current need for
legal and receivership fees.
This would also avoid the necessity of placing your money in a litigation
fund because I would propose that your payment to the LLC would make you a
member of the LLC. The LLC would in turn have a management committee to
oversee the hiring of the legal team and the prosecution of any actions
against Mr. Miles and any other persons or entities the legal team believes
should be named in any future actions. In addition to the management
committee I believe an advisory committee of investors also be informed and
kept in "the loop" on all legal proceedings.
I hope this proposal finds you all well and I look forward to your input.
Roy B. Thompson/hrs
