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We have received emails and letters from a small number of investors (who appear to be coordinating with Antonio Garcia and Carlos Novelo, and their United Owner Investors, Inc.) objecting to the sale of the Ranch. According to sources I spoke with and court documents, sales agents suggested that wealthy businessmen like Elon Musk and Bill Gates were investing nearby. And lets assume the receivership has $100 to distribute to the investors. If the motion is granted, the closing should occur 60 days thereafter. IT'S UNLIKELY THAT PEOPLE WHO INVESTED IN SILVER SADDLE WILL GET THEIR MONEY BACK. The Case Remains Cold, Even 'Affordable Housing' In LA Isn't Affordable. Trial is presently scheduled for May of this year. In other words, no investor will receive the full amount of his or her claim. PDF MARY ANN SMITH Deputy Commissioner SEAN ROONEY - The Department of In September 2019, the California Department of Business Oversight filed a lawsuit against Silver Saddle, accusing the company of securities fraud. The allegations against the defendants include that they: Ben Perez is one of the more than 2,000 people who invested money with Silver Saddle. Community funding keeps us independent and accountable. We can only do this important work with your help. Once the Court has resolved any investor objections, the Receiver will file a Proposed Order of Final Determination of Claims and First Interim Distribution. In sum, the Receiver (1) completed the efforts to vacate the Burbank office and relocate the business records to the Ranch (which defendants had in process at the time of the TRO); (2) retained a former employee to be the full-time caretaker of the Ranch; (3) secured insurance for the Ranch; and (4) continued to minimize operating expenses at the Ranch. Hi last week march 20 we signed a contract from silver saddle ranch club for half a unit of their galileo project and deposited $3298 and has monthly payment of $273.66 for 10 years term. The Court denied the Receivers ex parte application for an order cancelling escrows for the Ranch and Galileo parcels, and stated that it was not inclined to rule on the request via ex parte application. The land sale scheme later became the subject of an eight-part LAist podcast California City.. Instead, on August 5, 2020, the Receiver filed an ex parte application for an order cancelling escrows for Silver Saddle Ranch and the Galileo parcels, which will be heard telephonically via CourtCall on August 11, 2020 at 8:30 a.m. All responses and oppositions to the Receivers ex parte application must be filed with the Court prior to the hearing.