Hi,
Does anybody know anything about Pinnacle Development Partners, LLC? I saw their ad in Newsweek and the return they promise investors for buying Atlanta foreclosures sounds too good to be true.
Thanks!
I talked to pinnacle today and they confirmed all the same things we already know. expressed my intrest in the new venture and that i would like to go down and discuss the whole process. they said when i come down they will pay for a night in the marriot, like they have in the past. i plan on going down in a couple of weeks. this made me feel a lot better that they had no problems with me going down. hopefully all goes well and i will be part of the new consulting program. :lol:
- CA securities regulators; department of corporations
- US Securities Exchange Commission
- FBI (a couple offices)
- GA Secretary of State, Securities Division
- US Postal Inspector
- Atlanta Better Business Bureau
Pinnacle did create a new LLC for the consulting group Sept 18, 2006 and it is owned by Pinnacle Development Partners, LLC. Why would Pinnacle create a new company if they weren't above board? Also, why would they have Pinnacle Development Partners, LLC own the new company, Pinnacle Consulting Partners Group, LLC? If Pinnacle wasn't going to pay the investors, wouldn't you create a new company without a legal chain to the original company? I don't know the answers to these questions, but it has been something that I've been thinking about.
Pinnacle Consulting Partners Group, LLC created 9/18/2006
http://corp.sos.state.ga.us/corp/soskb/Corp.asp?1227392
chemar22,
When I asked in my early post if anyone on the forum was due a return from Sept 9th through the 16th, I did mean Sept and not Oct.
I was trying find out how far behind Pinnacle is on paying the investors. I know that there are people on this board that stated that their return was due Sept 25 & 26th. My return was due Sept 29th. It appears to me that Pinnacle may be three to four weeks behind in making the payments.
Sorry Corbin, I thought everyone up to the end of Sept. had been paid. I know one individual personally that was paid on Sept. 26. Too bad at that time he only took the interest out. No bad news had surfaced yet.
My question is, if everyone always had the option of closing their acct. everytime it came due then why the huge backlog now? They're not paying everyone at one time..they cut the check as YOUR contract comes due. That's how they would have done it anyway. If they had to cut and sign 2000 checks in 1 week (Gene only has to physically sign them. That's why he has an acct. and bookkeeping dept.) Working 40 hours a week, he would have to sign 50 checks an hour. Doesn't that sound possible?? Not everyone has more than 1 contract. I was told the main reason they were behind is because Mr. O'Neal has to physically sign each check...REALLY? Like I said before, he would have had to anyway if everyone closed their contracts at every opportunity, and they always gave us that option...makes you wonder!
Believe me, I'm still very optimistic. I have alot of money riding on their word. I hope it works out for all of us!
The delay is worrying me also. Not all of the returns are coming due at the same time, so if you take 2000 investors divided by 60 then that's about 33 checks a day that Mr. O' Neal would have to sign. I don't know what they need to do to "close" the account, but the longer it takes with nobody on this forum telling us that they have received a return yet, the more worried I get. I was hoping that Pinnacle would inform all of the investors that they are working on all of the returns for the 2nd week of Sept for example. That would at least give some idea of how far behind they are and about how long until they get to my return. Not hearing any solid information from Pinnacle or James Phillips is scary. You would think the person in charge of the bookkeeping department would know the status of where they were in processing the returns.
Corbin64 you have a very good point about pinnacle starting another company that is linked to Pinnacle Development Partners. I just hope that you are right.
I spoke to pinnacle friday about my check and they stated it should be here by Tuesday at the latest. I will post again when my check has arrived.
Passivemoney, do u know the due date for the person that received the 15k wire? Feel free to pm or email me.
rdc,
I don't know if I'm right or not, but I would think that if you weren't legitimate and had no plan of paying the investors back, then you would start fresh with a new company that isn't tied back to the "old" one. and why would you go through the trouble and expense of creating a new company if you were going to cut and run? I don't know the answers to these questions I just thought it was an odd move if they were a "fly by night" company.
I really hope that you have good news for us next week!
Bigman, I also thought Gene's signature was just a stamp. Luckily when I received a bunch of referral checks in one day, I took a picture of them. I just went back and enlarged the pics of the checks to see if his signature looked like a stamp. Actually they were all hand signed! I don't know if he only signed the referral checks, or the return checks as well. Whenever I took a return I always had it wired to my bank so I never physically saw what a return check looked like.
With the current situation, I believed that Pinnacle might have changed the procedure in handling check payments. The return check I received last time seemed to be stamped as well. Chances are,there is no more automatic payment of returns, as it used to be. Gene must have been physically signing any and all checks now to have more control with the issues surrounding Pinnacle at the moment.
Hello to all!!! It truely is a good day and now I can rest a little easier since I did successfully receive one of my checks from Pinnacle. Thank you Remy for posting earlier on my behalf as I was unable all day til now.
It is true what Remy said about me tracking down the mailman and getting my package from him, I just couldn't wait for him to get to my house, plus I was headed out of town. A word of caution, if you track down the mailman, please approach in a polite way. I almost scared that man out of his skin when he saw me coming!!! :D
The check that I received was for my payment that was due Sept 27th. My check was mailed on Oct 4th. With that in mind, it appears as though Pinnacle is 7 calendar days behind. Hopefully they will not fall much further behind.
Now I must wait until 8:59am Tuesday morning inorder to cash the check at Wachovia. Monday is a bank holiday. And all the Wachovias were closed by the time I found the mailman.
Yes it was a Wachovia check and Gene's signature is stamped on the check. The rest of the check is hand written. Just because I have received one of my payments does not mean that I will discontinue pursuing future payments for myself and the rest of the group. This is just one small step in the right direction towards a happy outcome.
If anyone would like to speak to me, please go ahead and pm me, email me or call me. I will be checking the forum tomorrow for pm's. Right now I am going to get some sleep and hopefully not dream about Pinnacle as I have done for the past couple of weeks.
If I have missed any questions or not returned your email or call, I do apologize. Please give me a day or so to get caught up on some real estate work and sleep and I will respond. Thanks for your patience!
I was scheduled to receive a check 9/27 but received the check 10/7 dated 10/4. Its seems that Pinnacle is running about one week behind on the closing of all existing checks. I do believe they (Pinnacle) deserve some applauds for their efforts during this ordeal.
Congrats to all that are starting to receive checks.....a sigh of relief I'm sure !
Toast, did you get a call with a tracking # first too, or did your check just show up? If you got a call, do you remember how many days after your due date the call with tracking # came in?
Thanks
Also to those who received checks. Were the taxes taken out of the return and was it itemized as to how much tax was withheld? The checks were for the principal and interest...correct?
Chemar22, taxes were taken out of my check. Yes it was itemized. And I did receive my principle and interest, minus the taxes. They took taxes out of my check for all the interest they have paid me YTD for that account.
Remy,
Why are you thanking Cherise in your post? What does she have to do with you getting your money?? Did she make any special considerations for you as you are one of the leaders of a possible legal effort?
I sure hope you don't lose your resolve to help others just becuase you got paid. (or paid off)