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!
Does anyone know any news about what is happening? Meaning not speculation but facts about what is going on with the investigation? Where did someone on here find out about an additional $3 million property being found?
All of this is strange to me. Oneal gets $36,000 for living expenses when it's likely some of us will not even get our full principle back. The girlfriend I hear drives a brand new $70,000 Benz and has a engagement ring the size of a dime but her name is not explicitly stated in any of the reports as being investigated. Or that her mother was even employed and paid under the table according to several employees for work not even performed. These are facts that can be confirmed by the employees people.
Gosh you guys, this is not fair! I know life is not fair but these people are being consoled for committing bad behaviors while we are here loosing our shirts and waiting around like sitting ducks. This is madness!
Mr. Receiver are you following up on any of our leads?
Maybe we should contact Barry Minkow as a group since he seems to be someone who gets things done and is through (see his report on Pinnacle). He's the one who brought everything to light. Can we have some volunteers to speak to him? Maybe he can follow up on all the others who are getting away with our money before they spend whatever is left and we are unable to recoupe anything. What do you guy think about that?
Maya,
Where are you getting all of this information? All of the employees I've spoken with (even the employees who were fired) never gave me any indication that G. O'Neal or anyone else seemed to be flaunting their wealth.
Chemar that makes no sense what so ever! If the employees are all telling you this, why are we the investors sitting where we are today? Tell the entire forum, what exactly are they telling you then? It's hard to believe you are speaking with ex-employees and they are not confirming any of this. Everything I've stated is a known fact or I wouldn't report it. I've spoken with a reporter at length as well as several others as have other investors on this site as well. No one has come back and reported what you've reported so why don't you tell us, exactly what you've learned Chemar. And by the way, my name is not Maya. And a question for you, who are you again? Are you an investor or a pinnacle advocate for one reason or another?
Maya1913 you are right on the money! We should push to have all these cats investigated. Don't allow anyone to downplay the involvement of others. I too have had several conversations with ex-employees and they to have shared ALOT with me and I can confirm everything you've written has been correct. We need to get them "all". Dewayne thank you man! Jeff thank you too!
"Please rest assured that we are investigating all possible recoveries. We intentionally did not list all possible claims in the First Interim Report at we are not certain what claims the estate will have at this early stage. We will report more on that at future date as our investigation continues".
The above was sent to me as a private message from the receiver. Unfortunately, I am just getting it or I would not have responded earlier as I did. I am now satisfied that things are being investigated to the fullest and will sit back and allow things to unfold as should.
Maya, or whatever you want to be called. Why are you so hostile? I was NOT debating with you what you said to be true or untrue! All I asked was where you got that information. If it's from a reputable source, then great! You said it came from the receiver. Then I wholeheartedly believe you! I'm am NOT a Pinnacle advocate. I have also spoken with the receiver and obtained information from him that I don't feel is my place to post. He will post here or on his website things that are important for all of us to know. I asked simply because unless something said is correct, documented facts, then it could just start another uproar on this forum. You need to chill out. I'm NOT the enemy here! I have NO idea why ex-employees told me things about G. O'Neal they did. I also have no idea why others said what they did. Maybe some were disgruntled and some were not!
Chemarr, I don't think Maya1913 is the hostile one. You misunderstood her posting and went off and he responded. All any of us want is for this to be over and for us to get our money back. For some it's just another loss but for others it's their life savings. So there is a level of sensitivity that exist and we should be aware of that.
Maya1913, what you posted from the receiver is not private information at all and it's something many of us who come here everyday but do not post wanted, needed and appreciate you sharing. It's very encouraging. Thank You.
I would be happy to have someone explain to me the hostility in my initial post to Maya. I asked one question.....where they got the information. Nothing hostile about that, and nothing was aimed at Maya in a hostile or negative manner. I guess people can't ask questions anymore without being attacked.
How does everybody feel about the so-called "net winners" paying back the excess of what they invested?
From the recevr's report it appears they will be contacting them about it.
The investor records, per the report, are in very good order & the recevr probably has a good list identifying who the net winners are.
My real question/point is this, are they being asked to voluntarily pay back this money or will they be forced to if they refuse? Also, how big is this number? Also, how much will it cost the receiver located in atlanta to obtain & enforce a judgement across the country? If its gonna cost us $2,000 to get $2500 then we should question that. I wonder if we can just cherry pick the bigger numbers & just say the hell with people who got a thousand or two.
Good question Taxum,
I really have mixed feelings on the subject. I mean, wasn't it all our hopes to be net winners? I certainly am NOT a net winner but yet I would feel kind of sorry for them to have to pay it back. What if they don't have the money, or if they like myself, stupidly took out a home equity loan to give to Pinn.? How would they handle the tax situation? Do they have to claim it as income, and then change it to a loss? It sounds complicated. In a perfect world, they would all feel the responsibility to return their net income. I don't know how it would legally be forced on them to return the money. Like you said, if the expense barely covered the return, would it be worth the time to persue it? Should they be penalized for being smarter than the rest of us, given the fact that they cashed out their $$ before this all went down? I spoke to the receiver last week about this situation and I'm not sure how he wants to handle it either. Believe me, I'm not saying they should keep the money while the rest of us are at a loss. I just don't know what a fair way of persuing it would be.
Well, even if they were lucky to pull out their $$ before the ship went down, its still OUR $$$ that they ended up with.. you sound too forgiving chemar towards the net winners but remember they have more $$ than when they started & we have less.
I think the best thing to do:
1. see how many voluntarily pay back the $$$
2. see how much unpaid left there is
3. see how easy/expensive it is to try to get them to pay it back
bigman, Im not saying at all they they did something wrong, illegal or otherwise. I just dont how you can let anyone walk away in the positive. Pinnacle had no profits so these net winners got this $$ from us. I think its fair for them to be made whole/even. If theres tax consequences or other expenses then fine, lets help them with that. Even just asking them to pay back 50% of their net winnings would make me very happy.