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!
Well put Tommr. In addition to that I have no interest in being passive even if everyone else was ok with it. All investment would have to be ok'ed by some kind of board and there are too many members to make that work.
I'll take 35-40% & run like hell. The other 60% was tuition in the school of life. :roll:
Well put. Education to life is what we have to see it as. My hope is by the time it is all said and done we will get a least 50% back. the way it appears to me if we did not find anymore money and we lost 5.2m to expenses, we should get approx 52% back. that is 22m/42m. obviously the more money we have in the pot the better. I'm trying to be realistic here, believe me I want 100% if possible but Tommr's post says it all on the topic of putting our money in absolutes hand.
All investment would have to be ok'ed by some kind of board and there are too many members to make that work.
The Receiver, with the Court's approval, has the authority to invest the money. He proved it already by moving funds from a low-interest account to a higher-interest account. In the interim report, he also discusses the possibility of taking some of the raw land and developing prior to resale. He needs the Court's approval, but, from what it sounds like, no one else's.
I dont know if it would make any logic sense here but with millions of dollars in the bank drawing interest. Rather than taking our cut at 25 - 40% now, could we just leave the money in the bank as a group and let it draw at a higher interest rate for say three to five years? With millions of dollars in the bank, it would draw a lot more interest than we would ever with our 25% cut?
I am assuming that we all invested the money that we know we would not need immediately and could leave it in the bank for a bit longer.
beebee & sammy.. you/we already got burned once before by just giving your $$ to some stranger to invest for you.. we should all be lucky to get 30-40% or whatever the amount is. The last thing I want to do is take what peanuts I have coming to me & do the same exact thing that got me burned in the first place.
As others have posted, I'd rather take contorl of my own $$$ & get the returns myself & know that my $$$ is actually mine & in my control. By the way, we are already organized as one under the receiver.
I can see who on here when knocked down in the field of play are ready to get up dust off the dirt and get back in the game. I hope this does not stop many of your dreams of investing yes passive..you do it everyday with your stock market investments!! As a team I am ready to make our money work.
Smart folks learn from their mistakes. I am by no way a novice. I lost over $100K and can afford it. Obviously I have done well for myself. :groovy:
Don't piss in my face and tell me its rain.
Why can't we all get along? Sorry for my rudeness... I get so emotional sometimes. After being violated by pinnacle I feel so sensitive... LOL :violin:
To be perfectly honest, I have a problem with all the folks who are in this thread looking for us to invest our potentially lost money via either pooling it or indiviually. This is why:
This thread is for fellow investors who lost money in the Pinnacle scheme. By dropping lines on this thread, I equate that to abulance chasing by attorneys.
If you want to offer investment opportunities, There are other threads on this forum for that.
I come to this thread for updates and other options directly related to "Pinnacle". I don't want or need investment opportunities.
In a nutshell, if you are not going to makeup the difference from what I get when this whole thing is said and done, post your offers on another thread so I will only be notified on post which apply to my interests. :oops:
Bigman - I understand where you are coming from. I think people are just trying to find solutions and work things out for themselves. Just be patient and focus on the posts that are relevant for you.
If things stray too far from where they should be, we'll be here to keep things on task.
I've heard every percentage from 25% to 70% speculated as our return.
I assume that after December 31, our deadline for filing our claims with Hays, we'll have more sense of what to expect and when.
I agree with Sammy -- we should shoot for as much recovery as possible, and work as a team. I don't think we should give up on 100% recovery so quickly, either.
There's O'Neal, his fiancee, Kunkel -- a number of people to pursue legally. How can they file bankruptcy when they're driving $70,000.00 cars? If we have good counsel, they can't get away with it.
The worst we can do now is give up, be resigned to "cutting our losses." Let's not do that until we have more information, and until all legal action possible has been taken. Let's see this through.
I think O'Neal's pockets are looking like Rabbit ears righ now. Hays's has him upside down and shaking him CLEAN. Hay's also appear to be very thorough. They know for the most part the people who were closely involved.
Kunkel is the only loose end. At least for right now.
GrrrreatLakesGal
You are absolutely right. We need to protect ourselves from future catastrophe. Thank you for bringing this matter to everybody's attention[/code]
Mr. Hays, When is the tax memo going to be posted? I sent an email to your office and haven't received a reply yet. It would be good to know how this is going to affect our taxes. Thanks
Has anyone else heard an estimated date other than "soon after the first interim report?"
Thanks, Great Lakes Gal, for your thorough and sage advice.
I too have worried about possible identity theft.
But I assumed all our personal records were in the Receiver's hands, per the First Interim Report. Hays and staff: is that not true?
Even so, it still makes sense to take precautions.
I share everyone's restlessness to know where we stand with regard to taxes and distribution --I guess we must wait until some time after the December 31 deadline, but are there any sneak previews available?
Given that we will not be receiving any further distributions before the claim filing deadline of dec 31 of this year, it should be simple math to calculate the current loss of a given investment.
I intend to take a loss for 2006. When distributions are made in 2007, they may be considered income & I will handle that when it happens.
Wether the loss is limited to 3K with the balance carried over is up to the IRS. What documentation they will require is also a good question.
We are in the process of closing the Pinnacle Development Partners corporate offices. We are moving quickly in an effort to save the estate approximately $22,000 per month in rent expense. This week we moved all of the records and most of the computers to my offices.
Starting on Monday, November 13th, the Pinnacle offices will be open to the public and we will have an estate sale conducted by an experienced estate liquidator to sell all the office furnishings and office equipment. We are not selling the computers as we need to maintain the electronic records. The only computers that are being sold are new with no electronic data and a few older computers that have been swiped clean of all data.
We are searching the offices and work spaces carefully to ensure that no investor’s personal information is in the offices when the sale begins. We are taking every precaution to safeguard your personal financial information.
If you would like more information on the sale, please click on the link below to the website of the estate liquidator:
http://www.atl-estates.com/upcoming2.shtml
We have notified the landlord that we do not plan to pay any additional rent after November and that we plan to subordinate any claim for remaining rent under the lease to investor’s claims.
I continue to caution investors that there is a lot of erroneous information and speculation on this site. As we have additional information that can be made public, it will be posted on my web site at www.haysconsulting.net
Mr Hays,
If there is erroneous information on this site, please help to clear it up. The Pinnacle thread has remained open in order to keep investors in the loop and to let them discuss their situation with one another. in addition, it has become a "support group" for many investors.
We do not want investors to be mislead by inaccurate information. Since you actively read this thread, I think it would be helpful to all of the people who read it for you to dispute any incorrect info when it arises.
My comment was not meant as a criticism of Bigger Pockets or the Head Administrator. In fact, I think you have done a find job monitoring the site and calming down some of the comments posted here from apparent non-investors. I simply caution investors to realize this is a public forum and information may not be accurate.
I believe investors would prefer the Receiver to focus on recovering assets and pursuing litigation and not responding to every rumor and inaccurate statement that is posted on this site. While I try to monitor this site, I often get tied up and do not read for several days. Responding to many of the posts would distract from the difficult tasks at hand and not aid in any recovery for investors.
It has been a monumental effort to get this case under control in the 30 days since I was appointed. After the Pinnacle offices close next week, we will focus on litigation strategy and continue our efforts to maximize the value from the real properties. We are striving to provide as much public information as possible, but we are not free to disclose every matter we are investigating or every avenue of recovery that we are pursuing.
We will include additional information in reports that will be posted on my web site, and I will announce here when I have updated the web site.
Mr. Hays - Thank you and your staff for the outstanding job you have done so far! I think everyone would agree that your time is better spent concentrating on the case rather than trying to stay on top of this blog. The fact that you do review the site from time to time and answer questions directed at you is very helpful and encouraging. The best source of info should always be your website.
Fellow Investors: Obviously, there is plenty of specultion on this site and everyone should take it apon themselves to weed through it for inaccuracies. It is going to take a long time to liquidate everything and finalize litigation. Not until everything is done will anyone know what the exact distribution will be. Taking as a theft loss is a good first start. Just keep in mind that if there's a chance that anyone who is in a lower tax bracket (i.e. 15%) this year and the possibility of being in a higher (i.e. 25%) tax bracket in 2007 - you would probably want to wait until 2007 to claim the loss (partially offset by distribution). It's also important to remember that tax brackets only apply to every dollar past the cut off, not the entire amount (i.e if you make $75K Adjusted Gross and the 25% bracket is approx $60K for married couple, you pay 25% tax only on the $15K over the cut off, not the entire $75K). It can actually work for you if you're in a higher bracket this year than next, you'll be claiming the loss at a higher rate like 25% vs. paying taxes on any distribution in 2007 at a lower rate (i.e. 15%). That's a 10% benefit on the distribution amount if this situation applied to you. That's why it is extremely important to consult a tax professional who can point out pros and cons of claiming now vs. later. Even people with a strong understanding of taxes benefit from professional advise.