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!
Has anyone else received their letter from Hays where the amount of the claim is incorrect? Mine is $15,000 low. I will call Hays tomorrow but I don't like what I read in the letter regarding disputed claims. The letter states "By filing a disputed claim form, you are submitting yourself to the personal jurisdiction of the United States District Court for the Northern District of Georgia, and the summary procedures in place in this action for resolution of disputed claims."
Sounds like it would take forever to get any money if I dispute this claim. I will call Hays tomorrow and will let you know what happens. More money down a rat hole. I hope someone gives O'Neal his due!!
Mine was correct. Maybe you should give them a call, just to ensure that what they show on their records and what they sent you match up. They did have to send out a ton of these so maybe yours is just a typo. Verify first....then go from there.
Well said chris4.. Hays is on our side & remember theres over 2,000 investors & cliams to sort thru not to mention it all has to go thru the courts for approval.. Hays has also negotiated the termination of several big ticket items (leases, corp jet, etc) that would have otherwise come out of your/our money.
That being said, I have come across a real estate offering in my same local paper where I found Pinnacle. What they are offering it seems is to pay me & a few other investors a flat fee of $7,500 to $10,000 to be named partners in an LLC that will be buying property (primarily apt. complexes). I put no $$ upfront.. they just want the partners to sign off as the mortgagees. They say they will re-finance or sell the properties within a year, thereby removing us off the mortgage.
They sent me some documents but I havent drilled them yet. Even if it checks out Im not sure how I feel about having my credit on the line for a year. My #1 questions for them is cant they find tons of people they already know with good credit to do this for them??
Putting your credit on the line is worse than sending them a check. You can make up a cash loss, but your credit takes 7 years to clear up. During those 7 years, you could be losing hundreds of thousands of dollars that you could have made if you had just stuck to Real Estate investing. Typically these types of deals result in overpriced Real Estate that you could never get rid of for the price bought.... Much less make a profit. Not only that, but having partners is a risk in itself (case in point PDP).
Problem resolved. There was confusion over the amount I had invested minus my returns. I had to fax them the disputed claim form and they said that it wouldn't go through the courts as it was just a mistake. They said that they would be sending out another letter to me next week. I must say that the people at Hays were open minded, competent and very helpful. I was concerned about them answering the phone but they did and all is well.
Glad to hear it! I think they are doing their best to help us out. I suspect there is a lot going on behind the scenes that they can't tell us about.... such as the cause for the delay for the interim payments, otherwise they would have told us. They probably wish they could. Hopefully the end result is good.
I read some time ago that our money was earnig some intrest per month, maybe that's why they are taking so long to give a bigger return %, is it still on the bank gaining intrest?
I received a letter from Hays not too long ago and the account information was accurate. I am one of those who lost $$. I wonder about them "winners"? Did they receive a letter from Hays showing how much they owe? Are the "winners" being enforced to repay their so called profits?
Yes you are right, our money is earning interest, but it's only paying about 5%. $14.2 million went in there, and we are owed about $42 million. At 5%, I'm thinking it would take about 20 years for the balance to grow to $42 million. Correct me if I wrong fellas
A good portion of the interest will go to pays Hay's consulting. However, there is more money out there which will be coming to us from real estate sales along with other recovery venues. If you use the $42 Million as the amount owed, and we get an additional 6 million from real estate sales, we will be looking at close to 50%.
Now the actual money owed may be less than $42 and we should get more than 6 millon for the real estate and other collection sources.. :mrgreen:
I think Jean O'Neal hates Hay's consulting about now. :violin:
An Atlanta man pleaded guilty on Tuesday to defrauding investors out of $62 million through a ponzi scheme.
Gene A. O'Neal, 36, pleaded guilty before U.S. District Judge Beverly B. Martin to two counts of mail and wire fraud. He ran a scheme to defraud investors in Pinnacle Development Partners LLC, a purported real estate investment fund he founded and based in Atlanta. The two mail and wire counts each carry a maximum 20-year prison term and a maximum fine of $250,000 per count. Sentencing has been set for Sept. 17.
Does anyone know any company that would assist with refinancing the money that is owed to the PDP investors at a lower rate? I have a balance that I owe at a high rate and would like to lower my rate if possible. My credit is good. :cry:
Sammy, I am not sure about mortgages, but since this whole fiasco it has made us realize that we needed to build business corporate credit and not use our own hard earned money at stake! We lost 60K of our hard earned money and now will only be able to re-coupe a tiny percentage of that!! If you like I can e-mail you my website or blog. I don't want to get acused of spamming or taking advantage of Fellow Pinnacle investors by posting it here, but at the same time want to help you and others. Thanks, TM
Beebee, I am not sure. It was posted some time back. Hay's Consulting should if not already have contacted the "Net winners" they view it as "Ill gotten gains" Although I do not agree with it, that's the way it is. FYI, I am a net looser. :oops:
Sammy - That is my question as well. It is after all mid-July!
We were told we would have a check in May. When and what is the percentage of first distribution Mr. Receiver??
Sammy - That is my question as well. It is after all mid-July!
We were told we would have a check in May. When and what is the percentage of first distribution Mr. Receiver??
Yes, We need some kind of update! Please, Mr. Receiver or someone that may have some news. :roll: :roll: :roll: :roll:
Sammy - That is my question as well. It is after all mid-July!
We were told we would have a check in May. When and what is the percentage of first distribution Mr. Receiver??
Yes, We need some kind of update! Please, Mr. Receiver or someone that may have some news. :roll: :roll: :roll: :roll: