I received an e-mail, after I sent out yesterday Here it is:
~We plan to file motion with court this week or early next week, the percentage has not been determined as of yet, however please continue to watch our web site for updates at www.haysconsulting.net . Thanks~
:badwords: Not what I was looking for! and Not what our letters say, as far as time frame. Also the website is not updated last I checked.
Anyone knows other news or updates? :crying: :shock:
This is what Shawanda Sloane emailed me today 7/24/07. It still sounds like nobody wants to commit to anything.
Please be advised we are in the process of filing the motion with the judge this week, once the judge has signed the motion we will post an update regarding the disbursement and when it will begin, we are working very hard and fast to get this done. Please continue to watch our web site at www.haysconsulting.net . Thanks for your inquiry.
Thanks Chemar22,
A little of infomation helps. thanx again
No more waiting :shake:
I have lost a lot of faith in "Hay's Consulting" I have a few reasons why buy I will touch on a couple.
I think we will all agree that since there was a large amount of funds frozen at the start of this (14 million) an interim payout was not an absurd idea. (Hay's has been paid) Why not investors? If it takes a year to reconcile books you are in the wrong business. Remember it was about 2000 claims/investors. If six months is not enough time then they will never have enough time. We are surely being billed for the hours...:
:crying:
In addition, Hay's held onto some properties which should have been dumped when the market was at least still warm. Hay's is neither a property management company or development company so who were they to make that decision to hold and possible develop land and or property. It should have been sold to the highest bidder. If not, the owners, (Us-investors) should have been the ones to decide how the properties should have been disposed of.
After all, we are the ones which will gain or loose by a bad decision. Hays took the responsibility on themselves. They should be held accountable for their decision.
They probably have good intentions; but that doesn’t do anything for us. Especially since are at the receiving end of those bad ideas.
:protest:
Yeah thats right, Mr Hays keeps on saying check our website "check our website check our website" but the last update aside from the News Articles was way back in March, more than 4 months ago!! Come-on guys. If you going to keep referring us to your website, at least have the courtesy to keep it updated!!!
Vince
Vince
I'm trying very hard to be patient, but I have so many bills to pay. Please Mr. Receiver help us by speeding the returns. I have mortgages and bills, that my paycheck is not enough to cover everything. :cry:
It was $60MM total. $20MM was paid back out to investors, and the $14MM was total estimated cash and properties when everything was seized. The rest was used up for employees, expensive ads, cars, etc, etc... Quick reference:
http://haysconsulting.net/pinnacle/07-04-07%20Guilty%20Plea.pdf
James has a good point about the oversight. It was tossed around before, but Hays seemed to be doing his job then.
To answer your question, no there isn't a class action lawsuit yet. Hays was supposed to look into all possibilities and pursue them on investor's behalf. There is only the SEC action that seized PDP's assets and turned them over to Hays that I know of.
I've been out of the loop for awhile, but after hearing several different deadlines for the interim payment from Hays, it seems like nothing is moving forward. In the beginning, Hays was truly moving things forward, keeping in touch with investors, etc... Now it's a joke. Time is money and the little that is left is being eaten up really fast! Everyone is seeing a piece of our money except us! Including Hays. We have seen two timelines pass for our interim payments and NO explanation, just a bunch of vague BS. They may as well get rid of the lady at Hays that answers emails, etc.. They can just replace her with a recording saying "check the outdated website" - it would accomplish the same thing for free!!
Honestly, I've lost faith in Hay's group because it seems they aren't doing anything to even keep PDP investors updated. I think it is time that we contact an attorney who is willing to take on the oversight of the remaining assets. Yes, it's more money, but I think all investors will come out ahead in the end. Probably by far. At the very least, we'll have an accurate picture of what is going on.
It may be possible to get an attorney with out a retainer if he also represents the investors in civil lawsuits (i.e. Kunkle the Attorney for PDP).. Hays was supposed to be looking into all of the possible civil lawsuits that could be filed and moving ahead with them on our behalf. It's obviously not happening. I haven't heard anything about Kunkle and he should have a big red target on his head for endorsing PDP himself and threatening investors if they contacted investors other than the ones he provided for references (I never saw that letter but others have). How much of investor's money went to pay him??? You'd better believe he was paid a good sum and it's probably still in his account. As an attorney, I'm sure he's got a few assets that could be thrown into the pot to help out all of the lives he played a big part in screwing up.
I truly feel it is time that we bring in somebody who will have our best interest in mind instead of how many years they can stretch out everything like Hays.
WHAT IS EVERYONE'S THOUGHTS ON FINDING AN ATTORNEY IN ATLANTA TO OVERSEE OUR ASSETS WITH HAYS AND LOOK INTO CLASS ACTION LAWSUITS AGAINST OTHERS LIKE KUNKLE???
Thank god for California, We need to do something I agree!!
We need the guys that were collecting names and e-mail addresses
in the start of all this and we should all collectively get together.
This was my fear in the beginning when I saw how long the other
cases are taking on his website. Mr. Receiver even corrected me at the
time and said this would never take a year... Well it is getting very close!
Like I said the longer they take, the longer they get paid!!
Did everyone get the letter from the Dept of Justice?
We would love to go, they will even help with costs...(which makes me wonder how they will pay for that?) They want to hear how this has affected our lives, etc.
No one has mentioned this on this post, just wondering who
is going to see the A--- in person??
I agree with California that we should find a lawyer. Unfortunately, I think a lawyer will want a retainer. And I'm not sure how many of us are willing to spend more money (since I see so many posts from people needing money ASAP). I am also involved in two other scams. One has been going on over four years and there has been no communication for over two (other than receiving a small check every 18 months or so). The other is fairly new, and we do have a lawyer. It was also a ponzi scheme. Each person's portion of the retainer was directly proportional to their investment. That is, those with a large investment paid more than those with a smaller investment. Unfortunately, I also agree with those that feel this will drag on for some time.
To answer your earlier questions, Hays was appointed by the SEC to represent the investors. His team includes lawyers and what ever other Professionals needed to do the job. The reason why everyone is saying "Hays was supposed to do this... Hays that" is because he built our confidence in the beginning by going ABOVE AND BEYOND to communicate to us. His site was updated regularly, he posted on this forum, he PM'd, emailed, and had his staff return phonecalls. He turned in reports to the courts AHEAD OF SCHEDULE to move things forward. Since he was dependable in the beginning, it seemed that an attorney to watch Hays do his job was a waste of money. Since he was working on an interim payment, it seemed that everything was moving forward as it should. Details on the sale of properties are posted on his website and yes, investors can oppose the sale terms.. that's why they are posted.
They are also supposed to look into and pursue civil suits as appropriate. I think we should take this into our own hands. In lawsuits, attorneys get paid IF they win meaning no retainer and NO expense if nothing comes of it.
Not sure what happened, but when it came time for the first interim payment, everything began to drag out. If I had to put money on it, I'd say that there are other cases taking priority. The old squeeky wheel scenario... WE just need to become the squeeky wheel! The thing that bothers me and eveone else is that there has been no good explanation since the interim payments weren't sent out May 31 like promised. I heard others mention a 45 delay, but I never even heard that. Since May 31, nothing has happened. I'm tired of waiting, it's become a serious joke.
The last solid details provided were Hay's motion to the court:
http://haysconsulting.net/pinnacle/02-28-07%20Brief.pdf
They had to wait until March 1 to get all investor claim forms in.
I just spoke with Shuwanda from Hays office on Friday, July 27th and she informed me that he was in court that day (Friday) to receive approval for sending out the initial dispersement checks. I was told ours was to be 25-30% of our original investment. She also said that there was still a lot to sell and we would then receive a final check once everything was sold. We still haven't received anything from Hays, our dispersement letter was sent to the wrong address?? That's why I called because I didn't want our check going anywhere but to us!! Not sure what to think!
I should qualify what I said before. Earlier I said I had lost faith in Hay's group. I don't think that was a fair statement at this point. In the beginning, Hays was very responsive and went above and beyond, so that makes the current silence that much more deafening and frustrating. I don't feel that there is a valid excuse for not communicating better (short of a court order). Other than that though, Hays seems to have our best interests in mind. If that's the case, then the question of efficiency comes into play. Is he doing everything as fast as he can? Maybe or maybe not. Knowing our legal system, the wheels may be turning as fast as humanly possible....
Hopefully, this court date will give him what he needs. Depending on the outcome, we may consider having some additional oversight. Though this would require retainer money, but maybe they could be paid on the backend. It is our money that is paying for Hay's team after all. If this takes too long, there may not be much funds left. It may be worth it to have somebody there to ask the hard questions. I'm also curious why more properties aren't on the market yet...
HOWEVER, I feel strongly that if they are not moving ahead with civil suits, we should do that on our own. We should have a good attorney look into all possible involved parties and move ahead with it. This would not require retainer money and would get the wheels rolling for other money.
Anyone else have any thoughts on the civil lawsuit aspect (i.e. Kunkle)?
I should also chime in....I've been a huge supporter of Hays and all that they do up til this point. I also am getting frustrated. I truly want to believe that they are working tirelessly and are OUR only hope to retrieve the max amount of our investments back. However, Mr Hays, or anyone who is working with/for him.........your lack of communication in the past few months is very trying on our faith in you. It takes less than 20 minutes to just shoot us a line to ease our minds. I check this forum on a twice-daily basis. It becomes disheartening when the majority begins to turn on the only people whom I feel have my best interests at heart.
However, the consensus seems to be that without more frequent communication, our best interests might also be served in hired representation.
Please, just take a few moments every other day or so, to let us know that you are thinking of us, and keep us apprised of the days events in our case. If it is nothing at all, we are fine with that, but just hearing from you keeps us much more relaxed.
Thanks admin for bringing us back to realization that Hay's is credible. He's doing the best he can " win/win" for everyone who is owed monies and lost from this investment. We all have to believe in something with hope that we should see some returns shortly.
My faith is in Christ and I cannot lose. It ain't over until he says so and so far he says I'm getting back what I lost.
Doesn't matter your level of education, rich, poor, or level of investment experience you never know what your future holds. Take this for good and remember life is short and tomorrow is promise to know one. It could be a lot worse.
Be encourage Hay's Group you are the front line we need... God Bless!
:idea:
Email from Hays Consulting today in response to my request:
"Please be advised that the motion was filed with the judge on Friday
afternoon, once he signs off on the order we will begin disbursement. Please continue to watch for updates on our company web site at
www.haysconsulting.net . Thanks"
Sounds like the dispursement should be following soon.
James, thanks for the input and summary of the legal jargon.. Yes, this is a very complex case.
Still not sure why the silence on their part, a few updates would have been nice.
I still say we should look into the civil suits vs. 3rd parties ourselves. I will check with Hays on the status. If they aren't moving forward I'll see about contacting attorneys out there about representing us.
I'm going to be tied up this week and on vacation next. I'll try to look into it after that. I'll ask Hays though this week and let everyone know what he says.
Response from Hays Office
[i]~ Basically depends on court at this point. We have to wait until the 13th to let anyone object and hope the Judge signs an order quickly after that.
The Receiver had planned on 25% but if some of the sales close he may be able to move to 30%. We are trying to get this done as quickly as possible. Please continue to watch our web site for updates. Thanks -[/i]
I have no Idea what they mean about having to wait till the 13th!! More red tape! I think we do need to start a civil suit against the attorney that sent us the letter in the beginning saying that Pinnacle is so ethical and honest! If we start now, it maybe something we will see a year or two from now??
I totally agree with you. Count me in! great :idea:
Just heard back from Hays. They are already pursuing all 3rd party lawsuits.
That is great to hear. Thanks for the update. You & I are doing a better job at updating people than Hays is right now. It don't take much time to put an update on a website. It takes more time to send everybody these e-mails and return phone calls.
I am sure I speak for most of the investors when I say none of us would of invested at the level we did if it was not for that attorney Kunkle and his letter of approval and the way he talked about the owner Gene O'neil, and the high moral fiber of Pinnacle Investments. They need to go after him both on a criminal and civil level. After all, this is the very guy that said he drafted the real estate partnerships, and did all the RE closings for them!
Dear Investors,
In response to many of your questions, please review the following regarding the status of the first interim distribution:
NOTICE REGARDING RECEIVER’S MOTION FOR APPROVAL OF INTERIM DISTRIBUTIONS PENDING FINAL RESOLUTION OF ALL DISPUTED CLAIMS
On Friday, July 27, 2007, the Receiver filed a Motion for Approval of Interim Distributions Pending Final Resolution of All Disputed Claims (the "Distribution Motion"). The Distribution Motion requests that the Court grant the Receiver the authority and discretion to make cash distributions from the Receiver Estate to Investors and Creditors of Pinnacle Development Partners, LLC. The Receiver filed his Distribution Motion and seeks to make interim distributions pursuant to the terms of the Receiver's Plan for Claims Administration and Distribution of Proceeds, which was approved by the Court on April 18, 2007.
The Distribution Motion addresses those Claims for which Investors and Creditors did not file a Disputed Claim Form in response to the Receiver’s Claim Determination Notice, as well as those Disputed Claims that the Receiver and the Claimant were able to resolve prior to the filing of the Distribution Motion. Lists of all Investor Approved Claims and Creditor Approved Claims, and the Approved Amount on which distributions will be based, are attached to the Distribution Motion. These Claims represent all Claims filed in this receivership except for twelve Disputed Claims and one late-filed Claim that will be resolved at a later time. If you believe that you filed a properly completed Claim prior to the March 1, 2007 Claims Bar Date, and such Claim is not reflected on the Exhibit B attached to the Distribution Motion, please contact Shuwanda Sloane in the Receiver’s office via email at [email protected] or call at (404) 926-0059
Upon the Court’s approval of the Distribution Motion, the Receiver intends to promptly make the first interim distribution to those Investors and Creditors on the Investor Approved Claims and Creditor Approved Claims lists. The Receiver anticipates that the first interim distribution will likely be approximately 30% of the Approved Amount of each Claim. The Receiver will make additional interim distributions as he liquidates and recovers additional assets of the Receivership Estate.
At this time, the Receiver cannot predict whether or when the Court will approve the Distribution Motion, but anticipates that it will be after mid-August 2007.
Copies of the actual court documents filed were sent to my web administrator yesterday and will be available for your review very shortly. You will also be able to see your approved claim amount on my website. For your privacy, we have redacted your information to display your investor claim number and the first letter of your first name(s) and first three letters of your last name(s) on the line indicating your approved amounts. Please note that the amount shown is your total claim amount. As stated, you should receive approximately 30% of this amount in the distribution. If you do not have access to your claim number or recognize your approved total claim amount, please contact Shuwanda Sloane on the investor hotline with your questions. Thank you for your patience while we completed our reconciliations. We are working as fast as possible to complete your distribution.
Sincerely,
S. Gregory Hays, Receiver
Just wanted to pass on some info that I hope eases some concerns. Today I was in contact with Mr. Hays regarding some of the questions that I had. Suffice it to say that based on the info he passed on, I am very comfortable that not only are they covering every angle of recovering money for us investors.. but also taking extraordinary steps to save us time and money wherever possible.
At this point, I am confident that things are moving ahead as they should. We are very fortunate to be getting 30% AT ALL. Not to mention this is only the first interim payment with more to follow. Many fraud victims never see a dime.
I regret what I said earlier about losing faith in Hay's team... Open mouth, insert foot... I said it out of frustration from not hearing an update since the delayed May interim payments. They have been pushing full steam with the recovery effort and that's what counts.
Also want to pass on a big "Thank You" to Hay's Team for their efforts!
I think it's odd that my comment got "whisked away" by the powers that be. I had indicated that the comments about the attorney Kunkel, especially by California, were not well thought out. First I checked the Ga. Bar and Kunkel has practiced for twety five years without any complaints. Second that "letter" California says he depended on to invest is published earlier in this thread and there is no way you can call it an endorsement. If someone depended on that one setence to invest I question their intelligence. Now I dont especially like lawyers; but the way y'all are spouting rhetoric just doesnt smell right. Did you even talk to Kunkel or verify that he was actually a lawyer? The thing that has interested me about this thread is that it seems to consist of some very greedy people who aren't willing to take responsibility for their mistakes. None of this seems very Christian or American.