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!
A friend of mine got a call from Shuwanda earlier this week. She called to confirm his change of address. She told him his check was going out in the mail in a few days. I'm assuming they're working on mailing all of them as I write this. I would hopefully expect them to start coming in to people next week!
I also just wanted to take a few minutes of my time to say thanks to James and everyone else who is working on our behalf. The only thing that has got me thru this ordeal has been this website and knowing that there are people working behind the scenes to help us out.
With the exception of the few people who log in from time to time who seem to take pleasure in telling us how ignorant we are - for the most part I have been touched by the spirit of faith, good humor, & caring attitude that is shared here. It has been my only source of consolation and I just wanted to say thanks. :D
That is I, that is I indeed. Five foot five & 290 pounds of lovely me :D .... Pink Cadillac and all with a buch of scally waggs in the back seat. For all of you whom don't know what a Scally wagg is, its a woman of low moral fiber :shock: Just the way I like em :mrgreen:
when I get my check from Hay's I may find a few to see if the money is good... :wink:
I wanted to thank James for all the help he's been, lately, for all of the Pinnacle Investors. I hope everyone knows that James has taken this task upon himself, as one of our moderators, to help out. He is not getting paid to help you and is doing so because he is a legitimate good guy who wants to see some justice done here.
If you can, find some time to PM, or email him and thank him.
I'm happy to hear that monies will begin to get back to everyone, finally!
I wanted to thank James for all the help he's been, lately, for all of the Pinnacle Investors. I hope everyone knows that James has taken this task upon himself, as one of our moderators, to help out. He is not getting paid to help you and is doing so because he is a legitimate good guy who wants to see some justice done here.
If you can, find some time to PM, or email him and thank him.
I'm happy to hear that monies will begin to get back to everyone, finally!
Dear Mr. Joshua Dorkin,
My Hats go off to you and James. :rock: James has been a tremendous asset to us in this ordeal. I truly believe he has made our entire life better, even though it has been turn upside down. Thank you James. :clap:
And if it were not for your creation of Bigger Pockets we would all be in the Dark. Thank you Joshua Dorkin.
As we previously reported, first interim distribution checks are in the process of being prepared and mailed. Because we are paying out over $12 million dollars, we are being extremely cautious and verifying addresses and other information prior to releasing each batch of checks.
The first batch of checks was mailed yesterday and we have released additional checks today. Over the last two days 1,165 of the 1,965 total checks have been mailed. Additional checks will continue to be released over the next few days as each distribution check is verified to the appropriate claim documentation.
We are sensitive to the urgency with which many of you are looking forward to receipt of your checks; however, I must ask you to continue to be patient as we complete the review and release of all checks before you contact our office with questions regarding the status of your specific distributions. I will advise you when all distributions checks have been released so that you can allow an appropriate amount of time for receipt before contacting my office with questions.
I have also enclosed the following letter with every distribution check we release:
Dear Investor/Creditor:
I am pleased to inform you that the Court approved the Receiver’s Motion for Approval of Interim Distributions Pending Final Resolution of All Disputed Claims (the “Distribution Motion”). The Court’s Approval of the Distribution Motion grants me the authority to issues interim distributions to Investors and Creditors whose claims have been approved by the Court in accordance with the Receiver’s Plan for Claims Administration and Distribution of Proceeds. Your Claim was among those approved by the Court.
Enclosed herewith is the first interim distribution of funds from the assets of Pinnacle Development Partners that we have been able to recover, secure and liquidate since taking over as Receiver for Pinnacle in October 2006. The initial distribution is equal to 30% of your Approved Claim. We continue to work to bring more funds into the Receivership Estate for future distributions. For example, we have recently sold one of the 21 parcels of real property owned by Pinnacle and have obtained Court approval to sell another, which together will generate in excess of $1.5 million in funds for the Receivership Estate. We also are actively marketing the other 19 properties and are exploring our options for sale given the overall downturn in the real estate market. Finally, we continue to seek to collect funds from third parties. The vast majority of funds collected by all of these activities will be paid to Pinnacle Investors and Creditors in future distributions. Although the amounts returned to you will never make you whole for your losses, we believe that our efforts on your behalf will yield greater returns than are typical in similar receiverships.
I thank you for your patience in waiting for this first distribution. We appreciate the loss suffered by you and the other Pinnacle Investors and Creditors. Therefore, we were meticulous in analyzing the over 2000 claims filed with our office, and have and will continue to work diligently and efficiently to provide you the maximum possible return on your loss.
As previously addressed in a November 16, 2006 memorandum, and January 19, 2007 letter to investors, both of which are available for viewing on the Receiver’s website, the losses that you have incurred and returns paid to you may have tax consequences. You should consult with a qualified tax adviser regarding your specific circumstance.
I thought this moment would come, if at all, after a few years and definately not this much money considering the circumstances.
I look forward to feeling closer to normal in my life even though losses were still incurred. Feeling violated like most investors feel, this will allow me to start putting it all behind me specially with the promise of more $$ in the future even if it is small amounts.
I really thought my full investment was lost when this whole fiasco started. :woohoo: .
I thank Mr. Hays for going to bat for us. It is not often that you can come out of a situation like this one with at least a little bit of a good feeling.
That's great news....although I checked w/ the wife, and no check here yet. I just urge you guys to not panic. Our checks will trickle in next week and it will be nice making the trip to the bank to replenish the account.
Here's to a great week w/ lots of happy campers receiving their checks.
Heads up everyone. I received the first of my 2 checks yesterday. I was out of town and just now got home and got the mail. Now if I can just get the 2nd one!!!
We've finally corrected the issue that was preventing people from viewing this forum while not logged in. Sorry that it took so long. I hope that is at least helpful to some of you.
BTW - We're really happy to hear that Mr. Hays has begun to get the checks out. It is nice to know that many of you are at least starting to get some of your money back. Congrats!
I refered several friends and family to pinnacle. All understand what's going on. But there's one who has put all his and all his friends losses squarely on my shoulders. Anyone else have a similar experience? It sucks.
Spoke to Shuwanda today and additional checks went out in the mail today. I still have one more coming. Be patient and we all should have our initial checks shortly.