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!
Please be patient with Mr. Hays’ team they are doing a phenomenal job. I wanted to personally thank Ms. Shuwanda Sloane she has been extremely helpful. She even made sure our address was correct. All our calls and e-mails were returned promptly. Thank you Ms Shuwanda Sloane. :clap:
My wife and I received our check two Fridays back. It was 30% and the check came from JP Morgan Chase Bank. We are having trouble getting the Check funded at our bank because it is an out of state bank.
Even though I wish we were getting back our entire original invested amount, it will help to catch-up on our past due balances. I hope when we all get out of this situation we can continue to communicate with each other. I also hope to see the day when we all get our full investment back and hopefully make some money out of this. I respect all of the investors of PDP and hope too eventually one day meet everyone personally. :violin:
I will be a member of Bigger Pockets and continue to visit this forum until I see all of the investors made back 100% of their money. :type:
Well, my family's wait is over. Our check arrived yesterday for the 30% that was promised. My heart goes out to those of you who haven't received your checks yet. The wait agonizing. Keep the faith that it will come.
after contacting Linda at Hays' office last week about our check, we found that it had been mailed a month ago, but never received. They put an immediate stop payment on it, and resent it. We received it today as promised, 30%.
Still no check, and the stories continue. There's something radically wrong and I'd like to know what it is. Being told that accounts are being reviewed ( for over a month), just does not make a whole lot of sense. These accounts were already reviewed while we were awaiting the judges' decision. OK, some had to be looked over. Would it take that long to look over a few accounts? Keep in mind, the receiver claimed to have disbursted over 1930 checks (out of a possible 2000). My account is in my name only, yet I was given strange answers (maybe in 2 weeks time, they are still looking it over). At this point, I confused and frustrated.
Epson, you're not alone. I haven't received my check yet. I asked Shuwanda about this and she told me that they are still in the process of getting out the remaining checks, when the amount is over a certain dollar amount it does require additional review prior to releasing for mailing, it should not be too much longer now. I hope I will get my very shortly.
I still do not accept that explanation (when the amount is over a certain amount). I have relatives who had more than I do, and they had their checks over three weeks ago.
Hi All - I still haven't received my checks but I wanted to relay that I talked to Linda at Hays this past Friday and she said that they would be mailed out Monday, tomorrow. From the conversation, I can tell that she (and Hay's) is working very hard to get all of the checks out. They filed my personal name in court and they should have filed my LLC name. That is what I was told. I faxed over a release sheet and that is all they needed. In a nutshell, they want to get the money to the right people, not anyone else. They are being super careful and very professional, a good thing! Anyway, I will let you all know when I get the checks.
Good luck!
Hi All - Just wanted to let you know that I received my check today! :D I am very appreciative of Hay's group for working so hard on this. From what I experienced with them, they are very honest, and only want the best for us in this very horrible experience. Thank you and good luck everyone else!
We are still finalizing checks that had comingled corporate and personal funds. If this in not your situation, it is possible that your check is lost in the mail. We do not know who you are so please email Shuwanda Sloane at [email protected] and we will check out in the morning and get back in touch with you.
That is what happened to me. I finally got in touch w/ Linda after waiting and waiting, and she said that my check had been mailed a month prior. Obviously it was lost. They put a stop on that check, and immediately sent out another, which arrived in a few days.
I just found out from Michael McClellan of Hays that they only need proof of the two investment checks. I emailed to him this morning and everything is resolved. Michael told me that Mr. Hays should be in later today to approve and release. I think I should be getting it later this week. Thanks for you help! 8)
I've called many times. My account is not co-mingled, neither is my check lost in the mail. I was told that is being looked over. This is the second week and counting.
Hi all, I am pleased to report that I got my check today. I e-mailed Mr.Hays yesterday, and he responded within a few minutes. With his personal intervention, I got my check today. Thanks Mr. Hays and staff. I have a new level of respect and trust in you guys!
Hi Epson, While u mentioned on 4 Oct that you spoke to Ms. Sloane, u did not mention the details of that conversation. I'm glad you got your check. Can you now tell us what caused your specific delay? I agree u should not identify yourself on this blog and I am not asking you 2. I'm sure others are also curious as to the reason for your delayed check. I got my check a long time ago, but still read this blog from time 2 time. Best regards, 2Late
User TAXUM posted this response to the Pinnacle Thread Elsewhere accidentially. I've copied and pasted the contents so people can respond:
Originally posted by "taxum":
I rec'd an offer via mail from a company called Argo that they want to buy my remaining pinnacle claim balance at 7 cents on the dollar (on the total). To clarify, if your claim was $10,000, you have already rec'd $3,000 (which is the 30% intial distr. from hayes) & they are offering to buy the remaining $7000 for $700. They claculate it as 7 cents on the dollar bsed on the $10,000 claim.
First off, we all know that we're not getting 100% back. I'm estimating about half. Based on my $10,000 example that means they're giving you $700 today for your $2000 tommorrow.
The obvious unknown is the final percentage we'll get back which is based on the remaining assets & liabilities of Pinnacle. Can the receiver give us this info so that we may come to our own conclusions? Otherwise there may be many that will jump at this offer rather than waiitng it out.
In respone to Taxum, I know someone that received a call from the same company with the same offer - 7 cents on the dollar. While some people might jump on this offer, when you really think about it, if Argo is willing to bet money at 7 cents on the dollar when only 70 cents are remaining, when you factor in cost of capital and some risk, I figure they are counting on at least doubling their money or getting 14 cents out of remaining 70.
As for myself, I've waited for over a year now, and willing to continue waiting and get what's left.
It would be interesting to find out if anyone has any info on status of the remaining properties since Greg has not posted any updates on the properties since July.
Yes, I too would like some sense of what we might expect in the next half year -- for tax purposes, as well as anything else. It may be premature now, but it would be great -- if at all possible -- if the Receiver could post some updates on this.
I have been contacted by several investors regarding the offer from Argo Partners to buy remaining claims at a rate of 7%. There are several issues regarding this offer that you should consider.
First, please be aware that Argo Partners did not contact our office, has not received any confidential information regarding your identity or address from our staff, and does not represent the Receiver in any manner.
Second, while it is not appropriate for me to comment on such solicitations from an independent third party, you should be cognizant of the Receiver’s anticipated future distributions.
We are nearing the final stages of releasing checks from the First Interim Distribution and have paid 30% on allowed claims. We do have some disputed claims and other changes that will require court approval and once these issues are finalized all investors will have been paid 30% of allowed claims.
Going forward, I am authorized by the Court approved Plan of Distribution to pay additional distributions as funds become available. This will be primarily dependant upon our ability to sell the remaining real properties and successfully pursue and obtain judgments for recoveries from various third parties to the case.
To date we have sold two of the 21 properties and have pending contracts or are close to contracts for sale for several others. Further, we have begun to pursue recoveries from certain third parties.
It is my desire to accumulate enough funds to make another distribution prior to the end of the year, to bring investors an additional recovery of possibly 7 to 10%. However, please note the timing of this will be largely dependant upon the length of time required to close on the sale of real properties.
After the second distribution later this year, there will be additional distributions as monies become available. During the sentencing hearing for Gene O’Neal, I testified that I anticipated paying over 50% to investors. I am sympathetic to the economic hardship that your losses have caused and want to assure you that we are working very hard to return as much money to investors as possible.
Thank you for your continued patience and support,
It is generally custom to wish each other Happy Thanksgiving or Happy Holidays as we have come a long way together.
I must say I'm thankful to God for granting his favor and success through Hays Group on recoveries efforts to date. My family Thank you from the bottom of our heart for helping us the way you do.
I'm thankful that O'Neal taught me an important lesson in life. With such knowledge learned I'm now empowered not make the same mistakes again.
I'm also thankful for BiggerPockets who have put up with us over the year, while enabling us to communicate the way we do. Basically if you think about it, we should be grateful that we still have an open forum.
Basically if I sum it all up, we are extrememly Blessed, Fortunate, Favored, and Victorious people. To me everyday is thanksgiving recognizing, remembering where I've come from to where I am today.
Thanks again Greg and team from the bottom of my heart. We look forward to the success of properties being sold, third parties recoveries, and more :D
Faith is the substance of things hoped for and the evidence of things of things not seen.
So on behalf of my family to you and yours I wish you a Happy Thanksgiving, Happy Holidays, and a Merry Christmas to all!