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!
It's been awhile since I've been to the site. Good to see Hay's response above and that future dispursements aren't far behind. We owe a huge debt of gratitude to Hays and Team for his ongoing perseverence.
Nealhope, couldn't have said it better myself. I'll second (all of) that!!
Hope everyone can escape the Pinnacle fiasco long enough to enjoy the holidays. It has been a long process to make it through the first dispursement and O'Neils sentencing... You and your families deserve it!
It's been awhile since I've been to the site. Good to see Hay's response above and that future dispursements aren't far behind. We owe a huge debt of gratitude to Hays and Team for his ongoing perseverence.
Nealhope, couldn't have said it better myself. I'll second (all of) that!!
Hope everyone can escape the Pinnacle fiasco long enough to enjoy the holidays. It has been a long process to make it through the first dispursement and O'Neils sentencing... You and your families deserve it!
Just heard from my brother in MI that he was contacted about a second check this morning. They said they need to have him and his wife sign a form because apparently one of his checks was from a joint account and his claim was in his name only. They did not require that for his first check. They did not mention the amount of the second check, or when they were looking to send them out, and he did not ask (I would have). Has anyone else heard anything?
The second check is likely because he had two separate accounts w/ Pinnacle.....unless you know otherwise. But I know that I nor any of my friends and family who are involved have heard any word of a second check and don't expect to in the near future.
He only had one account, and he was already paid his first 30%. Maybe they're just catching up with paperwork, but the paperwork they wanted him to sign and return was as if he filed his claim in just his name and his check was from a joint account. If that was the case, and he says it is not (his claim was filed just in his name and his check to Pinnacle was from his account only), I would have thought they would have wanted that before the first check was issued. He also said they specifically said a 2nd check. I know there was talk of a possible 2nd check before Christmas, so I was just wondering if anyone else had heard anything. I have not heard anything more from my brother.
I have been in touch with Hays's office recently, and I've heard that we may get a second distribution in January -- but it will be a smaller percentage of principal, like 5-10%. They're waiting to close some property sales.
If you go to Hays' site, you can see what they've written about this. I do believe he has posted something.
On the previous page there is a post from the receiver. He says it is his desire to send out additional checks before the end of the year in the amt. of 7-10%. A friend of mine also got a phone call from Hayes office confirming his name and his wife's name as a joint acct. for the next payout. Maybe we'll see an additional check soon. :D
Does anyone know if this paper needs to be notarized? The one that I just received that states that the Pinnacle account was only under my name but the check which was invested came from a joint account.
samagy16, I received the same letter. I am sure there is a legal reason for why Hays is sending these now, but to your point, instructions are not clear on whether this declaration has to be notarized or not. I sent an e-mail to receiver, but hoping they would post the information here to avoid the flood of calls to their office.
Samagy, I spoke to Shuwanda from Hays Consulting and she confirmed for me that Declaration does not have to be notarized. Just sign it and send it back.
Happy New Year!
This will be a good year and will see more money coming back to all of us.
Can't seem to find any more news on the properties being sold on the Hays site.
Maybe we will get a January Check? Any thoughts, Comments?
Yes, I got a letter from the Receiver also, like others. They questioned why I have a joint account (daughter and me) but that the check I sent Pinnacle only had one name (mine) on it. I think they are asking to many details. What's the difference if the check to Pinnacle was only in my name or not? Maybe someone asked a friend who owned them money to write the check. Seems to me the important thing is who signed as the owner(s). Sorry, but I think the Receiver is just sucking up more money for itself (at who knows - $400 an hour). The Receiver is helping us yes, but is in business to make money (and yes, I know there is nothing wrong with being in business to make money).
I know we may be frustrated with the events of Pinnacle. However, we all owe a big debt of gratitude for the work the receiver and his team has done. To have received 30% of what we invested in the amount of time we did with the prospects of receiving up to an additional 20% is simply amazing. Having been down this road before, I can tell you that as an investor we are seldom this lucky to be in such a position.
At this point, I believe the receiver should have earned our trust and respect and should be given the benefit of the doubt for whatever line of questioning you may receive from his office. If they are asking, there must be a reason. He didn't earn the position of being able to be a receiver in cases like these over night. Also, his record speaks for itself - especially just on this Pinnacle case itself.
Mr. Receiver - I just want to say thanks for your hardwork on this case. We will patiently wait for any updates you can provide on the status of any potential future distributions.
I agree with your statement. We are indeed lucky to have gotten at least a portion of our money in a relatively short period of time and professionalism and competency of the receiver's office played a very big role here. I think most, if not all of us, believe receiver and the fact no one has been posting anything on this website is a testament to that. However, at the same time periodic updates on the status of things would ease everybody's mind and would be much appreciated.
It's been awhile since I've posted on this site. Everyone, please check out the Hays website. They have a letter to Pinnacle investors dated Jan 08, 2008. It looks like our next "refund" will be in March/April.
As we begin the New Year, I wanted to give you a quick overview of what to expect in this case in 2008.
At this time we have distributed 30% of allowed claims to over 1,900 creditors representing over $12 million distributed. We are diligently working to resolve all remaining claims issues related to the first distribution. Upon finalization of these issues, we will seek the Court’s approval of a revised claims schedule so that we can make adjustments to prior distributions and make additional distributions to investors and other creditors, as appropriate. We also have approximately 15 investors with whom we are still working to resolve disputed claims, and these may have to be resolved before the Court.
The Receiver Team is diligently working on liquidating the remaining pieces of real property. The difficult real estate market, however, has slowed our progress. We heavily marketed the 21 properties, but we had several contracts fall through in 2007. We now have several significant properties under contract that we hope will close over the next two months. In addition, we have planned an auction for 13 additional properties on Feb 12, 13, and 14th 2008. Our experience has been that auctions are an effective way to sell real estate at a fair price; especially under the circumstances we are faced with here. Our Auctioneer is Rowell Auctions and information on the properties we will auction will be listed on their web site at www.rowellauctions.com soon. In addition, we have a plan to advertise these sales to generate significant interest in the properties. We hope that all of the properties will be sold in the first half of 2008, which will have a significant impact on the amount of the next distribution, which we are planning for late March or early April 2008.
In addition, our legal team is pursuing recoveries from several third parties, and we anticipate very favorable results. Our hope is that these will be resolved in the coming months.
As a reminder, please make certain you have reviewed the Tax Memorandums on our web site and have discussed them and the tax situation concerning your loss with your tax advisor. Our current estimate as of December 31, 2007 is that in a best-case scenario the total distribution to investors will be no more than 50% of the cash loss.
We know this process has been very difficult, and we sympathize with each of you. Be assured that we are conscious of your situation, and our goal is to maximize recoveries while minimizing expenditures.
If you should have any questions or concerns, please contact Shuwanda Sloane at 404-926-0059.
Wow! I guess I live in ahole, haven't even heard of of Pinnacle. Very intersesting reading... if you start at page 1 then read page 76, things changed quite a bit.