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!
Not sure, but I do know that you can claim the net loss as a deduction on your taxes. I did. I think it's form 4684 casulity loss/theft. Ask your tax advisor to be sure
Hi Everyone, FYI, today I received a letter (with the SEC as Plaintiff) with a return address on the envelope of Pinnacle Claims Dept, % Hays Financial Consulting. It is a Notice of Motion for a settlement with attorney Kunkel and his liability insurance company for the sum of $600,000 (in exchange for a full releaseof all claims). We all have the opportunity to file a written object IF WE WISH (which I don't). As you know from reading this blog, Hays mentioned they were going after "third parties." Regards,
I also received the same letter and while it is nice to see that Hayes is going after Kunkel, it seems that he is getting off for a mere pittance. His malpractice insurance will most likely cover it and he, himself will NOT be affected financially by this settlement. To me that stinks especially taking into account how much we have lost. He is the one who drafted all the LLC's that we were induced and convinced by, and to think he is getting off with a slap on the wrist pisses me off. But unless we can have a consensus to tell Hayes that we DON"T acept this, then there is little else we can do.
I am happy Mr. Hays is going after Kunkel. :lol: He is the reason I invested in the first place. If you support a scam your just as guilty of the scam itself. $600,000 is way to low for the hardship and losses this man has caused me and my family. I feel it should be more like $6,000,000. He was the lead and the main reference for Pinnacle Development Partners. His bad advice and reference about Pinnacle Development Partners cause me a lot of hardship. He is very responsible for this entire situation. We cannot settle for only $600,000.
Please, can some of you with experience with Pinnacle help us ... ? There is a large group of Axiom Realty Capital investors, many who have lost thousands of dollars, some who are nearing retirement and whose lives have been destroyed by this. It seems to be another Ponzi scheme, or something like it. There is a group of about 75 people, some of whom have begun to send in their stories to the SEC (Pat Brody, Axiom's founder, has a $16MM judgment against him from May 2007, so we are starting with the SEC). I have spoken personally with Brody and when I asked him about the judgment, he said 'that's on appeal' and didn't appear to be concerned in the slightest.
We want to file a class action lawsuit but don't know where to find the right lawyer... please, anyone who has some time to weigh in on what we can do, we would be so grateful to hear from you... please send and email to gorgeousblue -at- gmail dot com. Thank you.
That letter in my opinion was wonderful, however, I agree that the dollar amount is way too low!!
My attorney spoke to Kunkle and the DD, that was done in the very beginning was what put us over the edge to invest as well!!!
That won't even put a dent in the money he made off of this deal!!
:protest:
NEED AN UPDATE SOON!! WHAT IS HAPPENING MR. RECEIVER?
beebee, you can read an update from Receiver regarding sold properties in his 3rd Interim Report: http://www.haysconsulting.net/pinnacle/02-20-08%203rd%20Int%20Rpt.pdf
Mr. Hays, if you are reading this, can you please provide an update on whether interim distribution will take place at the end of March beginning of April as you had originally indicated in one of your earlier communications.
has anyone heard of or is anyone aware of any government assistance program for victims of fraud?
Not too sure my friend by I will see what I can do to try and find something out. Thanks!
Just found out that there are four federal programs that may be able to help give me some time to research and I will let you know what I find, thank you for your time.
Greg promptly responded as usual and will post and update in the next few days. Do feel free to also check out the hays web site for details and progress as far as asset sales etc.
This letter is to provide Pinnacle investors with an overview of the status of the case and what to expect in the coming months.
The Receiver’s Third Interim Report was filed with the court on February 20, 2008 and has significant details on the status of the receivership. Please go to the Receiver’s web site at www.haysconsulting.net to obtain a copy or email Shuwanda Sloane at [email protected].
To summarize, the Receiver has now distributed 30% of Court approved claims, representing over $13 million, to over 1,900 investors and creditors. The claims process required significant effort to resolve many claims issues and, in March we received Court approval for the revised allowed claims. As a result of this process, there remain less than 20 investor claims that require Court resolution.
The Receiver hopes to make a second distribution of 5% to all investors and other creditors by the end of May. Though we would like to distribute more, the properties have proved more difficult to sell than expected. Therefore, much of the total remaining asset value is tied up in the properties and not in cash.
As you know, we are in a very difficult real estate market. We heavily marketed the 21 properties in the Receiver Estate and conducted an auction of 15 of the properties in mid-February. The auction results were very disappointing. Only 3 of the properties received offers that the Receiver deemed acceptable. The average bids on the properties were within 20% to 30% of Pinnacle’s purchase price and we decided it was not in the best interest of the Estate to accept these offers. Of the three properties sold at the auction, two have already closed. We also have three other properties under contract. We hope to submit these sales for Court approval by the end of April. To date, we have sold and closed 5 of the properties for a net recovery to the estate of $2,183,081. Although the market is slow right now, we continue to work towards the sale of the remaining properties and hope that all of the properties will be sold in 2008. The sale of properties is the driving force behind making future distributions.
As you should have seen in the notice we recently mailed, the Receiver made progress with recoveries from several third parties and has settled one matter subject to Court approval. We anticipate resolving other litigation in the coming months.
As you prepare your 2007 tax return, please make certain you have reviewed the Tax Memorandums on our web site and have discussed them and the tax implications of your loss with your tax advisor.
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.
I was a victim of pinnacle who actually borrowed unsecure credit to fund my pinnacle investment. I wish it wouldv'e worked. I got help though from a friend who works with a unsecured debt negotiation company. They negotiated 26,000 to 5,300. I don't know if that might help anyone that did what I did. I just thought I'd let people know that kind of stuff is available.
Don't worry i had the same Idea, but it back fire on me. :cry:
Can you please provide me the name and phone # of that friend that helped you out with an unsecure loan. I would like to see if he could help me as well. :idea:
Hi - Just wanted to say "thanks" for the update posted on the 11th. I appreciate all the great work being done. You really have the investor's best interest at heart. Much appreciated! :D
Has anyone heard any updates on May 14, 2008 Status Conference? Receiver's report http://www.haysconsulting.net/pinnacle/May%209,%202008%20Status%20Report.pdf does not give much more info beyond what's already known. I thought second distribution of 5% was expected by the end of May - seems to be no longer the case. Any updates would be greatly appreciated.
If you are still reading this site can you please provide an update on latest developments with PDP receivership. Specifically, what was the outcome of 5/14 hearing? When can we expect to see the next distribution? Has any progress been made on 14 unsold properties?
Yesterday to my surprise I received the next payment from Greg Hayes. It was the 5% payout that was mentioned earlier this year. Obviously I wish it could have been more but it's coming!!!!
Just heard my 81 year old mother received hers. She lives in FL.
So glad to hear. So hopefully we will and rest will get the checks soon
Thank you Mr. receiver. & Staff