Has anyone actually tried to cash their check? I'm in AZ, and I know of at least four people, myself included, who were told by our banks that the most recent Pinnacle checks cannot be cashed because there is a note to not cash checks drawn on that account in their system, and/or the account the checks are drawn against has a zero balance. Our banks are Bank of America and JP Morgan Chase. Shuwanda at Hays is insistent the checks are good and there is money in the bank, and said it's the same bank the original checks were drawn on. Shuwanda also said that if the bank won't cash the check, while in the bank ask the bank to contact the branch in Manhattan, NY where the account the checks are drawn against is located. Our banks should know which branch that is by the number on the check we are trying to cash. I was just curious if anyone else is having an issue.
Just heard from one person who said he had his branch contact the JPMorgan Chase branch in NY that the checks are drawn against, and his check was cashed. He said doesn't know why his branch originally had a note in their system not to cash checks drawn on the NY branch, but said he doesn't really care now that his check was cashed.
I received 2 checks since I had 2 Pinnacle accounts. I depositied one and cashed the other approimately 10 days ago and no problems so far. I think I would ahve heard by now if there were issues.
It's been sometime since I posted...however I just wanted to let the Receiver know and his team thanks again for being faithful and pressing on in a wicked Real Estate Market down turn. As for the other post inregards to checks be thankful you even got one and the checks has always been good check your bank manager.
Keep the faith everyone and keep praying you never know things will turn around for our favor...even now we still get a check as promised, on time. Like I said before I'm believing God for a 100% return one way or another it's happening for me how about you?...Faith is the substance of things hoped for and the evidence of things not seen, is there anything too hard for Jesus?
Plan to live for a 1000 years and live as if it's your last day!
:train:
All the best!
July 7, 2008
Dear Pinnacle Investor:
This letter is to provide Pinnacle investors with an overview of the status of the case and what to expect in the coming months.
We filed the Receiver’s Status Report with the Court on May 9, 2008, which includes a summary of the remaining issues in the receivership. To obtain a copy of this document, please go to our web site at www.haysconsulting.net, or email Shuwanda Sloane at [email protected].
During May, the Receiver made a second distribution of 5% of approved claims to over 1,900 investors and creditors, and has now distributed a total of 35% of Court approved claims. This represents a total of $15 million which has been paid to over 1,900 investors and creditors. We hope to make another distribution by the end of this year.
On April 29, 2008, we filed the Receiver Motion for Resolution of Disputed Claims which addresses all remaining claims issues. Resolution of these issues will conclude the general claims administration. We are currently awaiting the Court’s decision on these issues.
We have heavily marketed the 21 real properties in the Receiver Estate and conducted an auction of 15 of the properties in mid-February. The auction results were very disappointing, and we did not accept the low auction prices, and have continued efforts to sell via private sale. To date, we have sold and closed on seven of the properties for a net recovery to the estate of $2,291,224. Although the market is extremely slow right now, we anticipate that all of the properties will be sold in 2008, and we plan to have another status conference with the Judge in September regarding our efforts to sell. Unfortunately, we will not be able to make future distributions until we are able to sell more properties. We are making every effort to sell the properties at a reasonable price given current market conditions.
Regarding recoveries from third parties, we settled one lawsuit and are awaiting the transfer of the $600,000 settlement amount. In addition, we have agreed to the principal terms of another settlement.
As a reminder, before you complete your 2007 tax returns, please make certain you have reviewed the Tax Memorandums posted 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, and get the estate closed as soon as reasonably possible. If you should have any questions or concerns, please contact Shuwanda Sloane at 404-926-0059.
Sincerely,
/s
S. Gregory Hays, Receiver
Thank you for the update, Gregory! As always, it is much appreciated!
I just wanted to let people know that if anyone is interested, we can set up a private group for all of you Pinnacle Investors to help you all stay in touch (and to help the Reciever share any news).
If interested, let me know.
Also note that you can subscribe to this discussion by selecting the MONITOR TOPIC link above the discussion.
does anyone have any recent updates on status of the unsold properties for Pinnacle?
October 20, 2008
Dear Pinnacle Investor:
This letter is to provide you an overview of the status of the case and what to expect in the coming months.
To date, the Receiver has distributed a total of 35% of Court approved claims. This represents a total of $15 million which has been paid to over 1,900 investors and creditors. We hope to make another distribution sometime before the end of this year.
We have concluded the general claims administration process, and only a few issues related to certain disputed claims remain. We have filed and are awaiting the Court’s decision on a Motion for resolution of Disputed Claims and one other claims related motion, which address all of the remaining claims issues.
We have heavily marketed the remaining real properties in the Receiver Estate and will continue to do so. Our efforts include MLS listings, other attempts to generate private sales, and a public auction. To date, we have sold and closed on eight of the properties for a net recovery to the estate of $2,363,756. Although the market is extremely slow right now, we hope that all of the properties will be sold by the first quarter of 2009. We hope to have another status conference with the Court before years end regarding our efforts to sell the properties. The sale of the remaining properties is the determining factor for future distributions, and we are making every effort to sell the properties at a reasonable price given current market conditions.
Since the last investor report, we have settled two lawsuits and received over $600,000 in payments, another property, and other assets as part of the settlements.
As a reminder, before you complete your 2007 tax returns, please make certain you have reviewed the Tax Memorandums posted 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, and get the estate closed as soon as reasonably possible. If you should have any questions or concerns, please contact Shuwanda Sloane at 404-926-0059.
Sincerely,
/s
S. Gregory Hays, Receiver
Please help us get some money for the holidays Mr. Hays.
Thank you,
Sammy
Hey Greg - I was wondering if there were any new updates. We haven't heard anything in a few months now.
Thanks!
October 20, 2009
Dear Pinnacle Investor:
This letter is to provide you an overview of the status of the case and what to expect in the coming months. We will update the status of the case quarterly, so please check our website at www.haysconsulting.net for the latest update.
To date, the Receiver has distributed a total of 37% of Court approved claims. This represents a total of $14.8 million, which has been paid to over 1,900 investors and creditors. Ideally, in order to reduce administrative costs and maximize the return to you, we would like to wait until all of the remaining properties in the estate are sold before making the next and final distribution. We understand, however, that you are anxious to receive additional distributions. Therefore, if we sell enough properties to make a meaningful distribution, we may make one or more distributions prior to the final distribution.
As you know from previous updates, our focus going forward is the sale of the remaining real properties in the estate. To date, we have sold 15 of the 22 properties for a net recovery to the estate of $2.9 million. We also currently have two properties under contract, and hope to realize approximately $450,000 for the estate from these sales.
We continue to market the remaining properties. Although the real estate market continues to struggle, we are focused on selling the properties as quickly as possible and distribute the proceeds to investors and creditors. To that end, we have re-evaluated the remaining properties and adjusted pricing to a current market level in order to generate interest and sales. Because the sale of these properties is the determining factor for future distributions, we are making every effort to sell the properties at a reasonable price given current market conditions.
As a reminder, before you complete your tax returns, please make certain you have reviewed and discussed with your tax advisor the Tax Memorandums posted on our web site and the tax implications of your loss with your tax advisor.
Again, 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, and get the estate closed as soon as reasonably possible. If you should have any questions or concerns, please contact Shuwanda Sloane at 404-926-0059.
Sincerely,
/s
S. Gregory Hays, Receiver
Thanks for the latest updates, Linda and Gregory. You guys are doing a great job!