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!
new to the site. i have been with pinnacle over a year and have more than one investment with them. i have never had a late return until this past week. still have no return as of this afternoon and would like any information that anyone has.
also an investor and won't be due till oct 23. based on the previous discussions it seems pinnacle is running behind payments right now...
bobke, when was your due date? this will give us an estimate of how many days pinnacle is behind paying all checks for now? hopefully, they are just really just late for the time being....a few days, a week at the most may seem to be reasonalbe... what do you guys think?
just finished talking with James with Pinnacle's Accounting...
trying to confirm how many days they are lagging behind payments...admittedly the process of issuing and writing checks to all investors have slowed them down tremendously plus all the phone calls and inquiries they are receiving have added to this delay... one good thing I would like to share is that they are still in business answering inquiries regarding this issue... at least they are not hiding behind closed doors for now... that being said I will give them the chance and not make any false or misleading speculations... i will stick to the facts based on what what relayed to me by Pinnacle...
talked to pinnacle this afternoon and was told that all investments are being closed out and that at the end of each 60 day period the investor will be get a check for his principle and intrest. i was also told that they are still going forward with the consulting to anyone who would like to franchise. sorry if i alarmed anybody just wanted to get some facts. as of right now i am not worried just waitng.
I am a new person to this group and have spent over an hour reading most for the posts here. I am a current investor with Pinnacle and am due my 1st return on the 10th. As with some of the investors I also went to Atlanta to visit there offices and spoke with the representative there and with Mr. O'Neal himself. In the beginning I spent the necessary time researching the company and found no wrong doings or complaints. My boss is the one that originally invested with Pinnacle and received both returns as promised and his initial investment. He also is expecting a return in the middle of October.
I recently received, as most investors did, the information concerning the phasing out of the current program and the start of this new consulting program. I was then explained that all 60 day programs were being canceled and that anyone currenyly in the program would receive their returns as scheduled but that they were not taking anymore investors for that program and that they were starting the consulting programs. I have already requested the information packet on this new program.
Then today when I come home I have a letter from Pinnacle stating that Pinnacle is being investigated by the CA SEC but that they have yet to be notified formally. The letter is dated Sept 26. Which was my reason for searching and finding this forum. Now I feel like I have been out of the loop. I stopped doing research on the company in July and until now have not thought anything of it. I really hope everything works out.
I will try to contact my rep. tomorrow and she what she has to say about all of this.
RDC.. looking thru the old posts & some direct emailings I've had with investors, the last person who actually got a check was friday 9/29. that person was due 9/25.
you mentioned in an earlier message you had a friend due the 26th. to me it seems thats the next person to get paid. have they??
Also, DOES ANYBODY HAVE A RETURN THAT WAS DUE BEFORE 9/25 WHO WASNT PAID??
A chronologically consistent payment of returns is critical.
I was supposed to be cut a check on thurs. I have not yet recieved it - (CA). I did receive a letter stating that they were aware they were being investigated in CA and are not aware of any wrong doing etc... I am slghtly worried at this point having read all the paperwork for the investigation and fraud alert.
Everyday more & more investors are finding their way to this website and airing their understandable anxiety.
Let's take stock of this situation. Pinnacle has been completely open about the fact that they are currently a few days behind processing checks. They now use USPS which takes days longer than FedEx Overnight.
Changing their business model, a possible investigation, issuing checks and closing out accounts - all of this takes longer than business as usual. Please consider the fact that their phone lines are getting inundated with calls from panicky investors wanting assurances that their money will be returned. (2200 total investors)
From the posts listed in this Forum, more than a dozen of us have done just that. We're all being told the same thing;"Everyone will receive their principal & returns at the end of their current 60 day cycle."
To those of you who haven't called yet please consider holding off til the company gets a chance to get back on it's feet. I strongly believe that if we panic and overwhelm their resources the company may well get even further behind hindering our chances to get paid at all.
At this point I don't see any advantage to tying up their lines. Calling won't get anyone their money any sooner. We all knew there was risk involved with this investment so let's buck up and try to stay calm during this unsettling time. Painful as it is, all we can do right now is wait it out.
On Saturday I suggested showing our appreciation to their over-worked staff by ordering pizza for them. I'll bet working there is unbelievably stressful right now. Does anybody else have any constructive ideas?
DLV, this is the best response yet to date in this forum.
Very well said. I hope everyone will heed your suggestions, especially
with the phones, which I am also guilty of.
Hoping for the very best for all of us investors.
DLV who are you I'm reading your posts and I notice your all over the place you talk about this other web site TCI you started posting over here because they shut down. Just wondering what was your post name DLV never posted over there. PM me or call me I will post you my #. Just have a feeling as TN apr. did.
My return is due today (10/3); they told me that they don't know when the payment will be sent.
If anyone has a return due last Tuesday, he/she should have received the payment by now. If not, it could be something wrong with their operation.
Pinnacle has only 2000+ members; I suppose they only have to prepare less than 100 checks per working day and I don't think it can slow them down that much. With their current available staffs, it should be able to process checks easily. All they need to do is to get CFO to sign the check and mail it out. They keep saying Pinnacle will return all the payment, but they don't know the mailing date. I hope everythink is OK with them.
Does anyone now the exact return date that Pinnacle is processing right now? This will give us a rough idea on how long they are lagging behind payments at the moment.
I have a feeling that this is not going to be a happy ending. I hope I am wrong again. If we all accomplished our mission with frying color, we will join their new venture (Pinnacle Consulting Partners).