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!
:cry: I enjoyed very much when Pinnacle called me to let me know of my return due for the last couple months. Until now, I don't get their phone call anymore. I really missed that feeling. I hope Pinnacle's CFO knows how we felt.
A friend of mine sent this to me. I don't know if it applies but here we go anyway.
"You might want to research phantom bonds which evolve from black box deals (complicated and mysterious)! Most local governments issue them and the proceeds (which are tax exempt) are supposed to be used to build homes and upgrade housing etc.). The winners are the investment groups who get paid higher fees because none of the money goes toward building for the public. The agency that issues the bonds buy them back from the investors or investor groups. The $$$$ goes untapped and the investors keep the fees.
Atlanta is on the list for high levels of black box deals and for being in violation of US tax laws. But there is nothing illegal about collecting fees for bonds that are issued and then brought back as long there is a legitimate intent to use the $$$ for the stated purpose. Sounds like pinnacle to me!"
I spoke to James from Pinnacle today and he stated that the returns are running about four days late. My return was due Sept. 29th and I still have not received it. James also stated that they were going to take out GA state tax from the return, which they have never done before. At this point I will be happy with that when I do receive the check.
DLV still waiting for a reply from last post and private message. It's amazing only one person has contacted me personly by phone. I've contacted many in this forum but only one has contacted me. If you have my # please contact me.
The last return I received was on 09/25 by Fedex, which was paid out on time. On 09/21 I was given the opportunity by Pinnacle to reinvest my return which (luckily) I did not. I was told about the 6% tax which would be levied.
I also received a letter dated September 26, referencing Pinnacle and the WSJ article. The letter also stated Pinnacle is not aware of any investigation. The letter concerned me a bit as it took me about 3 minutes to go on the internet, locate the WSJ article, the Fraud report by Barry Minkow and this thread.
I don't want to be too optimistic but I think Pinnacle will try to do right by all of us current investors as they want to move forward with this consulting business.
just talked to james in accounting. he explained that due to all the partnerships ending it is takeing longer to process than normal. in the past all they had to do was role over the partnership and only write a couple maybe twenty checks at the end of an agreement. he did say that my return that was due on the 28th is still in processing and that he had no projected date only that it was coming.
though Pinnacle might be lagging behind in issuing checks because of the obvious reasons (e.g. increase in calls and ending of partnerships...etc..), doesn't it stand to reason that though not everyone can be served adequately on time, SOME still should be served on time? It's like...if a drive through can only handle 60 people an hour, but there are 300 people in line. Those first 60 should still be served as if 61-300 didn't exist.
I find it odd that no one has been issued a check that was owed after 9/25 and the delay only sounds like it only increases.
And I figure anyone who has an even remote interest in Pinnacle should have stumbled on this this thread by now to post about it if they have received a payment. What are the chances?
Great post REMY I've emailed you more info. My neighbor is an att. will answer any of our ?s PM or call me if you wish for me to ask him a?....
Iwas told in the beginning by associate at penn. that Mr. Oneal was given the opertunity to make money and he wanted to give it back to many by giving us investors his same opertunity.I also ask Mr. Oneal to please contact REMY to c alm all our fears
PS. DLV please call me you have my # thanks.
Stephanie called me back and told me that my return (due yesterday 10/2/2006) is being processed. She said it's taking some extra time due to volume and also that they are taking taxes out. It would probably be mailed next week. They did call me a couple weeks ago to get some information for taxes, so this seems to jive.
She said I would be receiving the initial investment plus what I have earned, less taxes [everything you'd expect]. She gave me the exact dollar amount I will be receiving.
The new investment opportunity they are moving to is going by the name Pinnacle Consulting. For $150k [annually I think] they find you properties and help you evaluate all aspects of repairs, etc. You then do the repairs [they can help with advice there also]. Once done, they help you find a buyer and then you move onto the next property together. You keep 100% of the profits.
I guess if you're buying big enough properties then $150k might not be that much for them doing legwork and training. Out of my league though.
FYI - She maintains they still have not been notified by the California Securities Regulators of any investigation.
I have been an investor since December '05 and thought maybe it's a ponzi scheme. Or even if it's legit that they could mis-manage the business...they know RE development but do they know how to manage an investment? Or even if it's legit the market could turn, a hurricane could change things overnight, and airplane flying into a building could change things overnight.
To date they have never missed a payment. I started with 5k and took 4 payments at 25% each, so I doubled my money.
I then let the 5K roll and added a bunch more from an unrelated, unexpected gain. I let that roll for 60 days and then another, due now. If they pay as planned I'll have made 12k on 13k. That's 97% of my money in 10 months. Shall I compare that with how my options trades are doing? :)
I have always thought of it like dot com investing in 1999-2000. Did any of these investments make sense? Hell no. Were a lot of people making money? Yep. This is speculative investing. If you want safe milk and honey investing go put your money into a CD or mutual fund.
Maybe in a week I'll be singing a different song, but I wanted to roll the dice and I did...and so far I've been winning. So on the last roll I said, "Let it ride" and the dice are still spinning. Ask me in a week and I'll let you know if I rolled snake eyes or came up a winner.
8)
I WON'T be a happy camper if I lose it all, but when a company is promising nearly 400% returns annually? I knew what I was getting into. All that said...
SmallInvestor, I just can't agree less with your commentary. I believe you just hit the bull's eye here. Nonetheless, getting our returns back would definitely make life sweeter. Hoping that the request for someone from Pinnacle to make an official statement on this forum will somewhat alleviate the fears we all are experiencing and straighten out the facts on all issues regarding return payments.
Yeah, I totally agree that it would be easy for them to stand up and declare "here is what we're doing, here is why we're doing it, here is the timeline for our doing it, here is how to communicate with us, etc."
corbin64 This is a good thing I think they are building the new website for Pennacle Consulting Group since they are no longer using that format of investing
Luckly we have this high tech tool to communicate. In case we get lost, Remy can email us and get us back on track. I think Remy is our leader for the group. Thanks for advance.
I rec'd an unsolicted call from stephanie at pinnacle around 5:15 today.. i have a return due today & she was calling me to let me know my check will be going out the end of this week/begin of next week.. she apologized for the delay citing the ending of the partnerships & the witholding of the taxes.. gave me an exact amount of prin + 25% less the 6% witholding..
felt good to have her call me to say all that but will feel much better when I hear of others getting checks this week!!!
I wish this was over and every investor was happy.. I'm so tired of sitting in front of a computer and keep refreshing the web page. It's been very unplesant and painful. 28 more days for me..
A note to everyone that I talked with Stephanie this afternoon and while they are still running about 3 days behind, they hope to have this week's checks sent out by Friday and we should have them in hand Tuesday or Wednesday next week.
That being said and the possibility that this is still a stalling tactic, I have been in communication with Remy and we both have talked with Toby Elsass at Fraud Recovery Group www.fraudrecoverygroup.com. Toby is a great resource for us to recover a portion of any losses we may yet incur through a tax write off. I encourage you to call him at 877-225-8629 if we do end up losing any of our investment.