The postal service delivered Document 291 to my mailbox today. Some others may have received it as well if you signed up for notification or know someone who did. It’s 20 pages, double-sided in small print. It did not come with a magnifying glass, unfortunately.
There is a lot of interesting information, including the following:
– There is no cash on hand
– The checking accounts contain a grand total of $8,113.00
– The largest mortgage loan receivable is $76M to Canyon Club, Inc.
– When did RE Future take over for J.C. Reeves Corp. (nearly $9M), Adams Canyon Ranch ($40M), Pinnacle Development/Georgetown ($45M), Pinnacle Development/LochenHeath ($45M), and Weyrich Development/Santa Ysabel ($8M)?
– Loan C0409 “Chee” is new to me at $100k
– Loan K0132 “Anthony Kelley” is new as well at $650k
– Why does S.C. Club, LP owe $1,614 and they can’t pay it off?
– Any noteholder who is owed less than $1,000 is suspicious to me as the amounts indicate secret payoffs as the fund was dying
– List of creditors shows Rotunda Garage at 300 Frank H. Ogawa Plaza (owned by Len Epstein and Phil Tagami) as being owed $70k and Epstein as being owed $318k. We thought they grabbed the Santa Barbara property for $10.00 that was worth millions – why are they still “owed” anything?
– Your name, address and amount “owed” should be listed on this schedule for everyone to see. I notice far too many friends being owed far too much money and I’m saddened by the fact that we have to chase Maribel’s jewelry to figure out how to save ourselves.
Now, the positive. Rumors have been circulating that at the next BK hearing in Oakland that noteholders, friends and family “occupy” Frank H. Ogawa Plaza for a demonstration in front of none other than Epstein & Tagami’s building. We’ll keep you posted once the organizers have done a bit more organizing.