REMOVAL_OF_RECEIVER

Honorable Gonzalo Curiel:

 

Please review this petition and grant our request to have the Receiver removed as administrator of my General Partnership investment(s).  These land partnerships were dragged into this without the appropriate Due Process.  Please understand that, with the implementation of a Receiver, our ability to communicate with one another as partners was taken away since the Receiver disallowed the partnership Secretaries to coordinate the communication between the various partners and partnerships.

 

We feel strongly that we should have never been brought into this case by the SEC as we were NOT named parties in the complaint or the lawsuit brought against Western Financial.  As evidenced by the points below, we investors understand our investment.  We had control and the ability to use it.  We would like that back.

 

1.  I made my investment with the knowledge and expectation that I had voting rights that allowed me, along with my fellow partners, to control the investment.

 

2.  Regardless of what the SEC feels about whether or not Western should have offered these investments as Securities instead of General Partnerships in land is irrelevant to me.  My intent was simple.  I bought this land to hold for appreciation and to sell it sometime in the future.  Whether this investment is a Security or not does NOT change that.

 

3.  I do NOT need help from either Louis Schooler or Western Financial as I am capable of either accepting or rejecting any offer to purchase that comes to my attention.

 

4.  I am aware of, and comfortable with, the systems that have been in place from the onset of my investment that help me to perform the simple ongoing administration of my investment.  They include the Independent Contractor Partnership Secretaries, Accountants, Collections and technology functions.

 

5. My intent in choosing to participate in this investment was to buy and hold raw land purely for long term appreciation and to sell it at some point in the future.

 

6.  I do NOT need or want a Receiver involved in my land investment.  It is unnecessary and expensive.  The current Receiver has brought no value to my investment and has kept all of the original service providers in place that were doing the job for me from the beginning.  All he has done is billed at a very high hourly rate for "looking into" my investment and overseeing the people that were helping me to administer my investment successfully from the beginning.   He supposedly has a duty to do what is in my best interest, but it appears as though he has done numerous things that have wasted my money and is recommending a certain course of action to you that could cause me to lose my entire investment.

 

7.  I am aware that I paid more for my investment than Western Financial did originally because I didn't just buy a random piece of land.  I bought a property that, in many cases, had hundreds of thousands of dollars of research done on it before I ever learned about it.  Depending on which property, that research could have included Feasibility Studies, ALTA Surveys, water studies, earthquake fault studies and numerous others, all of which were paid for by Western Financial.

 

8.  I did not purchase my land expecting it to stay exactly like it is.  I expect it is likely to be purchased by a builder in the future because it has a much higher and better use than what I bought it as, thereby making it more valuable to that builder.

 


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