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The Receiver expects to begin closing on the eleven lots that are currently under contract in Mexico. Proceeds from these closings are anticipated to be received within approximately ninety days following closing. Once received, the Receiver anticipates presenting these proceeds, together with the recently received $500,000 settlement from Ross Miles, to the Court for approval of a proposed distribution to investors. The receiver has listed 12 additional lots for sale, and is evaluating options for the remaining development land in Mar de Plata. This land may be marketed as individual lots or as a single development parcel. We appreciate the continued patience and will provide further updates as closings progress.

There is a summary judgement hearing scheduled for August 1, 2025 at 1:30pm. Investors may attend either via Zoom or in-person at the Clark County Courthouse.

Join Zoom Meeting/Hearing.

Meeting URL:

https://clark-wa-gov.zoom.us/j/87686782365?pwd=JnCU4TCREUp2pW8y6bNzdAxW3hWbTU.1

Meeting ID:  876 8678 2365 Password:  27181810 Join by Telephone: US: +1-206-337-9723 or 888-788-0099 (Toll Free)

All investor checks over $5,000 were sent via certified mail on September 3rd or 4th. These checks should begin to arrive on September 6th and will require a signature. Checks under $5,000 were sent via regular mail on Aug 30th.

For investors planning to pick up their checks at the Receiver’s office, the pick-up window is: Thursday, Aug 29 – 10 AM to 4 PM Friday, Aug 30 – 10 AM to 2 PM The Receiver’s address is: 1 SW Columbia, Suite 525 Portland, OR 97204 Investors will need a photo ID to pick up checks. If you need to schedule an alternate time, please call, or email the Receiver’s office at AEMreceiver@hamstreet.net or 503-223-6222. If you plan to pick up your check, but haven’t notified the Receiver, please call or email so that we can have your check ready. All remaining checks will be mailed on August 30. If you are out of town and would like your check held, please reach out to the Receiver’s office.

The bank settlements were funded this week, and the receiver anticipates making its 3rd distribution to investors on August 30th. If you have changed your mailing address or would like to pick up your check at the Receiver’s office, please contact our office at 503-223-6222.

The Receiver is proposing to enter into a Settlement Agreement with the Anderson Plaintiffs, the Beattie Plaintiffs, Pacific Premier Bank, and Riverview Bank to fully and finally resolve the Anderson Litigation, the Beattie Litigation, the Settlement Appeal, the Contempt Appeal, the Final Contempt Order, the Receiver’s Judgment, the Bank’s Judgment, the Receiver’s Oregon Judgment, and the Bank’s Oregon Judgment and all other known or unknown claims, disputes, and differences between the Receiver, Pacific Premier Bank, and Riverview Bank, on the one hand, and the Anderson Plaintiffs and the Beattie Plaintiffs, on the other.  The Anderson Plaintiffs and the Beattie Plaintiffs are granting releases of the Receiver, Pacific Premier Bank, and Riverview Bank (except their allowed claims as investors in the receivership proceeding), and the Receiver, Pacific Premier Bank, and Riverview Bank are granting releases of the Anderson Plaintiffs and the Beattle Plaintiffs.  The releases are contingent upon certain terms and conditions, as more fully set forth in the Settlement Agreement, including (1) approval of the Settlement Agreement by the Superior Court in the receivership proceeding, (2) dismissal with prejudice of the Anderson Litigation and the Beattie Litigation as against Pacific Premier Bank and Riverview Bank, and (3) dismissal with prejudice of the Settlement Appeal and the Contempt Appeal.  The consummation of the proposed settlement will facilitate the payment of $19 million to the Receiver by Pacific Premier Bank and Riverview Bank under the Receiver’s separate settlement with them, and the Receiver’s distribution of $17 million from those funds on allowed receivership claims, as previously approved by the Superior Court under its orders entered on August 31, 2023.  The notice of the proposed settlement, including a copy of the Settlement Agreement, is available on the Settlements Page.