Effect of the Bankruptcy

[admin]

Time to discuss the impact of the filing. First of all, the filing was only by the corporation, and was not done by Nilsen himself or by Accustom Development LLC. The initial impact is only on those who hold interests in notes in which the corporation holds the beneficial interests in the deeds of trust on your behalf (as opposed to Nilsen himself, dba Cedar Funding - and yes, there is a legal difference as they are two different entities). If your loan was held by the corporation and you have not yet received an assignment, we are going to have to either have the bankruptcy dismissed (something that was done illegally under the receivership and could probably, and easily get done when we want to do it), or get permission of the bankruptcy court to get the assignment (something harder to get). If you have already received an assignment, the filing has no impact on you.

If your loan was held by Nilsen dba Cedar Funding and not the corporation, the filing has no impact on you.

So, you see, the filing only impacts those who do not have an assignment already from the corporation. I am in the process of collating which loans fall within each category and will report on that later. However, you can see from your own loans which category you fall in, unless I still have your files, and as to those, ask me and I will tell you.

More later.
Larry

[elsbethfoster]

Larry,

can you tell me what position these loans are in?...5213,5428,47313,4951,5476?

Thanks,
Elsbeth

[icu812]

I just called Receivers Inc. and they said they were effectively off of the Cedar Funding Case and wish us the best of luck.

[alanrose]

Larry:
How does this Bankruptcy impact being in the "Fund"???
Alan R.

[admin]

Couple of comments about the receiver. I was very surprised that the receiver walked off the job when the Inc. filed bankruptcy because the Fund is its own separate entity and is not in bankruptcy. I called Tom Duffy this morning and expressed that surprise and he said the receiver just left because it was Cedar Funding, Inc.'s office. I asked Tom where the Fund's office was, and he replied "the same place". So I suggested that the receiver go back in and share the space with Cedar Funding till we get a trustee to take over for Nilsen as manager of Cedar Funding, Inc. Tom is doing both of those things, so i don't think in the long run this will be a major issue. It is just another delay by Nilsen. The result will be the same.

[catherinedoherty]

Larry and investors,

I am having a difficult time following the status of my 7 loans since I am traveling. I will be home June 16 and hope your meeting is after that; otherwise Nancy Sharrock can represent me. I have a lot of experience in deeds of trust and hopefully can assist you and the other investors when I get back. I would be willing to assist in collecting monthly payments.

It will be interesting to find out our position on each loan all of us hold. My Mora loan evidently paid off and where is my money? This is criminal on Dave's behalf since it was a very well secured loan and now he has used that money on something that I would not have picked and my signature was not obtained when it paid off. Of course, if I was not named on the assignment . . . (you know the rest).

Catherine Doherty
831-917-1750 (cell)

Feel free to call if you like

[usafret2shoes]

Larry: What can you tell us about Fraud Recovery Group,Inc. Columbus, Ohio Also any info you have regarding our
Loans 5205, Robert J. Vanzile and 5359, Laura A. Miyazaki. Jarvis

[admin]

There has been a lot of news about these groups, like Fraud Recovery Group, that promise they will recover your money for you through tax reductions. I suggest you rely on your CPA who will have to defend you in an audit. These groups will not be around when they convince you to file a certain type of return, and not be there to defend their advice.
Larry