Recent Updates

Recent Updates

The final distribution from the receivership estate has been sent out to all approved claimants/investors. We expect the receivership estate to terminate soon.

5/14/2018

In the action pending in U.S. District Court for the Central District of California, Case No. CV-02387-SVW(KKx), SEC v. Robert Yang, et al., notice is hereby given that the court-appointed Receiver has contracted to sell the real property located at 11202 Opal Avenue, in the City of Redlands, County of San Bernardino, State of California (APN: 0299-111-08) for the amount of $900,000.00. Sale is subject to overbid and Court confirmation. The hearing is set for June 11, 2018, at 1:30 p.m., courtroom of the Honorable Stephen V. Wilson (courtroom 10A), United States Courthouse, 350 W. 1st Street, Los Angeles, California 90012. The minimum initial overbid is $909,000.00. Subsequent overbids shall be in increments of at least $10,000.00. A fully executed purchase and sale agreement in a form acceptable to the Receiver and an earnest money deposit in an amount equal to ten percent (10%) of the purchase price must be received by 5:00 p.m. Pacific Standard Time, at least seven (7) business days before the scheduled hearing, by the Receiver at FedReceiver, Inc., c/o Stephen J. Donell, CCIM, CPM, 12121 Wilshire Blvd., Suite 1120, Los Angeles, CA 90025, in order to be considered. In addition, to be considered a qualified bidder, a prospective purchaser must abide by the overbid procedures as set forth in the sale motion, a copy of which is available on this website. If interested in submitting an overbid, please contact the
Broker, Doug Jorritsma, Land Advisors, at 949-656-8004 or at DJorritsma@landadvisors.com for the form of Purchase and Sale Agreement and other information.

03/06/2018

Pursuant to the February 8, 2018 order found here, the Receiver mailed the first distribution checks to all approved investor claimants on March 5, 2018. Please allow ample time for mailing from the US to China.

01/12/2018

The Receiver completed his processing of timely investor and creditor claims in September 2017, and filed an Omnibus Motion with the Court on October 3, 2017, presenting his recommended treatment of claims and requesting authorization to make payments on all allowed, priority claims. The resolution of the Receiver’s Omnibus Motion was delayed in order to address a unique, secured creditor claim. The secured creditor claim was resolved in December 2017. On December 7, 2017, the Court entered an order suggesting that it would enter an order granting the Omnibus Motion shortly, and the Receiver expects such an order to be entered in January 2018. The Receiver expects to commence making all claim payments permitted shortly after the Court’s entry of an order granting the Omnibus Motion.

财产代管人已于2017年9月完成处理及时的投资者及债权人索偿,并于2017年10月3日向法院提交综合动议,提出其建议的索偿处理方式,并要求法院授权其就所有获准的优先索偿作出付款。为处理一宗特殊的担保债权人索偿,针对财产代管人综合动议的决议被推迟。该担保债权人索偿已于2017年12月解决。2017年12月7日,法院下达指令,表明其将于不久之后下达批准“综合动议”的指令,财产代管人预计该指令将于2018年1月下达。财产代管人预计将在法院下达批准“综合动议”的指令后,立即开始进行所有获批的索偿付款。

09/07/2017

NOTE:  THE UNITED STATES DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA HAS SCHEDULED THE SALE REFERENCED BELOW TO BE HEARD ON SEPTEMBER, 11, 2017, AT 1:30 P.M. IN COURTHOUSE 10A OF THE UNITED STATES COURTHOUSE, 350 W. 1ST STREET, LOS ANGELES, CA 90012.  THE OVERBIDDER QUALIFICATION DEADLINE HAS BEEN MOVED BACK ACCORDINGLY.

In the action pending in U.S. District Court for the Central District of California, Case No. CV-02387-SVW(KKx), SEC v. Robert Yang, et al., notice is hereby given that the court-appointed Receiver has contracted to sell the real property located at 3599 Norton Avenue, (aka-3598 Martin Luther King, Jr. Boulevard), Lynwood, California along with the related facilities and personal property commonly known as the Lynwood Project for the amount of $2,110,000.00. Sale is subject to overbid and Court confirmation. The hearing is set for SEPTEMBER 11, 2017 at 1:30 p.m., courtroom of the Honorable Stephen V. Wilson( courtroom 10A), United States Courthouse, 350 W. 1st Street, Los Angeles, California 90012. The minimum initial overbid is $2,131,100.00. Subsequent overbids shall be in increments of at least $10,000.00. A fully executed purchase and sale agreement in a form acceptable to the Receiver and an earnest money deposit in an amount equal to ten percent (10%) of the purchase price must be received by 5:00 p.m. Pacific Standard Time, at least 7 business days before the scheduled hearing, by the Receiver at FedReceiver, Inc., c/o Stephen J. Donell, CCIM, CPM, 12121 Wilshire Blvd., Suite 1120, Los Angeles, CA 90025, in order to be considered. In addition, to be considered a qualified bidder, a prospective purchaser must abide by the overbid procedures as set forth in the sale motion, a copy of which is available on this website. If interested in submitting an overbid, please contact the Broker, Matthew Sullivan, Lee & Associates, at 213-623-0800 or at matthew.sullivan@lee-associates.com for the form of Purchase and Sale Agreement and other information.

08/07/2017

In the action pending in U.S. District Court for the Central District of California, Case No. CV-02387-SVW(KKx), SEC v. Robert Yang, et al., notice is hereby given that the court-appointed Receiver has contracted to sell the real property located at 3599 Norton Avenue, (aka-3598 Martin Luther King, Jr. Boulevard), Lynwood, California along with the related facilities and personal property commonly known as the Lynwood Project for the amount of $2,110,000.00. Sale is subject to overbid and Court confirmation. The hearing is set for September 18, 2017 at 1:30 p.m., courtroom of the Honorable Stephen V. Wilson( courtroom 10A), United States Courthouse, 350 W. 1st Street, Los Angeles, California 90012. The minimum initial overbid is $2,131,100.00. Subsequent overbids shall be in increments of at least $10,000.00. A fully executed purchase and sale agreement in a form acceptable to the Receiver and an earnest money deposit in an amount equal to ten percent (10%) of the purchase price must be received by 5:00 p.m. Pacific Standard Time, at least 7 business days before the scheduled hearing, by the Receiver at FedReceiver, Inc., c/o Stephen J. Donell, CCIM, CPM, 12121 Wilshire Blvd., Suite 1120, Los Angeles, CA 90025, in order to be considered. In addition, to be considered a qualified bidder, a prospective purchaser must abide by the overbid procedures as set forth in the sale motion, a copy of which is available on this website. If interested in submitting an overbid, please contact the Broker, Matthew Sullivan, Lee & Associates, at 213-623-0800 or at matthew.sullivan@lee-associates.com for the form of Purchase and Sale Agreement and other information.

03/14/2017

Reminder – All Claims are due by tomorrow, March 15, 2017. Any and all claims not submitted by the Claims Bar Date will be forever barred.

1/17/2017

1/17/2017 Update

TO ALL INTERESTED PARTIES:

On December 22, 2016, the presiding court granted the Receiver’s motion to establish a claims process, including approving his proposed claim form, setting a claims bar date, and establishing summary claims procedures to govern the claims process.  On January 13, 2017, the Receiver published notice of the commencement of the claims process, and of the claims bar date.  The claims bar date is March 15, 2017.  Claims received by the Receiver after March 15, 2017 are subject to denial.

In the coming weeks, all EB-5 investors with known contact information will receive correspondence from the Receiver regarding his proposed treatment of their claims.  Only if an investor does not agree with the Receiver’s proposed treatment must he or she submit a claim for and supporting documentation, in accordance with the claim form instructions.

All other parties, including but not limited to non-EB-5 investors, lenders, and trade creditors who believe they have a claim against any of the entities in receivership must submit a complete claim form, and provide all materials in support of their claim, to the Receiver by March 15, 2017.  Claim forms and instructions may be downloaded at https://fedreceiver.com/case/engagement-suncor-receivership-estate/claim-information/.  You may also request hard copies of claim forms and instructions by contacting the Receiver’s office at sarah.bates@fedreceiver.com or via phone at 310-207-8481.   Again, claims received after March 15, 2017 are subject to denial.

If you have any questions regarding the claims process, please contact the Receiver’s office at 12121 Wilshire Blvd., Suite 1120, Los Angeles, CA 90025, sarah.bates@fedreceiver.com, phone: 310-207-8481.

致所有相关方:

2016年12月22日,主审法院批准了接管人提出的建立债权清理程序的申请,包括批准其提议的债权审核表、设定债权申报截止日期,以及建立实施债权清理程序所需的简易债权处理流程。2017年1月13日,接管人公布了启动债权清理程序的通知和债权申报截止日期。债权申报截止日期为2017年3月15日。接管人将拒绝受理在2017年3月15日之后收到的债权申报。

在接下来的几周内,所有联系信息已知的EB-5投资者将收到接管人关于其提议的债权处理信函。仅当投资者不同意接管人提议的处理方式时,该投资者才须按照债权审核表的填写说明申报债权及相关证明文件。

所有其他方(包括但不限于非EB-5投资者、贷款人和贸易债权人)若认为其对任何被接管实体享有债权,则必须在2017年3月15日前向接管人提交一份完整的债权审核表并提供证明其债权的所有资料。债权审核表及填写说明可以在https://fedreceiver.com/case/engagement-suncor-receivership-estate/claim-information/下载。您也可以联络接管人办公室sarah.bates@fedreceiver.com或拨打电话310-207-8481索取债权审核表和填写说明的纸质文本。再次强调,2017年3月15日之后收到的债权申报将被拒绝受理。

如果您对债权清理程序有任何疑问,请联系接管人办公室,地址:12121 Wilshire Blvd.,Suite 1120,Los Angeles,CA 90025,sarah.bates@fedreceiver.com,电话:310-207-8481。

10/31/2016

10/31/2016 Update

As you know, Stephen J. Donell (the “Receiver”), was appointed in December 2015 as the permanent receiver for Suncor Fontana, LLC; Suncor Hesperia, LLC; and Suncor Care Lynwood, LLC, along with their respective subsidiaries and affiliated (collectively, the “Receivership Entities”) and instructed by the United States District Court for the Central District of California (the “Court”), among other things, to: (1) perform an analysis of the business and financial activities of the Receivership Entities; (2) recover funds for the benefit of investors in and creditors of the Receivership Entities; (3) make recommendations to the Court regarding the administration and disposition of the real properties; and (4) develop a process for evaluating and addressing claims for repayment submitted by investors in and creditors of the Receivership Entities.
As of October 2016, the Receiver has:

  • completed a forensic accounting detailing the business and financial activities of the Receivership Entities, which includes conclusions that funds raised from investors were not used in a manner consistent with representations made by the defendants, Robert Yang and Claudia Kano, and that the Receivership Entities were operated essentially as a unitary enterprise, due in part to commingling of funds derived from investors;
  • undertaken an analysis of the tax and tax filing obligations of the Receivership Entities, and developed an anticipated course of action for addressing such obligations;
  • recovered approximately $2.5 million in uncontested cash for the administration and benefit of the Receivership Entities;
  • recovered another $2 million, in cash, from Celtic Bank, a bank into which $2 million in funds derived from investors was deposited in connection with construction loans to the Receivership Entities, and which claims a priority interest in these funds, which must be adjudicated before any portion of these funds can be released to the Receiver;
  • recommended and secured Court approval for the abandonment of real properties located in Fontana and Hesperia, California. While these abandonments relieve the Receiver of any obligation to incur fees and costs in connection with the preservation or maintenance of these properties, their respective owners of record remain Receivership Entities;
  • completed negotiations with GBC Bank, a bank into which approximately $500,000 in funds derived from Receivership Entity was deposited, to recover at least $400,000 of these funds, contingent upon the successful sale of a property owned by defendant Yang’s medical practice;
  • completed an investigation of all funds paid to the U.S. company, Mason Investments, LLC (“Mason”), and commenced discussions with Mason’s U.S. attorneys regarding the return of some of these funds;
  • secured Court permission to market all remaining and saleable assets of the Receivership Entities for sale, and commenced the marketing and solicitation of offers for real properties located in Lynwood and Mentone, California;
  • developed a proposed claims process for investors in and creditors of the Receivership Entities, and commenced Court-mandated discussions with the plaintiff Securities and Exchange Commission (the enforcement agency which commenced the present litigation and requested the Receiver’s appointment). Assuming an agreement is reached, the Receiver expects to submit his proposed claims process for Court approval by November 18, 2016. PLEASE NOTE: THIS WILL NOT COMMENCE THE CLAIMS PROCESS. INVESTORS WILL BE NOTIFIED WHEN THE CLAIMS PROCESS HAS BEGUN.

In its present form, the Receiver’s claims process anticipates making cash distributions to investors and creditors with allowed claims, once the claims process is completed. It does not contemplate alternative scenarios whereby investors purchase or are transferred interests in Receivership Entity assets as an alternative to a cash distribution. Indeed, based upon the Receiver’s findings, none of the real property development projects proposed by defendants Yang and Kano for investment are viable in their present state and, as noted above, some of the underlying real properties have been abandoned by order of the Court. Please note that, notwithstanding the orders of abandonment, the Receivership Entities remain the owners of record for all abandoned properties. Any third parties making claims to the contrary should be reported to the Receiver.
Further, the Securities and Exchange Commission has alleged that defendants Yang and Kano obtained $20 million in investments through fraudulent means. Defendants Yang and Kano have stipulated to a judgment against them on the Securities and Exchange Commission’s allegations, and the Receiver has independently confirmed that a total of $20 million was obtained from foreign investors, and another $1 million from an investor based in the United States. The Receiver does not expect to recover all $21 million for the administration and benefit of the Receivership Entities and their creditors. Based on the facts presently available, the Receiver expects to recover between $3 million and $8 million, meaning that, under any distribution scenario, investors should not expect to recoup their entire investment.
The Receiver is providing the Court with periodic updates regarding his asset recovery and real property sales efforts, all of which will be available for review on the Receiver’s website, www.fedreceiver.com, under the “Cases” and “Suncor Receivership Estate” tabs. Notices regarding the status of the Receiver’s claims process will also be posted to the website. Accordingly, the Receiver recommends that all investors and interested parties periodically review the website in order to remain up to date on developments in the receivership case, including with respect to asset recoveries, fee applications, property dispositions, and claims.
Finally, please note that neither the Receiver nor his attorneys at the Allen Matkins firm can provide investors in or creditors of the Receivership Entities with legal advice. The Receiver urges any investors or creditors soliciting advice relating to any rights or claims implicating the Receivership Entities to consult with an independent attorney.

如您所知,2015年12月美国联邦加利福尼亚州中区地方法院指定Stephen J. Donell(“接管人”)担任Suncor Fontana, LLC、Suncor Hesperia, LLC和Suncor Care Lynwood, LLC以及其各自的子公司和关联公司(统称“被接管实体”)的接管人,并指示接管人实施以下事项:(1)分析被接管实体的业务和财务活动;(2)为被接受实体的投资人和债权人的利益追回资金;(3)向法院提出不动产管理和处置方面的建议;以及(4)制定相应的流程,以评估和解决被接受实体的投资人和债权人提出的偿还请求。

截至2016年10月,接管人已经:

  • 就被接管实体的业务和财务活动完成详细的司法审计,包括作出以下结论:投资者募集资金并没有按照被告Robert Yang和Claudia Kano声明的方式使用;部分由于来自投资者的资金发混同,被接管实体基本上作为单个企业经营;
  • 对被接管实体的税收和纳税申报义务实施分析,并制定了预期的措施流程以处理该等义务;
  • 为管理被接管实体并且为被接管实体的利益,追回约250万美元无争议的现金;
  • 从凯尔特人银行追回200万美元现金。该银行收到来自投资者的200万美元资金存款,作为被接管实体的建设贷款,但是该银行主张对这些资金享有优先权,因此在这些资金能够支付给接管人之前必须取得相应判决;
  • 建议并取得法院批准,以放弃位于加利福尼亚州丰塔纳和希斯皮里亚的不动产。虽然放弃这些不动产将解除接管人可能产生的与保全或保留该等物业相关的任何费用支付义务,但该等物业的所有权人应登记在被接管实体名下;
  • 完成与GBC银行的谈判。该银行收到来自被接管实体约500,000美元的资金。如果被告Yang的医疗业务拥有的物业顺利出售,可以从这些资金中至少追回400,000美元;
  • 调查了向美国Mason Investments, LLC(“Mason”)支付的所有资金,开始与Mason的美国律师讨论退还部分资金;
  • 取得法律许可,以出售被接管实体所有剩余可售资产,开始营销和出售位于加利福尼亚州林伍德和曼特尔的不动产;以及
  • 为被接管实体的投资者和债权人制定了提议的索赔程序,开始法院强制要求的与原告证券交易委员会(即提起本案诉讼并要求指定接管人的执法机构)的讨论。假若签订协议,接管人预计于2016年11月18日前提交其提议的索赔程序,由法院批准。请注意:本文件不会启动索赔程序。索赔程序启动时将通知投资者。

接管人目前制定的索赔程序预计将在索赔程序完成时,向投资者以及享有合格债权的债权人实施现金分配。该方案不允许投资者在现金分配以外购买被接管实体的资产,或者转让在被接管实体资产中的权益。根据接管人目前查明的情况,被告Yang和Kano拟投资的任何不动产开发项目在目前状态下均不可行;而且,如上所述,有些投资的不动产已按照法院的命令被放弃。请注意,尽管存在这些财产放弃令,被接管实体仍是所有被放弃物业的登记所有权人。提出不同索赔请求的任何第三方应向接管人报告。

此外,美国证券交易委员会指控被告Yang和Kano通过欺诈手段获取2000万美元投资款。被告Yang和Kano已在证券交易委员会提起的诉讼中接受对其不利的判决,接管人已独立确认被投资实体从外国投资者取得了总计2000万美元的资金,另有100万美元来一名美国境内的投资者。据接管人预计,无法为被接管实体的管理以及为被接管实体及其债权人的利益追回所有2100万美元。根本目前掌握的事实,接管人预计将追回300万至800万美元,这意味着无论按照何种分配方案,投资者可能无法收回其全部投资。

接管人目前向法院提供与其资产追回和不动产出售措施相关的定期信息更新。请在接管人的网站www.fedreceiver.com“案件”和“Suncor接管财产”标签项下查阅所有更新信息。关于接管人索赔程序进展情况的通知也将在网站上发布。接管人因此建议所有投资者和相关方定期查看该网站,以了解该接管案件最新进展情况,包括资产追回、费用使用、财产处置和债权请求等信息。

最后,请注意:接管人以及Allen Matkins律师事务所的律师无法向被接管实体的投资者和债权人提供法律意见。接受人强烈建议任何投资者或债权人向独立律师咨询其享有的与被接管实体相关的任何权利或债权。

05/20/2016

Initial Report of Receiver, Stephen J. Donell, Re: Marshaling and Preservation of Receivership Assets, and Petition for Further Instructions:  In this filing, the Receiver, Stephen J. Donell, detailed his efforts to identify assets of the entities that are in receivership.  He identified financial books, business records, and other documents, money in bank accounts that was frozen by court order, various real properties, interests of the relief defendants, and potential legal claims against third parties. The Receiver also described his initial recovery of assets on behalf of the investors, and explained how the real estate projects that the receivership entities had been engaged in were being administered.

Please note, no claims process was proposed or commenced at this time.

接管人Stephen J. Donell的初步报告,主题:接管资产的次序梳理和保全,以及申请取得进一步指示:在本提交文件中,接管人Stephen J. Donell详细介绍了其为查明被接管实体的资产而开展  的工作。他查明了财务账册、业务记录及其他文件、法院命令冻结的银行账户中的资金、各种不动产、连带被告的利益以及针对第三方可能行使的法定求偿权。接管人还描述了他代表投资者    实施的初步资产追回,解释了目前如何管理被接管实体已开展的房地产项目。

请注意,此时尚未建议,也未启动任何追索程序。

First Quarterly Status Report of Receiver Stephen J. Donell:  In his first quarterly status report, the Receiver notified the Court that he had now recovered approximately $2.4 million of the assets invested by the investors in the entities that are in receivership.  He also identified another $2.5 million in assets that he believes must be turned over by the bank entities that are currently holding those assets.  The Receiver also discussed his review of documents relating to the business and financial activities of the entities that are in receivership, reflecting over 20,000 separate financial transactions.  Additionally, attached to this report was a detailed forensic accounting relating to the financial activities of the receivership entities, the defendants being sued by the Securities and Exchange Commission, and other affiliated entities.

Please note, no claims process was proposed or commenced at this time.

接管人Stephen J. Donell的首次季度状态报告:在他的首次季度状态报告中,接管人通知法院他已追回大约240万美元投资者在被接管实体中投资的资产。他还查明其他250万美元资产,他认为目前持有这些资产的银行实体必须移交该等资产。接管人还讨论了他已审查的与被接管实体的业务和财务活动相关的文件,这些文件反映了超过20,000项独立的财务交易。此外,该报告的附件提供了与被接管实体、被证券交易委员会起诉的被告以及其他关联实体的财务活动相关的司法审计会计明细。

请注意,此时尚未建议,也未启动任何追索程序。

Ex Parte Application of Receiver, Stephen J. Donell For Order to Show Cause Why Celtic Bank Should Not Be Held In Civil Contempt:  As detailed in the first quarterly status report, the receiver has identified $2.5 million in assets that are being held by bank entities, which the Receiver believes must be turned over to him, for the benefit of the investors, by the bank entities that are currently holding those funds.  Of this, $2 million is being held by a bank called Celtic Bank.  The Receiver has demanded that Celtic Bank turn this money over to the Receiver, but Celtic Bank has refused, which led to the filing of this application.  The Receiver also has a similar dispute with a bank called GBC International Bank, relating to the remaining $500,000, in connection with which no court filings have yet been made.

Please note, no claims process was proposed or commenced at this time.

接管人Stephen J. Donell提出单方申请,以要求说明凯尔特人银行(Celtic Bank)不被认定为藐视法庭的理由:正如在首次季度状态报告中详细提到的,接管人已查明银行实体目前持有的250万美元资产,接管人认为目前持有这些资金的银行实体必须为投资者的利益将该等资金移交给他。其中,一家“凯尔特人银行”目前持有200万美元资金。接管人已要求凯尔特人银行将该等资金移交给他,但凯尔特人银行拒绝移交,因此接管人提出此项申请。接管人还与一家“中亚银行(GBC International Bank)”存在类似争议,该银行持有其余500,000美元资金。接管人目前尚未向法院提出相关申请。

请注意,此时尚未建议,也未启动任何追索程序。

A building with the sky as a background

Get in Touch Today

A man talking on his phone turned away from the camera

About FedReceiver