Klein & Associates

Current (2016-2020) Events

December 9, 2020: Court Signs Order Terminating the Receivership. The judge overseeing the National Note Receivership signed an order terminating the Receivership and discharging the Receiver. The Receiver is authorized to take steps to wind down the receivership including destroying records, filing final tax returns, and paying closing expenses. A copy of the Court’s order can be found here.

December 3, 2020: Interim Status Report for Hearing on Terminating Receivership Estate. The Court has set a hearing for December 14, 2020 on the Receiver’s motion to terminate the Receivership Estate. In advance of that hearing, the Receiver filed an interim status report. A copy of that report can be found here.

September 21, 2020: Motion to Terminate Receivership. The Receiver filed a motion to terminate the Receivership. The motion states that all properties have been sold, all judgments have been collected, and all distributions have been completed. A copy of the motion can be found here. The Court has set a hearing on October 14, 2020 at 10:00 a.m.

July 23, 2020: Status Report Filed. The Receiver filed a status report today covering the period from April 1, 2020 to June 30, 2020. A copy of the report can be found here.

June 5, 2020: Third Distribution Approved. The Court issued an order today approving the Receiver’s proposal to send a third and final distribution of $1,238,500 to claimants. The distribution will go to 239 claimants and will bring all claimants to a minimum recovery of 31.3% of their net principal investment amounts. Checks should be mailed to claimants by the end of June. This will be the last distribution of funds. When the distribution checks have all been cashed, the Receiver will file a motion to terminate the Receivership Estate. A copy of the Court’s order can be found here.

May 19, 2020: Motion Filed for Third and Final Distribution. The Receiver filed a motion today seeking Court approval to make a third and final distribution to persons who invested with National Note. In the motion, the Receiver notes that all litigation and collections have now been concluded and all properties have been sold. The Receiver proposes to distribute $1,238,500 to 239 claimants who qualify to receive distributions. This distribution will bring all National Note claimants to a recovery of 31.35% of their net principal investment amounts (amounts invested less all distributions from National Note or the Receiver). A copy of the motion can be found here. A spreadsheet, showing how much each claimant will receive (by claim number) can be found here. After the Court approves this distribution and all the distribution checks are cashed, the Receiver will file a motion asking the Court to terminate the Receivership and discharge the Receiver. The Court has scheduled a hearing for June 4, 2020 on the motion.

May 8, 2020: Status Report Filed. The Receiver filed a status report covering the first three months of 2020. The report summarizes the results of the sale of the Elkhorn Ridge lots at auction and plans to make a final distribution and close the case. A copy of the report can be found here.

March 6, 2020: Results of Property Auction. The Receiver filed a report today with the results of the sale of 37 lots in the Elkhorn Ridge subdivision near Malad, Idaho. The aggregate gross bid prices for the lots were $532,500. After paying sales commissions and closing costs, the Receivership netted $488,855.40. A copy of the notice can be found here. The Receiver will now seek Court approval to make a final distribution and close the case.

January 24, 2020: Quarterly Report Filed. The Receiver filed the quarterly status report for the period from October through December 2019. The report describes the successful auction of the remaining real estate owned by the Receivership and plans to make a final distribution and close the Receivership. A copy of the report can be found here.

January 24, 2020: Fee Application Filed. The Receiver filed an application for approval to pay fees for work he and his attorneys performed during 2019. A copy of the fee application can be found here.

November 14, 2019: Property Auction Set. The Receiver and Statewide Auction have set the auction of the Elkhorn property for Tuesday, December 17 at 12:00 noon. The auction will be held at the offices of Statewide Auction, 155 N. 1000 West, Salt Lake City, UT 84116. A copy of the auction notice can be found here. More information about the property can be obtained from the Receiver or at www.statewideauctionco.com.

November 7, 2019: Property Auction Approved. The Court approved the Receiver’s proposal to sell the Elkhorn property at auction. A copy of the Court’s order can be found here. A date for the auction will be set soon and notice of the auction date will be posted on this website and in legal notices in newspapers in Salt Lake and Oneida County, Idaho.

November 5, 2019: Second Motion for Approval to Sell Elkhorn Property at Auction. The Receiver filed a motion seeking Court approval of a new plan to sell the Elkhorn property at auction. The motion explains that the existing listing agreement with the real estate broker has expired. The Receiver proposes to have Statewide Auction Company conduct a two-pronged auction of the Elkhorn property, conducting bidding for the property as a whole and for each individual unit, to determine which approach yields the highest bid for the property. Statewide will employ an aggressive marketing strategy in advertising the property and soliciting bids. A copy of the motion can be found here.

October 29, 2019: Status Report Filed. The Receiver filed a status report today. The Report summarizes actions in the Receivership Estate for the period from July 1, 2019 to September 30, 2019 and provides a financial report. A copy of the report can be found here.

July 31, 2019: Status Report Filed. The Receiver filed a status report showing activities for the second quarter of the year. The report explains that the only item remaining to accomplish in order to make a final distribution and close out the estate is to find a buyer for the Elkhorn Ridge properties. The Receiver is continuing his efforts to accomplish that. A copy of the report can be found here.

May 3, 2019: Fee Application Approved. After holding a hearing, the Court approved a fee application for the Receiver and his counsel for the period from July to December 2018. A copy of the order approving the fee application can be found here.

April 12, 2019: Status Report Filed. The Receiver filed a quarterly status report covering the first three months of 2019. The report explains that all settlement and judgment recoveries have been collected and all properties have been sold, except the Elkhorn Ridge development in Idaho. A copy of the report can be found here.

April 10, 2019: Palmer Incarceration Date Postponed to August. On April 8, 2019, Wayne Palmer’s public defender requested another extension of the date for Palmer to surrender to begin serving his prison term. The request was based on surgery Palmer was scheduled to have on April 11, to correct medical conditions resulting from his November 2018 vehicle collision. Palmer’s attorney requested an extension of his surrender date to October 17, 2019. The Court granted an extension to August 14, 2019. Copies of the motion, the physician notes, and the court order can be found here.

April 9, 2019: Fee Application Filed. The Receiver filed an application for payment of his fees and fees for his attorneys for the period from July 1, 2018 to December 31, 2018. A copy of the fee application can be found here.

April 2, 2019: Order Appointing Appraiser. The Court today approved the appointment of an appraiser to prepare a current appraisal of the Elkhorn Ridge land near Malad, Idaho. A copy of the order can be found here.

March 7, 2019: Status Report Filed. The Receiver filed his status report for the quarter ending December 31, 2018. The Report can be found here.

February 22, 2019: Motion to Sell Idaho Property at Auction Denied. The Court today denied the Receiver’s motion to sell the 37 lots in the Elkhorn subdivision near Malad, Idaho at auction. A copy of the order can be found here. At a hearing on the motion, the Court directed the Receiver to obtain an updated appraisal on the property and seek other alternatives to finding buyers for the unsold lots. This means the Receiver’s hopes to terminate the Receivership Estate by mid-year will be delayed.

January 9, 2019: Incarceration Postponed for Wayne Palmer. The court that sentenced Wayne Palmer to prison has granted a motion by Palmer to postpone the date of his surrender due to an automobile collision involving Palmer. The new date for him to report to prison is April 17, 2019. A copy of the motion to postpone the surrender date can be found here. The court order approving the extension of time can be found here.

January 31, 2019: Receiver Motion Seeking Permission to Sell Elkhorn Property at Auction. The Receiver filed a motion today seeking Court approval to conduct an auction to sell the last remaining property in the Receivership Estate. If approved by the Court, the Receiver will conduct an auction in the Spring to sell the remaining 37 lots at Elkhorn Ridge Estates, near Malad, Idaho. The property has a minimum sale price of $200,000, but the Receiver hopes the final selling price will be much higher. A copy of the motion can be found here. The auction procedures are described in the contract with the auctioneer. A copy of that contract can be found here. The Receiver’s declaration can be found here.

January 25, 2019: Results of Overland Trails Property in Eagle Mountain, UT. The sale of the 12 acre parcel of undeveloped land in Eagle Mountain, Utah (also called Overland Trails) closed on January 18, 2019. A copy of the Receiver’s Notice of Public Sale Results was filed today and a copy can be found here. The high bid at the auction held on December 19, 2018 was $690,000. After paying nine years of property taxes, real estate commissions, and closing costs, the next sale proceeds to the Receivership Estate were $625,681.94. All liens on the property had been previously released in connection with settlements with lien holders so the entire amount of the net sale proceeds will be transferred to the Receivership operating account.

November 19, 2018: Approval to Auction Property in Eagle Mountain, Utah. The Court today approved the Receiver’s motion to conduct an auction of 12.24 acres of residential property in Eagle Mountain, Utah. A copy of the order can be found here. The Receiver has an opening bid of $400,000 for the property. The auction will be held December 19, 2018 at the property, at 3600 North Deep Water Drive, Eagle Mountain, Utah. A copy of the auction publication notice can be found here. Anyone wishing to bid at the auction must comply with the approved auction procedures. The auction procedures can be found here. Participation at the auction is encouraged. Additional information about the auction can be obtained by contacting the Receiver.

November 13, 2018: Motion for Approval to Sell Overland Trails Property at Auction. The Receiver filed a motion today seeking approval to conduct an auction of the Overland Trails property in Eagle Mountain, Utah. A copy of the motion can be found here. The Receiver’s declaration in support of the motion can be found here. The auction procedures can be found here. The Receiver’s motion indicates a starting bid of $400,000 was received for the property. If the court approves the auction, the bidding will start at the $400,000 opening bid price.

October 30, 2018: Status Report Filed. The Receiver filed a status report for the period from July through September. A copy of the report can be found here.

October 11, 2018: Fee Application Approved. The Court approved payment of fees for the receiver and his attorneys for the period from April through June 2018. A copy of the order can be found here.

August 31, 2018: Property Sale Denied. The Court rejected, for now, the Receiver’s request for approval to conduct an auction to sell the Overland Trails property in Eagle Mountain, Utah, where the auction would have a minimum bid of $250,000. The Court instructed the Receiver to conduct another round of advertising the property, paying for color advertisements, to see if a higher opening bid is obtained. After the extra round of advertising, the Receiver can bring another motion asking permission to conduct an auction. A copy of the Court’s order can be found here.

August 31, 2018: Property Sale Approved. The Court approved the sale of two building lots in the Elkhorn subdivision near Malad, Idaho for $44,000. A copy of the court order can be found here.

August 31, 2018: Palmer Sentenced to Prison. At a hearing today, U.S. District Judge Clark Waddoups found that the criminal plea agreement between Wayne Palmer and prosecutors was reasonable. Judge Waddoups listened to the statements of seven investors and considered the pre-sentence recommendations of the federal probation office. The sentence imposed by the Court included the following:

• 60 months of incarceration in federal prison,
• Three years of supervised probation after his release from prison,
• An order that Mr. Palmer pay $52,944,855.41 in restitution to 564 investors. Upon his release from prison, Mr. Palmer must pay at least $500 per month in restitution,
• As a felon, he will be prohibited from possessing firearms and must inform prospective employers of his criminal sentence.
• He must report to prison on January 17, 2019 and will likely be incarcerated at the federal prison in Sheridan, Oregon.

August 15, 2018: Fee Applications Approved. After holding several hearings, the Court approved fee applications for the Receiver and his attorneys for the period from October 1, 2017 to March 31, 2018. The Court imposed a reduction of $19,987.12 for legal work on an appeal. Copies of the orders approving the fee applications can be found here and here.

August 9, 2018: Palmer Pleads Guilty. At a hearing today in the criminal case, Wayne Palmer pleaded guilty to two felony criminal convictions: wire fraud and money laundering. The guilty plea was part of a plea agreement in which prosecutors agreed that the guilty plea would be conditioned on Palmer being sentenced to five years in prison. Palmer will also be ordered to pay restitution of $52.8 million. The judge conditionally accepted the guilty plea and set sentencing for August 31, 2018 at 3:00 p.m. If, at the sentencing hearing, the judge decides to impose a sentence of more than five years, Palmer will be able to withdraw his guilty plea. If Palmer withdraws his guilty plea, the trial is still scheduled to begin on September 14, 2018. A copy of the plea agreement signed by Palmer can be found here.

July 18, 2018: Motion to Approve Sale of Elkhorn Lots. The Receiver filed a motion today seeking court approval to sell two building lots in the Elkhorn Ridge subdivision, in Oneida County, Idaho. The two 2.5-acre lots are being sold for a total of $44,000. A copy of the motion can be found here. If the court approves the sale of these lots, 35 lots in this subdivision remain to be sold.

July 17, 2018: Status Report Filed. The Receiver filed his status report for the second quarter. A copy of the report can be found here. The report discusses the second distribution that was made during the quarter, property sales, the conclusion of litigation, and financial activities. In addition, a summary of all properties sold and a list of properties remaining to be sold is attached to the report.

June 22, 2018: Second Distribution Approved. The Court approved the Receiver’s amended request to make a second distribution in the amount of $2,005,394.41 to claimants. Checks representing payment of the second distribution will be mailed within the next two weeks. A copy of the order, including a list of the amounts that will be paid to each qualifying claimant, can be found here.

June 22, 2018: Motion Seeking Approval to Sell Eagle Mountain Property at Auction. The Receiver filed a motion seeking court approval to sell the 12-acre undeveloped property in Eagle Mountain, Utah called Overland Trails. The Receiver has preliminarily accepted an offer of $250,000 for the property and intends to conduct an auction to determine whether any higher offers are made for the property. A copy of the Receiver’s motion can be found here. The auction procedures can be found here.

June 19, 2018: Notice of Deer Meadows Auction Sale Results. The Receiver filed a notice with the court summarizing the results of the auction of the Deer Meadows property in Duchesne County, Utah. The notice explains that no other bidders pre-qualified to participate in the auction, so the auction was canceled and the sale was finalized to the stalking horse bidder. From the original sales price of $41,000, amounts paid at closing included property taxes of $3,378.53, sales commission of $2,460, and title insurance and closing costs of $655. The net amount to the Receivership Estate was $34,506.47. A copy of the notice can be found here.

June 14, 2018: Amended Motion Filed for Permission to Make Second Distribution. The Receiver filed an amended motion today seeking Court approval to make a second distribution in the amount of $2 million. A copy of the amended motion and the exhibit (showing the amounts to be paid to each claimant) can be found here and here. The Court has set another hearing for June 21 to consider the amended motion.

May 18, 2018: Order Approving Settlements. The judge signed an order today approving settlements the Receiver made with lienholders on the Overland Trails properties. A copy of the order can be found here.

May 16, 2018: Motion for Second Distribution of $2 Million. The Receiver filed a motion seeking Court approval to make a second distribution to investors in the amount of $2 million. This supplements the $4.5 million distributed in November 2016. If approved, the $2 million would be distributed to 228 claimants who have received less than 27.57% return of their investments. The proposed distribution follows the Court’s November 8, 2016 order that all distributions following the initial distribution would be allocated using the “rising tide” methodology. Under this methodology, funds are distributed to those who have received the lowest levels of recovery from National Note and the Receivership. With this distribution, all allowed claimants will have recovered at least 27.57% of their net principal investment amounts. Exhibit A to the motion lists the amount of distribution that would be paid to each allowed claimant (listed by claim number). Following distribution of this amount, the Receivership Estate will have approximately $300,000 remaining in the Receivership bank accounts. Approximately $110,000 of this amount is reserved to pay settlements of liens on the Overland Trails property in Eagle Mountain, Utah. The Receivership’s Deer Meadows property will be sold at auction on May 31. That will leave the Overland Trails property and Elkhorn Ridge property (near Malad, Idaho) to sell, as well as amounts expected to be recovered from collection of judgments the Receiver has obtained previously. The Receiver expects there will be a third, final distribution when the Receivership Estate is closed out. A copy of the motion can be found here.

May 15, 2018: Motion for Approval of Settlements with Lienholders. The Receiver filed a motion seeking Court approval of settlement agreements with the holders of six liens on the Overland Trails property in Eagle Mountain, Utah. The Overland Trails property is encumbered by seven deeds of trust held by National Note investors. These seven deeds of trust are in a total amount of $246,671.67. Unlike the “Assignments of Beneficial Interests” that were granted to many investors, these trust deeds appear to constitute valid liens on the property. These liens, together with approximately $25,000 in unpaid property taxes, has made it difficult for the Receiver to sell the property for an amount that would result in net equity for the Receivership Estate. The Receiver has negotiated agreements with six lienholders to release their liens for $109,900—reducing the Receivership Estate’s cost basis in the property by a little more than $136,000. The seventh trust deed was released in an earlier settlement. If the Court approves the settlements, the Receiver expects to be able to sell the property at a profit. A copy of the motion can be found here.

May 14, 2018: Order Approving Payment of Contested Claims. The Court issued an order approving payment of the three original claims that were still contested based on the claimants seeking to enforce liens against property of the Receivership Estate. Because the Court had ruled the liens were invalid and the claimants’ appeal was dismissed, the claims are the only recoveries these investors will receive. The Court approved payment of $20,960.86 on these claims. A copy of the Court’s order can be found here.

May 11, 2018: Motion to Approve Disputed Claims. With the appeals court’s dismissal of the claims by three investors that their assignments of beneficial interest should have entitled them to preferential recovery of funds, the Receiver filed a motion seeking approval to pay the claim amounts these claimants were scheduled to receive as part of the initial distribution. A copy of the motion filed by the Receiver can be found here.

May 11, 2018: Criminal Sentencing of Julie Palmer Martin. Julie Palmer Martin was sentenced on her guilty plea to two felonies. The sentence includes 16 months in prison, approximately $2 million in restitution, and three years of probation following her release from prison. She will be required to make minimum restitution payments of $350 per month.

May 3, 2018: Quarterly Status Report Filed. The Receiver filed his quarterly report today for the period January 1, 2018 to March 31, 2018. The report details progress in selling property and the successful conclusion of the appeal regarding whether assignments of beneficial interest were valid liens on receivership property. As a result of the appeals court ruling, the property sale proceeds will now be available for distribution. A copy of the report can be found here.

April 25, 2018: Court Approves Auction to Sell Deer Meadows Property. The Court signed an order today approving the Receiver’s motion to conduct an auction to sell the Deer Meadow’s property. The Receiver has set an auction date of Thursday, May 31, 2017 at 11:00 a.m. at the Duchesne County Courthouse, 21554 W 9000 S, Duchesne, UT. Bids higher than $41,000 are welcome. Anyone desiring to bid at the auction must prequalify with the Receiver by May 24, 2017. The Court’s order can be found here.

April 24, 2018: Motion for Sale of Deer Meadows Property. The Receiver filed a motion seeking approval to conduct a public auction of the 89-acre parcel of property owned by the Receivership near Duchesne, Utah. The auction price will start at $41,000, the amount of an offer made to the Receiver. A copy of the motion can be found here.

April 3, 2018: Appeals Court Ruling on ABI Appeal. On April 3, 2018, the Tenth Circuit Court of Appeals dismissed the appeal filed by three claimants. The three claimants had asserted that “assignments of beneficial interest” (ABIs) given to them by National Note entitled them to all the net sales proceeds from the sales of certain real property owned by the Receivership Estate. The District Court ruled against these claimants in November 2016 and the claimants appealed. The appeals court said the appeal had not been filed within required time limits, so the appeal was dismissed. A copy of the court ruling can be found here. When the time has passed for these claimants to seek reconsideration of the ruling or filing a further appeal, the Receiver will begin the process of asking the Court for approval to make a second distribution to investors.

March 22, 2018: Property Sale Approved. The Court approved the sale of lot 22 in the Elkhorn Ridge development near Malad, Idaho for $22,000. A copy of the court’s order can be found here.

March 13, 2018: Criminal Sentencing for Julie Palmer. The Receiver has learned that Julie Palmer has notified the Court that she intends to retain the plea agreement she negotiated with the U.S. Attorney. A copy of her notice can be found here. The Court has set sentencing of Julie Palmer for May 11, 2018 at 2:30 p.m. The trial for Wayne Palmer is still set to begin September 14, 2018.

March 5, 2018: Sale of Final Minnesota Lot Approved. The Court signed an order today approving the sale of the final undeveloped industrial lot that the Receivership owned in Minnesota. The Receivership will receive a net of $9,000 from the sale of this property that was subject to government liens that exceeded the value of the property. A copy of the court order can be found here.

February 26, 2018: Criminal Trial Date Set. At a hearing on February 26, 2018, the federal judge rejected the plea agreements of Wayne Palmer and Julieann Palmer Martin. The judge set a firm trial date to begin with jury selection on September 14, 2018. The judge scheduled three weeks for the trial.

February 23, 2018: Fee Application Filed. The Receiver filed an application to pay fees for himself and his attorneys for the period October 2017 through December 2017. A copy of the fee application can be found here.

February 16, 2018: Motion for Sale of Lot in Malad, Idaho. The Receiver filed a motion today seeking approval to sell Lot #22 in the Elkhorn Ridge Estates near Malad, Idaho. The purchase price is $22,000, but the sale is subject to approval by the District Court. The Court has scheduled a hearing for March 22, 2018 at 10:00 a.m. to consider approving the sale. A copy of the Receiver’s motion can be found here.

January 29, 2018: Hearing Date Set for Sale of Minnesota Property. The Court set a hearing for February 22, 2018 at 10:00 to consider the Receiver’s motion for approval to sell Block 1, Lot 4 of the Byron West Industrial Park in Byron, Minnesota. A copy of the notice can be found here. Higher and better offers are invited.

January 29, 2018: Amended Notice of Property Sale Results. The Receiver filed an amended notice of the results of the sale of the Expressway Business Park land. The amended notice explains that the title company had failed to identify property taxes owed on 19 of the 20 individual lots in Parcel 4 and failed to collect those taxes from the sale amount at closing. Utah County demanded payment of the taxes, so the Receiver returned the amount necessary to pay those taxes. The title company contributed $8,000 towards those payments. A copy of the amended notice can be found here.

January 29, 2018: Motion to Sell Final Minnesota Property. The Receiver filed a motion seeking Court approval for the sale of the final Receivership property in Minnesota. It has been difficult to find a buyer for this property because the unpaid taxes and assessments on the property total more than $278,000, while the property is worth only about $200,000. The purchase agreement submitted to the Court today for approval will result in the Receiver relinquishing the property to Byron City, Minnesota. The city will grant an easement to Dodge County Wind, a power transmission company. Dodge County Wind will pay the unpaid county-owed property taxes and pay $10,000 to the Receiver. The Receiver will pay $1,000 in commissions to the real estate listing agent, resulting in the Receivership getting $9,000 in net sales proceeds. Copies of the motion can be found here, the declaration can be found here, and the motion seeking approval of the method of publishing notice of the sale can be found here.

January 24, 2018: Quarterly Report Filed. The Receiver filed his quarterly status report today summarizing activities that occurred during the last three months of 2017. A copy of the report can be found here.

January 17, 2018: Fee Application Approved. The Court approved the fee application for work performed by the Receiver and his attorneys during July through September 2017. A copy of the fee application can be found here. The order approving the fee application can be found here.

January 17, 2018: Court Approves Sale of Elkhorn Lot. After a hearing, the Court issued an order approving the Receiver’s motion seeking approval to sell Elkhorn Lot #25. A copy of the order can be found here.

December 29, 2017: Results of Property Auction: Expressway. The Receiver filed a notice of the results of the auction of the Expressway property in Spanish Fork, Utah. The notice states that at the November 13 auction, the property sold for $775,000. After payment of property taxes and other closing expenses, the Receivership netted $471,921.51. The property is still subject to claims by a lien holder and two investors. A copy of the notice can be found here.

December 4, 2017: Proposed Sale of Elkhorn Lot 25. The Court has set a hearing for January 4, 2018 to determine whether to approve the Receiver’s motion to sell Elkhorn Estates Lot #25 near Malad, Idaho. A copy of the court order approving the language of the publication of notice can be found here.

November 29, 2017: Hearings Postponed in Criminal Case. At a hearing held on November 29, 2017, the judge overseeing the criminal case against Wayne Palmer raised questions on the issue of Mr. Palmer having pleaded to only one felony count, while the government was seeking restitution for numerous victims of the fraud scheme. The Court canceled the sentencing hearing that had been set for December 11, 2017, ruling that various restitution issues must be resolved first. The Court:

• Gave the prosecutor and defense attorney until December 15, 2017 to notify the Court whether they have renegotiated a plea agreement that addresses the amount of loss, forfeiture, and restitution amount that is tied to identifiable victims and their respective losses. If there is such an agreement by that time, the Court will set another date for the sentencing.
• Said that if the parties have not agreed on a revised plea agreement, each side must provide briefs on the restitution issues to the Court in January and February 2018.

November 9, 2017: Quarterly Status Report Filed. The Receiver filed the status report for the quarter ending September 30, 2017. A copy of the report can be found here.

November 6, 2017: Motion For Sale of Elkhorn Lot. The Receiver filed a motion seeking court approval to sell Elkhorn Lot #25 for $25,200. If the Court approves a separate motion regarding the language of the notice to be published in the newspaper, the Receiver will publish notice of the planned sale and solicit any higher bids. A copy of the motion can be found here.

October 16, 2017: Auction Approved for Expressway Land. The Court has signed an order authorizing the Receiver to sell the 30 acres of land at Expressway Business Park at auction. The auction will be held on Monday, November 13, 2017 at 10:00 a.m. The auction will be held in two conditional stages. In the first stage, each parcel will be auctioned separately (with Parcels 1 and 3 combined). In the second stage, the property will be auctioned as a whole, with all 30 acres sold together. Whichever auction results in the highest amount will be confirmed and the high bidder will get the property.

Documents relating to the property and auction are attached. These include: i) order approving sale (here), ii) motion for sale (here), iii) auction procedures (here), iv) notice of the auction date (here), and v) a map of the parcels being auctioned (here). All interested parties are invited to participate in the auction. Instructions on how to qualify as a bidder are included in the auction procedures. Questions and inquiries are welcome.

September 15, 2017: Amended Motion Filed to Sell Expressway Land. The Receiver filed an amended motion today seeking Court approval to sell the Expressway land at auction. The amended motion provides that two separate auctions will be held, one for the property as a whole and one for individual parcels. It also provides a minimum starting bid for the individual parcels. Finally, the proposed auction procedures indicates that the property will be sold pursuant to whichever auction produces the highest total for the Receivership. A copy of the amended motion can be found here.

August 21, 2017: Sentencing Hearing Postponed. The Receiver has learned that the sentencing date for the criminal conviction of Wayne Palmer has been postponed. There will be a hearing on October 12, 2017 to determine the amount of restitution that should be ordered at sentencing. This is a determination required by statute. The sentencing hearing is now set for December 11, 2017, which will use the amount of restitution as part of the sentence. The delay is not caused by Mr. Palmer, but is a result of the very crowded calendars of the limited number of prosecutors and defense attorneys who prosecute and defend complex white collar fraud cases.

August 21, 2017: Fee Application Filed. The Receiver filed an application for approval to pay fees for the Receiver and his counsel for April-June 2017. A copy of the fee application can be found here.

August 16, 2017: Motion for Sale of Expressway Land. The Receiver filed a motion today seeking Court approval to sell the Expressway Land at auction. The Receiver has received bids for specific portions of the property and the property as a whole. The high bid for the property as a whole is $601,000, just higher than the $600,000 appraised value. The Receiver proposes to conduct an auction of the property by separate parcel. If the total of the auction price for the separate parcels is less than $601,000, he will cancel those auction results and auction the property as a whole—beginning with the $601,000 bid. Copies of the motion can be found here. The proposed auction procedures can be found here.

August 11, 2017: Status Report Filed. The Receiver filed the status report summarizing activities for the second quarter of 2017. A copy of the report can be found here.

July 12, 2017: Settlement Approved for Sale of Florida Property. The Court approved a settlement agreement between the Receiver and Green Apple Holdings under which Green Apple Holdings will pay the Receivership $10,000 when the sale of a property in Florida closes. The property was pledged to National Note to secure a loan made to the property owner. The property was later sold at a tax sale. The Receiver previously recovered $16,018.75 in net proceeds from the tax sale. A copy of the order can be found here.

July 6, 2017: Star Pointe Settlement Approved. The Court approved the Receiver’s settlement agreement with Star Pointe Development. Under the agreement, the Receivership will receive $10,000 when litigation surrounding tax credits is completed and funds are released from litigation in Utah State Court. This $10,000 is in addition to the $70,000 the Receivership received earlier in connection with foreclosure of property once owned by Star Pointe Development. A copy of the order can be found here.

June 22, 2017: Garnishment Order Entered. A Utah Third District Judge entered an order today ordering US Bank to release to the Receivership Estate $23,337.60 that the Receiver had garnished from Joe and Catherine Lovato. The Lovatos also agreed to pay an additional amount to the Receiver and an agreement memorializing that obligation is in process. A copy of the court order can be found here.

June 7, 2017: Motion Seeking Approval of Settlement Agreement. The Receiver filed a motion seeking approval of a settlement agreement with Star Pointe Partners and Star Pointe Development. National Note had a 32% interest in Star Pointe Development and discovered that some additional funds were being held by a state court from tax refunds. If the settlement agreement is approved by the Court, the Receivership Estate will get an additional $10,000, to supplement the $70,000 the Receivership received earlier relating to property owned by Star Pointe Development. A copy of the motion can be found here.

June 2, 2017: Fee Application Approved. The court approved payment of fees to the Receiver and his counsel for the first quarter of 2017. A copy of the order can be found here.

June 1, 2017: Sale of Elkhorn Lots Approved. The Court today signed an order approving the sale of two lots in the Elkhorn Ridge subdivision near Malad, Idaho. A copy of the order approving the sale can be found here.

June 1, 2017: Motion for Settlement Agreement with Green Apple Holdings. The Receiver filed a renewed motion seeking court approval for a settlement agreement with Green Apple Holdings regarding a mortgage the Receivership has on a vacant lot in Florida. The Receiver previously received funds from a tax sale of the property and is seeking approval for a settlement which will bring an additional $10,000 into the receivership estate. The judge previously denied the motion, indicating he wanted more information about the history of the property. The renewed motion provides more information about property history and the settlement agreement. A copy of the motion can be found here.

May 11, 2017: Fee Application Filed. The Receiver filed a fee application for work performed by him and his counsel, Dorsey & Whitney from January through March, 2017. A copy of the fee application can be found here.

May 5, 2017: Judgment Entered Against Battles. The Court entered judgment against Wilton Battles in the amount of $24,876.82. Battles had previously entered into a settlement agreement with the Receiver, but had stopped making payments. With this judgment, the Receiver can attempt to collect the amount owed from assets of Battles. A copy of the judgment can be found here.

April 27, 2017: Status Report Filed The Receiver filed the quarterly status report for the period from January through March 2017. A copy of the report can be found here. The property report can be found here.

April 27, 2017: Motion for Approval to Sell Two Elkhorn Lots. The Receiver filed a motion seeking Court approval to sell two lots in the Elkhorn Ridge development near Malad, Idaho. The Receiver proposes accepting an offer of $22,000 each for the two lots. A copy of the motion can be found here. The Court has set a hearing for May 31, 2017 at 1:30 to consider the motion and has approved publication of notice of the proposed sale in newspapers in Salt Lake City and Malad, Idaho. A copy of the order approving publication can be found here.

April 20, 2017: Appraiser Appointed. The Court has granted the Receiver’s motion to appoint an appraiser to give a current valuation of the Expressway property in Spanish Fork, Utah. The Receiver hopes the new appraisal will help him understand why the few offers he has received for the property are at such low values. A copy of the Court’s order can be found here.

February 21, 2017: Guilty Pleas Entered in Criminal Cases. At hearings today, Wayne Palmer and Julie Palmer Martin changed their criminal pleas to guilty. Wayne Palmer pleaded guilty to two felony counts: a scheme and artifice to defraud and money laundering. Julie Martin pleaded guilty to one felony count of concealing fraud by another. As a result, the criminal trial scheduled to start May 1 will not occur. Sentencing for both defendants is set for September 11. A copy of the plea agreement for Wayne Palmer can be found here. A copy of the Julie Martin plea agreement can be found here.

February 9, 2017: Fee Application Filed. The Receiver filed a fee application for the period from October to December 2016. A copy of the fee application can be found here. The fee application shows how the amount of time spent on the Receivership and the size of the fee applications have dropped substantially. More information about the progress of the Receivership can be found by reading the current status report, which was filed January 31, 2017.

January 31, 2017: Status Report Filed. The Receiver filed a status report covering the period from October 1, 2016 to December 31, 2016. A copy of the report can be found here. The property status chart can be found here.

January 24, 2017: Property Sale Approval. The Court entered an order today approving the sale of Elkhorn Lot #3 for $22,000. A copy of the order can be found here.

January 19, 2017: Settlement Approved. The Court approved the Receiver’s settlement with Michelle Turpin’s law firm. Under the settlement, Turpin paid $55,000 to the Receivership and will dismiss her appeal. A copy of the order can be found here.

January 17, 2017: Toquerville Property Sale Approved. The Court approved the sale of the final two lots in the Almond Heights subdivision in Toquerville, UT. These lots, which are not buildable, sold for a combined $7,700. A copy of the court order can be found here.

December 23, 2016: Motion to Approve Settlements. The Receiver filed a motion seeking court approval to finalize two settlement agreements. The first is with Michelle Turpin, who has paid $55,000 to settle the judgment the Receiver previously obtained against her law firm. The second is with Green Apple Holding, which will pay the Receiver $10,000 for the release of a lien National Note had on a property that was sold at a tax deed sale in Florida. A copy of the motion can be found here.

December 22, 2016: Appeal Filed on ABI Issues. Two investors who held ABIs filed an appeal of the Court’s ruling that the ABIs did not constitute valid liens on the real estate. A copy of the notice of appeal can be found here.

December 21, 2016: Motion Seeking Approval to Sell Elkhorn Lot. The Receiver filed a motion today seeking permission to sell one of the building lots at Elkhorn Ridge near Malad, Idaho. The motion seeks approval to sell the lot for $22,000. A copy of the motion can be found here.

December 21, 2016: Motion to Sell Toquerville Lots. The Receiver filed a motion asking the Court to approve the sale of two lots in the Almond Heights subdivision in Toquerville, UT. Both lots are topographically unsuitable for building homes and were appraised for a total of $11,500. The Receiver received an offer of $7,700 for the property and is asking the Court for permission to publish notice of the proposed sale and to consummate the sale if he receives no higher and better offers. A copy of the motion can be found here.

November 22, 2016: APS Owner Sentenced to Prison. Many National Note victims used retirement funds to invest in National Note. A large percentage of these victims held their retirement accounts at American Pension Services. A court today sentenced the owner of APS, Curtis DeYoung, to ten years in prison for stealing money from accounts of APS customers. After the ten year sentence is completed, DeYoung will be on five years’ probation. He is prohibited from ever engaging again in investment advising.

November 21, 2016: Fee Application Filed. The Receiver filed an application with the Court for approval to pay his fees and fees for his counsel for the period from July 1, 2016 to September 30, 2016. A copy of the fee application can be found here.

November 8, 2016: Order Approving Distribution Methodology and Initial Distribution. The Court approved the Receiver’s amended distribution plan and approved an initial distribution in the amount of $4,526,507.28, with payments withheld to three claimants who are appealing the ruling regarding the validity of their ABI interests. All allowed claimants will receive a pro-rata share of the distribution and claimants who have received a return of less than 20% of their principal investment amounts will also receive an additional amount necessary to bring their recovery to 20.05% of their net investment. The Receiver expects to send out checks next week.

November 7, 2016: Settlement of Objections Approved. There were three objections filed to the Receiver’s proposed plan of distribution. The objection by Donald Hertz was subsequently withdrawn. The Receiver reached settlements with the other two objectors. Sarah Blackwell, who submitted a claim of $0.00 had her claim raised to $13,153.82, which is a 25% reduction from the amount of her net principal loss. Danny Kiang, who did not submit a timely claim, had his claim approved in the amount of $97,670.48. His wife’s late claim in the amount of $53,652.43 was withdrawn. In addition, Kim Brasher decided not to appeal the Court’s ruling that her ABI was invalid and stipulated that her net principal claim amount is $99,505.40. Today, the Court approved settlement agreements with these three claimants. The amounts to be paid to Blackwell and Kiang will not reduce the amounts being paid to the other claimants in the initial distribution.

With these settlements, the Court can now enter an order approving the proposed distribution plan and payment of the initial distribution amount. The Receiver expects that approval to be given within the next week.

October 25, 2016: Court Issues Opinion Finding ABI Interests Invalid as Liens on Real Estate. The Court issued its opinion today finding that Assignments of Beneficial Interest (ABIs) granted by National Note to some investors—which purported to give the investors a lien on real estate—were not valid liens on real estate. The Court ruled that the ABIs granted, at best, conditional interests in the right to direct payments and conditional interests in the right to direct foreclosure. However, those conditions were never met, so the ABIs are ineffective as liens on real estate. A copy of the opinion can be found here.

October 21, 2016: Status Report Filed. The Receiver filed the status report with the court covering the period from July 1, 2016 to September 30, 2016. A copy of the report can be found here.

October 10, 2016: Hearing Set on Distribution Plan. The Court set a hearing for November 2, 2016 at 10:00 a.m. to consider the Receiver’s motion to approve the proposed distribution plan, to consider the objections filed, and on the two claims settlements proposed by the Receiver. The hearing is open to the public.

September 30, 2016: Distribution Plan Status Report Filed. The Receiver filed a report on his motion for approval of a distribution plan. The report describes the three objections that were filed and asks the Court to overrule one objection and to approve settlements relating to the other two objections. The Receiver is asking the Court to approve distributing funds to the approved claimants as proposed in his initial motion with three modifications. A copy of the status report can be found here. Exhibit 1, listing pro-rata distributions to each approved claimant can be found here. Exhibit 2, listing rising tide distribution amounts to approved claimants can be found here. The order that the Receiver proposes can be found here. No distributions can be made until the Court has issued an order approving the distribution plan and approving payment of the initial distribution.

September 30, 2016: Judgment Entered Against Blakeslee. The Court today entered judgment against Joel Blakeslee. This implements the Court’s summary judgment order entered on August 24, 2016. The judgment is for $32,589.95, which includes $7,900.59 in prejudgment interest. A copy of the judgment can be found here.

September 21, 2016: Objections Filed on Proposed Distribution Plan. The deadline for filing objections to the distribution plan proposed by the Receiver expired on September 20, 2016. Three objections or responses were filed. Donald Hertz filed an objection arguing that all funds should be distributed pursuant to the pro rata methodology. A copy of his objection can be found here. Danny and Barbara Kiang filed a response asking the Court not to approve the distribution plan until the Court has ruled on their motion to have their late-filed claim accepted. A copy of this response can be found here. Sarah Blackwell filed an objection that seeks to have her claim accepted at a higher amount than what was approved by the Court previously. A copy of her objection can be found here.

September 16, 2016: Notice of Property Sale Results. The Receiver filed a notice with the Court summarizing the results of the sale of land next to the Elkhorn Ridge Estates near Malad City, ID. The report explains that $226,369.05 in net proceeds were received from the sale. A copy of the notice can be found here.

September 13, 2016: Intervention Motion Granted. The Court granted a motion allowing Danny and Barbara Kiang to intervene in the Receivership action. This will allow the Kiangs to file a motion asking that their late-filed claims be granted. The Receiver expects to oppose their motion. A copy of the order can be found here.

September 7, 2016: Response to Intervention Motion. The Receiver responded to the motion to intervene by Danny and Barbara Kiang, indicating the Receiver does not oppose intervention by the Kiangs to allow the Kiangs to file their claim motion, but the Receiver expects to oppose allowing a claim for the Kiangs. A copy of the Receiver’s intervention response can be found here.

August 29, 2016: Default Judgment Against Stallman. The Court entered a default judgment against Terry Stallman declaring that the assignment of beneficial interest given to him by National Note was void. This judgment was delayed by the filing of bankruptcy by Mr. Stallman, but that bankruptcy has now been concluded and this judgment could be entered. A copy of the judgment can be found here.

August 24, 2016: Distribution Plan Proposed. The Receiver filed a motion recommending a distribution plan and an initial distribution to claimants. The Receiver proposes an initial distribution in the amount of $4,500,000. The Receiver recommends distributing allocating $1.5 million to all allowed claimants on a pro-rata basis. The remaining $3.0 million would be distributed to claimants who have received less than 20% of their investment funds from National Note. If approved, this distribution will result in all investors having received a return of at least 20% of their investment principal. Any claimant wishing to object to this distribution plan must file any objections with the Court by September 20, 2016. No distribution can be made until the Court has approved a distribution methodology and the actual payment of funds. Here are links to copies of the Motion, Exhibits A&B, Exhibit C, and Exhibit D.

August 24, 2016: Summary Judgment Granted. The court granted the Receiver’s motion for summary judgment against Joel Blakeslee. The Receiver previously obtained a judgment against the Blakeslee Family Living Trust. Today’s judgment is the last piece of litigation in this matter. A copy of the court order can be found here.

August 24, 2016: Kiang Motion to Intervene. Danny and Barbara Kiang have filed a motion to intervene in the Receivership case. Their motion seeks to permit them to file claims even though the claims deadline has passed. A copy of their motion can be found here.

August 24, 2016: Fee Application Filed. The Receiver filed an application to pay his fees and the fees of his counsel for the three months ending June 30, 2016. A copy of the fee application can be found here.

August 16, 2016: Notice of Auction Results. The Receiver filed a notice with the Court summarizing the results of the public auction of the Fairfield land. The auction resulted in bids approximately $61,000 higher than the original bid. The net sales proceeds were $242,656.49. A copy of the notice can be found here.

August 15, 2016: Motion for Sale of Toquerville Lots at Auction. The Receiver filed a motion today seeking approval to conduct an auction for the sale of the remaining two lots in the Almond Heights subdivision in Toquerville, Utah. The Receiver received a bid of $5,000 for the two lots, which are believed to be unsuitable for building homes. A copy of the motion can be found here.

August 3, 2016: Appeal Filed by Turpin. The law firm of Michelle Turpin, P.C. filed an appeal of the $78,135.37 judgment entered against her on July 5, 2016. A copy of the notice of appeal can be found here.

July 27, 2016: Sale of Elkhorn Property Approved via Auction. The Court today approved the sale of 217 acres of land near Elkhorn Ridge in Oneida County, Idaho (near Malad) at auction. The Receiver has received an initial bid of $240,000 for the property. An auction has been set for Tuesday, August 30 at 1:00 p.m at the property. Anyone wanting to bid at the auction must prequalify by August 23, 2016. For information on how to qualify for the bid, contact the Receiver at 801-456-4591. A copy of the order can be found here.

July 26, 2016: Order Disallowing Claim. The Court entered an order disallowing Claim No. 1128 based on the claimant having received more in distributions than the amount she invested. A copy of the order can be found here. Orders have now been entered on 463 of the 467 claims submitted to the Receiver.

July 26, 2016: Order Allowing Claims. The Court approved the Receiver’s revised motion approving four claims. A copy of the order can be found here.

July 26, 2016: Claim Settlement Approved. The Court approved a settlement agreement with FT Holding Trust—Katana, by which Katana’s claim for $500,000 will be allowed in the amount of $200,000. A copy of the order can be found here.

July 26, 2016: Litigation Settlement Approved. The Court approved a settlement between the Receiver and Fred Myer by which Myer will pay $2,000 to the Receivership Estate. This settlement concludes a lawsuit that had been ongoing for several years and will result in additional money for the receivership estate. A copy of the order can be found here.

July 22, 2016: Motion for Settlement of Claim Objection. The Receiver filed a motion seeking court approval for a settlement of the claim objection of FT Holding Trust-Katana. Katana filed a late claim for $500,000. The Receiver reached agreement to recommend approval of the claim for $200,000. A copy of the motion can be found here.

July 21, 2016: Motion to Approve Litigation Settlement. The Receiver filed a motion today seeking approval for a settlement agreement with Fred Myer. The Receiver alleged Myer was overpaid by $10,708.86. Myer asserted that he was not overpaid because he transferred some of his investment account to another person and did not receive those funds. Rather than continue litigating, where litigation costs might exceed the amount recovered, the Receiver proposes to settle with Myer for $2,000. A copy of the motion can be found here.

July 20, 2016: Motion to Sell Elkhorn Land. The Receiver filed a motion today seeking court approval to sell 217 acres of land near Malad City, Idaho at auction. The Receiver obtained an offer of $240,000 for the land and proposes to hold an auction to see whether any higher offers will be made. A copy of the motion can be found here. A copy of the auction procedures that will apply to the auction can be found here.

July 20, 2016: Status Report Filed. The Receiver filed his status report today for the period of April through June 2016. A copy of the report can be found here.

July 5, 2016: Summary Judgment Awarded Against Turpin. The court issued a ruling in the Receiver’s lawsuit against Michelle Turpin & Associates, granting the Receiver’s summary judgment motion and entering judgment against Turpin’s law firm for $78,135.37. In the ruling, the court found that the legal services provided by Turpin benefitted Wayne Palmer, not National Note. A copy of the ruling can be found here.

June 30, 2016: Summary Judgment Motion Filed on Blakeslee. The Receiver filed a motion for summary judgment in his lawsuit seeking the recovery of $24,689.36 from Joel Blakeslee. The Receiver previously obtained a summary judgment order against the Blakeslee Family Living Trust. This motion seeks recovery from Blakeslee’s individual assets. A copy of the motion can be found here.

June 29, 2016: Notice of Property Sale Results. The Receiver filed a notice describing the results of the sale of the property at Block 2, Lot 1 in the Byron Industrial Park (Minnesota). The net sale proceeds were $34,019.74. A copy of the notice can be found here.

June 28, 2016: Auction of Fairfield Property Approved. The Court issued an order today approving the sale of an 85-acre parcel of land in Fairfield, Utah at an auction. The auction will determine whether any bidders are willing to pay more than the $213,925 offer already made to the Receiver. The Receiver has set an auction date of August 2, 2016 at 9:00 a.m. at the property. A copy of the order can be found here.

June 24, 2016: Motion for Permission to Sell Fairfield Property. The Receiver filed a motion today seeking permission to sell 85 acres of property in Fairfield, Utah at an auction. The Receiver has received an offer of $213,925 for the property and seeks approval to conduct an auction to see if higher bids are received and to sell the property to the highest bidder. A copy of the motion can be found here.

June 14, 2016: Fee Application Approved. Following a hearing, the Court approved the fee application for the Receiver and his counsel for the six month period ending March 31,2016. A copy of the order can be found here.

June 10, 2016: Revised Motion to Allow Four Claims. The Receiver filed a revised motion recommending that four claims be allowed at the amounts of the claim forms. The revisions came after the Court declined to disallow claims where the Receiver had obtained judgments invalidating ABIs granted to these claimants. Thus, these claims were allowed in the amounts of the proof of claim form. A copy of the motion can be found here.

June 10, 2016: Revised Motion to Disallow Claim #1128. The Receiver filed a revised motion, again recommending that claim #1128 be disallowed. The revision came after the Court earlier declined to disallow the claim based on the Receiver having obtained a judgment invalidating the claimant’s ABI. The revised motion seeks disallowance of the claim because the investment account underlying this claim received more in distributions than the amount of investment. A copy of the motion can be found here.

June 8, 2016: Motion with Revised Recommendation for Six Claims. Based on direction given by the Court at a hearing on May 18, 2016, the Receiver has revised his recommendation for certain claims. Today, the Receiver filed a motion seeking to allow six claims, but at amounts lower than the claim amount. The Receiver’s recommendation is that these six claims be allowed for the net principal investment amount of these claimants. A copy of the motion can be found here.

June 8, 2016: Criminal Trial Set. At a hearing today, the judge overseeing the criminal trial of Wayne Palmer and Julieann Palmer Martin set a three-week trial starting May 1, 2017.

June 1, 2016: Order Approving Harvest Time Claim at Reduced Amount. The Court approved the claim of Harvest Time Ministries at an amount lower than the claimed amount. A copy of the order can be found here.

May 31, 2016: Judgment Awarded Against Andreasen. The Court today entered judgment in favor of the receivership against Max Andreasen, Melanie Andreasen, and M&M Andreasen Investments, Inc. in the total amount of $64,031.72. This includes $49,636.99 in overpayments and $14,394.73 in interest. A copy of the judgment can be found here. This judgment concludes this case.

May 25, 2016: Order on Claims by Olson, Shah. The Court issued an order approving claim no. 1402 for L. Shah and deferring a ruling on three other claims by Shah and Olson—because those claims will be affected by the Court’s ruling in a related lawsuit. A copy of the order can be found here.

May 25, 2016: Order Approving Petty Claim at Reduced Amount. The Court approved the claim of G. Petty at an amount lower than the claimed amount. A copy of the order can be found here.

May 25, 2016: Order Setting Pre-Trial Hearing for Claim by FT Holding Trust-Katana. The Court issued an order setting a pre-trial hearing on the claim by FT Holding Trust-Katana. The Receiver recommends disallowing the claim because it was filed three months after the claims deadline. The hearing is set for June 10, 2016. A copy of the order can be found here.

May 24, 2016: Order Deferring Consideration of Claim by Brasher. The Court entered an order deferring a ruling on the objection filed by K. Brasher. The order defers any ruling on the objection while the Court considers separate litigation relating to the validity of assignments of beneficial interest. A copy of the order can be found here.

May 24, 2016: Order Allowing Reduced Claim by Hoggan. The Court entered an order allowing the claim of R. Hoggan in the amount of $97,542.06, not the amount of $175,000.00 claimed by Hoggan. The Court rejected the Receiver’s recommendation that the claim be disallowed entirely. The claim was allowed in the amount of Hoggan’s net principal investment. A copy of the order can be found here.

May 24, 2016: Order Allowing Proffit Claim. The Court entered an order allowing the claim of L. Proffit, rejecting the Receiver’s recommendation that the claim be disallowed. The claim was allowed in the amount of Proffit’s net principal investment. A copy of the order can be found here.

May 24, 2016: Order Disallowing 25 Claims. The Court today entered an order disallowing 25 claims. These were claims that the Receiver recommended be disallowed and where no objections were filed. Separate orders will be entered relating to the other claims that the Receiver recommended be disallowed. A copy of the order can be found here.

May 24, 2016: Order Denying Objection, Approving Claim at Reduced Amount. The Court today entered an order approving the claim of Verl Jensen in the amount of $37,938.64 rather than the claimed amount of $440,000.00. The Court overruled the objection that Jensen filed, ruling that his claim would be allowed only in the amount of his net principal investment. A copy of the order can be found here.

May 24, 2016: Order Allowing 81 Claims at Reduced Amounts. The Court today entered an order approving 81 claims for the claim amounts recommended by the Receiver—namely the amount of net principal investment of each claimant. The Receiver had recommended approving 82 claims at reduced amounts. One objection was filed. This order covers the 81 reduced claim amounts for which no objections were filed. A copy of the order can be found here.

May 17, 2016: Default Judgments Against Federal Financial, Note Funding. The Court today entered default judgments against two companies owned by Victor Wagner, a former employee of National Note. The Receiver’s litigation against Wagner is on hold based on Wagner’s bankruptcy filing. Today’s judgments are for $123,925.00 against Federal Financial Services, LLC and $70,462.26 against Note Funding, Inc. Copies of the judgments can be found here and here.

May 6, 2016: Reply to Claim Objection of Olson, Shah. The Receiver filed his reply to the objection filed by Olson and Shah, in which they oppose the Receiver’s recommendation to deny their claims. The Receiver recommends that the Court find that Olson and Shah’s continued reliance on assignments of beneficial interest that they hold disqualify them from also seeking recovery from funds that have been recovered. A copy of the Receiver’s reply can be found here.

May 6, 2016: Motion for Sale of Expressway Property. The Receiver filed a motion today recommending to the Court three options for selling the Expressway Business Park property in Spanish Fork, Utah. The first option would be to accept a cash offer of $250,000, which would net the Receivership about $25,000 after paying accrued property taxes and closing costs. The second option would be to accept an offer for the appraised value of $1.25 million, but where the buyer will have eight years to pay the full purchase price. The third option would be for a joint venture between the Receivership and a developer where the Receivership would receive 40% of the net proceeds from development of the property over the next ten years. The Receiver is recommending option #2. A copy of the motion can be found here.

May 5, 2016: Response to Katana Objection. The Receiver filed a response today to the claim objection by FT Holding Trust—Katana. The Receiver argues that Katana’s claim should be denied because it was filed almost four months after the claims deadline and that adequate notice was given to Katana of the claims process. A copy of the Receiver’s response can be found here.

May 2, 2016: Fee Application Filed. The Receiver filed a fee application today seeking approval for fees and expenses for the six month period from October 2015 to March 2016. A copy of the application can be found here.

April 29, 2016: Status Report Filed. The Receiver filed the quarterly status report for the period ending March 31, 2016. A copy of the report can be found here.

April 26, 2016: Summary Judgment Granted Against Andreasen. The Court today granted the Receiver’s motion for summary judgment against Max and Melanie Andreasen. The Court found that the excess profits paid to M&M Andreasen Investments, Inc. were paid to Max and Melanie Andreasen and therefore must be repaid to the Receiver. A copy of the ruling can be found here.

April 12, 2016 Notice of Sale Results. The Receiver filed a notice containing a summary of the results of the public sale of five industrial lots in Byron, Minnesota. The net proceeds from the sale were $270,963.57. A copy of the notice can be found here.

April 12, 2016: Motion to Disallow Late Claim (McCullough). The Receiver filed a motion today seeking to disallow a claim filed after the Initial Claims Report was filed with the Court. The Receiver’s motion noted that the new claim was filed four months after the claims deadline and recommends that the Court disallow this claim. A copy of the motion can be found here.

April 11, 2016: Report on Disallowed Claim Recommendations. The Receiver filed a report today on the status of claims where he recommended that the claims be disallowed. The report notes that no objections were filed for 36 of the 46 claims which the Receiver recommended be disallowed and asks the Court to enter an order disallowing these 36 claims. The Receiver will file separate responses with the Court regarding the ten claims where objections were filed. In addition, the report notes that one additional claim was filed after the Initial Claims Report and indicates that the Receiver will file a separate motion seeking disallowance of that claim. A copy of the report can be found here.

April 11, 2016: Receiver’s Response to Objection on Reduced Claim. The Receiver filed his response to the one objection that was filed opposing the recommendations that claims be approved at reduced amounts. In the response, the Receiver argues that since National Note has been found to have been operating as a Ponzi scheme, the claim should be allowed in the amount of net principal losses—$37,938.64—instead of the $440,000 sought in the claim. A copy of the response can be found here.

April 11, 2016: Report on Reduced Claim Recommendations. The Receiver filed a report today on the status of claims where a reduced amount was recommended by the Receiver. The report notes that no objections were filed for 81 of the 82 claims for which the Receiver recommended reduced claim amounts and asks the Court to enter an order allowing these 81 claims at the amounts recommended by the Receiver. The Receiver will file a separate response with the Court regarding the claim where an objection was filed. A copy of the report can be found here.

April 11, 2016: Order Approving Receiver’s Motion on Allowed Claims. The Court issued an order today approving the recommended claim amounts for 133 claimants with approved claim amounts and 205 claimants who had stipulated to reduced claim amounts. The Court found that none of the 338 claimants filed objections and therefore approved the Receiver’s recommendations. A copy of the Court order can be viewed here.

April 11, 2016: Auction Approved for Minnesota Property. The Court signed an order approving the sale of Block 2, Lot 1 in Byron Minnesota at auction. The Receiver has obtained an initial bid of $280,000 and set an auction date of May 24, 2016 at 9:00. If no other bidders qualify for bidding before the auction, the auction will be canceled and the property will be sold to the initial bidder. A copy of the order can be found here.

April 4, 2016: Motion for Sale of Minnesota Property. The Receiver filed a motion seeking court approval to sell a plot of industrial land in Minnesota at public auction. The Receiver has an offer of $280,000 and intends to hold an auction to see if any other higher bids are offered. A copy of the motion can be found here.

March 16, 2016: Toquerville Property Sale Approved. The Court approved the sale of Lot A-2 in Toquerville, Utah to Rural Housing Development Corporation. A copy of the order can be found here.

March 16, 2016: Settlements Approved. The Court today approved settlements with Kim Colin and The Church of Jesus Christ of Latter-day Saints. A copy of the order approving the settlements can be found here.

March 15, 2016: Motion to Approve Settlements. The Receiver filed a motion seeking court approval of two settlements he has recently reached. One will release $103,000 from the real estate holding account, with $50,000 being paid to the holder of liens on receivership real estate. The second will result in the return of $210,000 in religious contributions that Palmer made since 1998. A copy of the motion can be found here.

March 14, 2016: Motion to Disallow Claims. The Receiver filed a motion recommending that 46 of the claims filed in the claims process be disallowed. These claims asserted a total of $6,508,798.29 in claims. A copy of the motion can be found here. Any claimant whose claim is being recommended for disallowance who wants to object to the Receiver’s recommendation must file an objection with the court by April 8, 2016.

March 14, 2016: Motion to Approve Recommendation for Allowed Claims at Reduced Amounts. The Receiver filed a motion today recommending that the Court allow 82 claims as allowed claims, but in amounts less than the amount asserted by the claimants in their Proofs of Claim. The Receiver is recommending the reductions based on his belief the claimants inflated the amount they sent to National Note, seek recovery for interest that was promised, did not deduct distributions received, seek recovery for net profit interests in ore, seek recovery for higher values of precious metals, or are vendors who are not owed as much as they claim. A copy of the motion can be found here. A copy of the motion and the claim report will also be sent to each claimant affected by this motion. Any claimant whose claim is being recommended for allowance at reduced amounts who wants to object to the Receiver’s recommendation must file an objection with the court by April 8, 2016.

March 14, 2016: Judgment on McDonald. The court entered a judgment against Analee McDonald in the amount of $8,500 plus costs and fees incurred by the Receiver in collecting on the judgment. McDonald had previously entered into a settlement agreement with the Receiver, but had failed to make all payments required by the settlement, resulting in the Receiver seeking this judgment. A copy of the judgment can be found here.

March 14, 2016: Fee Application Approved. The court approved the fee application for the Receiver and his counsel for their work from July to September 2015. At the request of the judge, additional deductions were made in the fee application and the order reflects those deductions. A copy of the order can be found here.

March 11, 2016: Notice that Claim Amount is Not Amount that will be Paid. The Receiver filed a notice with the Court to clarify that the Receiver has only recovered sufficient funds to pay a portion of allowed claims and that a distribution plan will be proposed at a later date regarding how the recovered funds should be distributed to claimants. The Receiver will be sending a copy of the notice to all claimants where the Receiver is recommending that the claims be allowed in the amount claimed or where claimants have accepted the Receiver’s recommendation. A copy of the notice can be found here. This caution is applicable to all approved claims.

March 4, 2015: Motion to Approve Allowed Claims. The Receiver filed a motion today seeking Court approval of the 133 claims that the Receiver is recommending be approved at the full amount of the claims (for a total of $13,354,795.26) and an additional 205 claims that the Receiver is recommending be approved in amounts less than the original claim, but where the claimants have agreed to accept the lower amount being recommended by the Receiver ($23,202,520.67). A copy of the motion can be found here. Motions will be filed in the coming days on other categories of claims where the receiver is recommending that claims be allowed at reduced amounts or disallowed. Any claimants whose claims are being recommended to be allowed in today’s motion have a deadline of April 1, 2016 if they want to object to the Receiver’s recommendation.

March 4, 2016: Report on Claims Process Filed. The Receiver filed his report today on the claims process. The report summarizes the 466 claims submitted to the Receiver. These submissions asserted claims for $67 million. The Receiver is recommending that 420 of these claims be allowed in the total amount of approximately $45 million. Exhibits to the report list the Receiver’s recommendations for each claim. A copy of the report can be found here. The Receiver will be filing motions in the next few days asking the Court to approve his recommendations for each group of claims. The motions explain what a claimant must do if the claimant wants to object to the receiver’s recommendation. The Receiver will be sending copies of the report and motion to each claimant.

February 16, 2016: Motion to Sell Minnesota Property. The Receiver filed a motion today seeking Court permission to hold an auction to determine whether any buyer is willing to pay more than $448,300 for five industrial lots in Minnesota. If no bidders at auction offer to pay more than $448,300, the Receiver seeks permission to accept an offer to purchase the property for $448,300. A copy of the motion can be found here.

February 13, 2016: Minnesota Property Sale Approved. The Court approved the Receiver’s motion to sell five industrial lots in Minnesota for $448,300, subject to getting higher bids at a public auction. The auction is set for March 29, 2015. Any persons interested in submitting a higher bid for these lots is invited to contact the Receiver. A copy of the order can be found here.

February 11, 2016: ABI Default Granted. The Court entered an order today granting a default judgment against Michael Walden. The judgment declares the assignment of beneficial interest granted to Walden void. Out of the 349 ABIs in existence when the Receiver was appointed, only six remain that have not been released or declared invalid. A copy of the Court’s order can be found here.

February 10, 2016: Motion to Sell Toquerville Property. The Receiver filed a motion seeking approval to sell a 5-acre parcel of property in Toquerville, Utah for $148,200. This represents 95% of the appraised value. Notice of the proposed sale will be published in the newspaper. Higher bids are encouraged. A copy of the motion can be found here.

February 9, 2016: Property Sale Approved. The Court signed an order today approving the sale of five residential building lots in Toquerville, Utah. A copy of the order can be found here.

February 4, 2016: Judgment Entered. The Court entered a judgment against Secure American Gold Exchange, LLC (SAGE) in the amount of $112,000. The judgment was entered after SAGE agreed to entry of the judgment. The Receiver will seek to recover funds from the assets of SAGE. A copy of the judgment can be found here.

January 26, 2016: Judgment Entered Against Slaughter. The Court entered judgment for the Receiver today against Carol Slaughter in the amount of $104,254.33, which includes $18,800.05 in prejudgment interest. A copy of the order can be found here.

January 25, 2016: Status Report Filed. The status report covering the period of October to December 2015 was filed today. A copy of the report can be found here.

January 15, 2016: ABI Judgment. The Court today entered a default judgment against Michael Bryant, declaring the assignment of beneficial interest recorded for him on the Expressway property to be void. A copy of the judgment can be found here.

January 15, 2016: Property Sale Approved. The Court issued an order approving the sale of two residential building lots in Toquerville, Utah. A copy of the order can be found here.

January 8, 2016: Notice of Sale Results: Ogden. The Receiver filed a notice describing the results of the sale of the Ogden office building. After paying eight years of property taxes and closing costs, the 49.2% share of the building owned by the Receivership netted $241,836.67 to the Receivership Estate. A copy of the notice can be found here.

January 5, 2016: Publication of Notice of Sale of Almond Heights Lots. The Court today approved the publication of notice of the planned sale of 5 lots in the Almond Heights area of Toquerville, Utah. The Court also set a hearing on the Receiver’s motion to sell the property for February 8, 2016 at 1:30 p.m. A copy of the order can be found here.