This appears to be an update of what has happened in the Susanville 70 horse case and The Grace Foundation and the banks. The banks have failed to prove they have a valid interest in the property improvements, so if the Bank of America does not have a valid interest, and Wells Fargo doesn’t, then does that leave Fannie Mae? According to research and investigation the answer is yes, from what we read. And if true, why didn’t Fannie Mae try to seize the property?
The horse owner took back physical possession of the residence on the ranch which the banks claimed they had some equitable interest in, but banks failed to get a dollar judgment for that equitable interest, thus that interest is worth squat; the banks are now fighting The Grace Foundation down in Los Angeles, and according to what was seen in Lassen County, Grace’s own attorney was complaining that CEO of Grace was approaching the case wrong. We did not see it but that is what we heard.
It might be that since the “District Attorney” of Lassen County changed hands, and the guy who used to be in charge is now “County Counsel” — the DA may not be really wanting to prosecute this case from Hell. Everyone knows that the bank attorney and the fraud receiver set up by the bank attorney Timothy M. Ryan were one and the same person–the bank attorney. An appointed receiver by the Court is to be a completely NEUTRAL party– not a puppet controlled by an attorney which has already agreed to indemnify the receiver/pay her as well?
The “receiver” already sued the banks and got paid her $190 per hour as contracted by her and the bank attorney. The receiver admitted on the stand she did not even know what a rents and profits receiver was. Yet that is what she was appointed as– a rents and profits receiver.
We predict The Grace Foundation may get awarded damages if Grace can actually prove it was either the banks’ fraud, negligence or otherwise some breach of duty; OR Grace may take a settlement but has already NOT taken the $200k offered by Lassen County. Had Grace taken the $400k offered by the banks, and then the $200k by Lassen, clearly she would only have $600k and we surmise her legal expense lien for prior attorneys, to be well over $250,000/ or 50% of award if contingency currently. As for Lassen County, the evidence was definitely skewed so it is difficult to tell how such testimony would affect the outcome. It may be that Grace gets some confidential settlement. Either that or she files bankruptcy.