GLOBAL EXPRESS CAPITAL REAL ESTATE INVESTMENT FUND I, LLC
LIST OF ASSETS IDENTIFIED BY THE RECEIVER
UPDATED AS OF AUGUST 26, 2004
List of Trust Deed Loans – 100% ownership interest
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Loan No. GMS100112: Lot 17 MacDonald Ranch Property Address: 1695 Tangiers Drive, Henderson, Nevada 89012 APN: 178-28-212-018 Percent Owned by the Fund: 100%
Original Principal Amount: $142,500
Interest Rate: 18% per annum. Interest paid to 8-5-03.
Terms: Interest only monthly commencing August 25, 2002
Maturity Date: July 25, 2003
Security: Lot 17 in Block 3 of the Foothills at MacDonald Ranch; portions of Lots 5 and 6 aka The Highlands Unit One, Clark County, Nevada.
Lien Position: 2nd Deed of Trust (subject to a 1st Deed of Trust for $1,550,000 in favor of other individual Global Express investors).
Description of Property: Unfinished single family residence (approximate 50% complete).
Borrower: Perpetual Investment, Inc.
Guarator: Robert E. Rippe
Status: A Notice of Default and Election to Sell was recorded February 23, 2004. However, the Trustee’s Sale can not proceed at this time due to title issues concerning the 1st deed of trust that must be resolved through the Receiver’s legal counsel.
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Loan No. GMS100109 Approximately 27.81 acres, Hurricane, Utah Property Address: 2260 West Highway 9 (State Street), Hurricane, Utah 84737 APN: H-3-1-32-1102; H-3-1-33-1105-RD Percent Owned by Fund: 100%
Original Principal Amount: $550,000 increased to $704,000 by Modification dated June 10, 2002.
Interest Rate: 14% per annum. Interest paid to 8-25-03
Terms: Interest only commencing June 25, 2002
Maturity Date: May 25, 2003
Security: Approximately 29 acres of land, Washington County, Utah
Lien Position: 1st Deed of Trust
Description of Property: Vacant land – zoned for industrial that was to be rezoned for multi-family development.
Borrower: Encore Holdings, Inc. and Robert E. Rippe, Individually
Status: Foreclosure proceedings were commenced prior to the Receiver’s appointment. Litigation is currently pending with the former owner of the property (Spilsbury), who now holds a subordinated 2nd deed of trust and maintains that its loan should be in a 1st position due to Global’s failure to perform under a written commitment. A settlement has been negotiated whereby Global will receive a cash payment in the amount of $625,000 in return for an Assignment of its beneficial interest in the note and deed of trust. The fully executed Settlement Agreement is being submitted to the Court for approval.
Loan No. IN0019: Newport Beach Time Share Property Address: 23000 Newport Coast Drive, Newport Beach, California 92657 consisting of Lot 5, Building 1000, Tract 16165. APN: Unknown Percent Owned by Fund: 100%
Original Principal Amount: $102,750
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Interest Rate: 13% per annum. Interest paid to 6-25-04
Terms: Interest only commencing July 25, 2003. Loan Servicing documents state that interest was prepaid to June 25, 2004.
Maturity Date: June 25, 2004.
Security: First Deed of Trust
Lien Position: 1st Deed of Trust
Description of Property: Time Share located in Newport Beach, California
Borrower: Majestic Trust.
Guarantor: None
Status: This loan is secured by a time-share property located in Newport Beach, California. As of July 9, 2004, the receivership estate was expanded to include Majestic Trust. The Receiver is in the process of determining the value of the property. Thereafter, the asset will be marketed for sale.
Loan No. n/a: County of Carbon, State of Montana Property Address: Unknown APN: Unknown Percent Owned by the Fund: 100%
Original Principal Amount: $73,489.50. The principal amount of the loan was increased to $123,847.71 pursuant to a Modification Agreement dated April 4, 2003 and further increased to $223,847.71 pursuant to a Modification Agreement dated July 15, 2003.
Interest Rate: Unknown at this time.
Terms: Unknown at this time.
Maturity Date: Unknown at this time.
Security: Township 6 South, Range 23 East of the Principal Montana Meridian in Carbon County, Montana. Section 32: W1/2E1/4; SE1/4 of SE1/4.
Lien Position: 2nd Mortgage subject to a 1st Mortgage in the amount of $71,250.00 in favor of Stockman Bank of Montana.
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Description of Property: Unknown at this time.
Borrower: Raymond August Kicker and Louann Kicker, husband and wife.
Guarantor: n/a
Status: The Receiver became aware of this loan on June 21, 2004 when a policy of title insurance was received in the mail. The Receiver is currently reviewing the Global business records in an attempt to locate more information about this loan. Copies of some of the documents have been obtained from the title company’s files.
List of Trust Deed Loans – Fractional Ownership Interests
Loan No. GM 001133: Lot 17 of MacDonald Ranch Property Address: 1695 Tangiers Drive, Henderson, Nevada 89012 APN: 178-28-212-018 Percent Owned by the Fund: 63.646%
Original Principal Amount: $1,550,000
Interest Rate: 18% per annum (default rate).
Terms: Interest only monthly. Interest paid to 1-25-02.
Maturity Date: June 25, 2002.
Security: Lot 17 in Block 3 of the Foothills at MacDonald Ranch.
Lien Position: 1st Deed of Trust.
Description of Property: Unfinished single family residence (approximately 75% complete).
Borrower: Perpetual Investment, Inc., a Nevada Corporation, and Robert E. Rippe, Individually.
Status: According to the records provided to the Receiver, the Fund owns a 63.646% interest in the Note and Deed of Trust through various assignments from investors. In addition, the borrower recorded a Deed in Lieu of Foreclosure but the vesting on the deed
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc was not correct. Therefore, these title issues must be resolved through the Receiver’s legal counsel.
Loan No. GM 021272: Lot 9 in Block 2 of Green Valley Ranch Property Address: 2269 Candlestick Avenue, Henderson, Nevada APN: 178-30-512-030 Percent Owned by the Fund: 16.356%
Original Principal Amount: $509,300
Interest Rate: 14% per annum. Interest paid to 10-25-03.
Terms: Interest only monthly.
Maturity Date: May 25, 2003.
Security: Lot 9 in Block 2 of Green Valley Ranch, Clark County, Nevada
Lien Position: 1st Deed of Trust
Description of Property: Vacant residential lot.
Borrower: Nigra Enterprises, Inc., a Nevada Corporation, and Donna Vettorel, Individually
Status: In accordance with the July 9, 2004 court order, the Receiver commenced foreclosure proceedings through Nevada Title and recorded a Notice of Breach and Election to Sell Under Deed of Trust on August 16, 2004. The Nevada Title Company Foreclosure No. is A4-04-0001FCL.
Loan No. GM991036: Lot 31 of Green Valley Ranch Parcel 42 Property Address: 2255 Coral Ridge Avenue, Henderson, Nevada APN: 178-30-512-022 Percent owned by the Fund: 71.758% Percent owned by Global Express Capital Mortgage: 0.209%
Original Principal Amount: $478,000. According to U.S. Loan Servicing, the unpaid principal balance is $239,000.
Interest Rate: 14% per annum. Interest paid to 7-1-02.
Terms: Interest only monthly.
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Maturity Date: May 15, 2002
Security: Lot 31 in Block 1 of Green Valley Ranch Parcel 2.
Lien Position: 1st Deed of Trust.
Description of Property: Vacant lot for a single family residence.
Borrower: Absolute Construction & Development Corporation, a Nevada corporation, and Edward W. Perusse, Individually.
**Additional Recorded Deeds of Trust: On December 12, 2002 two additional deeds of trust were recorded against the subject property. One deed of trust given to secure a loan in the amount of $875,000 dated April 18, 2002 was executed by Nigra Enterprises to numerous Global investors. Another deed of trust given to secure a loan in the amount of $850,000 executed by Nigra Enterprises appears to be in favor of the same beneficiaries. However, at the time the deeds of trust were recorded, Nigra Enterprises, Inc. had no apparent interest in the land nor did the corporation ever acquire any interest in the land.
Status: In accordance with the July 9, 2004 court order, Nevada Title is preparing foreclosure documents under Foreclosure No. A4-07-0006 for the Receiver’s signature.
Loan No. GM 011200: Canyons RV Resort Property Address: Washington County, Utah APN: To be determined Percent owned by Fund: 16.6617%
Original Principal Balance: $1,650,000
Interest Rate: 14% per annum. Interest paid to 11-25-02.
Terms: Interest only payable monthly commencing October 25, 2001.
Maturity Date: September 25, 2002.
Security: A partially completed RV Park consisting of approximately 45 acres.
Lien Position: 1st Deed of Trust
Description of Property: An unfinished RV Park.
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Borrower: Western Ranches, Inc., a Nevada Corporation, and Donald G. Cornell, Individually
Status: A Notice of Default has been recorded. The Trustee’s Sale can be scheduled as soon as partial reconveyances are recorded which will release five (5) lots encumbered by the deed of trust. Payments for the release of these lots have been received. An offer to sell the beneficial interest in the trust deed loan to an arms length buyer has also been received. All except two of the beneficiaries have agreed to the terms of the sale of the note and deed of trust. A formal sale agreement has been submitted to the buyer for his signature. Upon receipt, the agreement will be submitted to the court for approval. If the buyer does not sign the agreement, or the Court disapproves the sale of the loan, the trustee’s sale will proceed.
Loan No. GM 021291: Green Valley Lot 35 Property Address: 2252 Candlestick Avenue, Henderson, Nevada APN: 178-30-512-026 Percent Owned by the Fund: 15.152%
Original Principal Amount: $330,000
Interest Rate: 14% per annum. Interest paid to 10-25-03.
Terms: Interest only payable monthly.
Maturity Date: June 25, 2003.
Security: 1st Deed of Trust
Description of Property: Vacant lot for a single family residence.
Borrower: Nigra Enterprises, Inc., a Nevada Corporation, and Donna Vettorel, Individually.
Status: Based on the July 9, 2004 court order, the Receiver has requested Nevada Title to prepare foreclosure documents for the Receiver’s signature.
Loan No. GM011198: 1660 South Valadez Street, Las Vegas, Nevada, 89117-8321 Property Address: 1660 South Valadez Street, Las Vegas, Nevada 89117-8321 APN: 163-04-605-009 Percent Owned by Fund: 28.67%
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Percent Owned by Global Express Capital Mortgage: 2.814%
Original Principal Amount: $1,875,000
Interest Rate: 14.5% - 15% per annum (depending on the specific investor). The loan is currently in default and the default interest rate is 19% according to the Note Secured by Deed of Trust.
Terms: Interest only monthly. Interest paid to 8-25-03.
Maturity Date: February 25, 2002.
Security: Portion of the South half of the Northeast Quarter of Section 4, Township 21 South, Range 60 East, M.D.B.&M., Clark County, Nevada.
Lien Position: 1st Deed of Trust.
Description of Property: A custom luxury single family residence containing approximately 8,841 square feet situated on a site containing approximately 48,828 s.f.. The property has been vandalized and the rear yard landscaping has not been completed. It is estimated that approximately $350,000 will be required to make repairs to the residence and complete the landscaping.
Borrower/Owner: Black Tie Investments.
Status: On July 9, 2004 the receivership was expanded by court order to include Black Tie Investments. The Receiver has requested Nevada Title to prepare foreclosure documents for the Receiver’s signature so a foreclosure can be commenced as soon as possible in the event certain title issues currently effecting the property cannot be resolved. Platinum Properties is also working with the Receiver in an attempt to sell the property and has already presented several offers. None of the offers to date have been acceptable.
Loan No. GM 001131: BDCC Trust; Lot 31 of MacDonald Ranch Property Address: 1499 MacDonald Ranch Drive, Henderson, Nevada APN: 178-28-515-010 Percent owned by the Fund: 8.26%
Original Principal Amount: $2,250,000 increased to $2,850,000 by Modification Agreement dated February 19, 2002.
Interest Rate: 14% to 15.125% depending on the individual investor.
Terms: Interest only payable monthly. Interest paid to 10-25-03.
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Maturity Date: August 1, 2003 (according to U.S. Loan Servicing).
Security: Lot 31, Block 3 of Palisades Unit 2, Clark County, Nevada.
Lien Position: 1st Deed of Trust
Description of Property: An unfinished custom single family residence containing approximately 10,000 square feet. A substantial amount of work is required to complete this residence and landscaping at an estimated cost of $1,225,000.
Borrower: BDCC Trust
Status: A Notice of Default was recorded on May 24, 2004. On July 9, 2004 the receivership was expanded to include BDCC Trust. Therefore, the Receiver is currently not proceeding with the foreclosure sale and is attempting to sell the property through Platinum Properties.
Loan No. GM 021269: Azra Center Property Address: Vacant Parcel of Land Consisting of Approximately 32,059 s.f. APN: 140-29-212-007 Percent owned by the Fund: 19.345%
Original Principal Amount: $542,750
Interest Rate: 14% per annum. Interest paid to 5-25-03.
Terms: Interest only payable monthly.
Maturity Date: May 25, 2003.
Security: A portion of Lot 1 of Azra Center Commercial Subdivision
Lien Position: 1st Deed of Trust
Description: Commercial Land.
Borrower: Equitable Development Corporation of America, Inc.
Guarantor: Salim R. Rana
Status: Based on the July 9, 2004 court order, the Receiver is requesting Nevada Title to prepare foreclosure documents for the Receiver’s signature.
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Loan No. GM 001080: Lot 6 of Mesa Vista aka Hacienda Estates Property Address: 7996 Timber Peak Lane, Las Vegas, Nevada APN: 163-28-718-006 Percentage owned by the Fund: 57.437%
Original Principal Amount: $220,000
Interest Rate: 14%. Interest paid to 1-25-02.
Terms: Interest only monthly.
Maturity Date: August 21, 2001.
Security: Lot 6 in Block 1 of Hacienda Estates Unit 1, Clark County, Nevada.
Lien Position: 1st Deed of Trust
Description of Property: A substantially completed single family residence.
Borrower: American Exchange, Inc., a Nevada corporation, and Robert E. Rippe, Individually.
Status: The Receiver is currently coordinating with his legal counsel to resolve the title issues so the property can be marketed for sale.
Loan No. GM 991058: Lot 36 of MacDonald Ranch Property Address: 1648 Liege Drive, Henderson, Nevada APN: 178-28-212-037 Percentage owned by the Fund: 63.313%
Original Principal Amount: $850,000
Interest Rate: 14% per annum. Interest paid to 1-25-02.
Terms: Interest only monthly.
Maturity Date: August 25, 2001.
Security: Lot 36 in Block 5 of The Foothills at MacDonald Ranch, Clark County, Nevada.
Lien Position: 1st Deed of Trust
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Description of Property: Vacant lot; no improvements.
Borrower: Perpetual Investment, Inc., and Robert E. Rippe, Individually.
Status: The Receiver is coordinating with his legal counsel to resolve various title problems that exist on this property before foreclosure proceedings can be commenced and the property can be placed on the market for sale.
Loan No. GM 991056: Buffalo/Hacienda Mini Storage Property Address: Approximately 5.26 acres of vacant land located near the intersection of Buffalo & Hacienda, Las Vegas, Nevada aka 8045 W. Hacienda Avenue, Las Vegas, Nevada APN: 163-28-701-010 Percentage owned by the Fund: 74.837%
Original Principal Amount: $3,800,000
Interest Rate: 14% per annum. Interest paid to 1-25-02.
Terms: Interest only payable monthly.
Maturity Date: March 25, 2001.
Security: See current status.
Lien Position: 1st Deed of Trust
Description of Property: Vacant commercial land improved with a concrete slab.
Borrower: American Exchange, Inc., a Nevada Corporation, and Robert E. Rippe, Individually. The property is currently vested in Canyon Lenders, LLC. The Managing Member of the LLC is Paris Robert.
Status: The property, consisting of approximately 5 acres, was to be developed as a mini- storage facility and is currently zoned for this type of use. The property was acquired by Canyon Lenders, LLC through a Trustee’s Sale of a $900,000 2nd deed of trust. The Fund does not have any interest in Canyon Lenders. The $3.8 million deed of trust should have encumbered a total of four parcels, however as a result of a mistake at the title company, the deed of trust was not properly modified and, as a result, only encumbers one parcel that is only a small portion of the property. Canyon Lenders has disputed this and contends that the deed of trust should not be allowed to encumber all of the property. The Receiver has filed a lawsuit in an attempt to rectify the situation.
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Interests in Real Property Acquired by the Fund through Trustee’s Sales or by Deeds in Lieu of Foreclosure
Property: Pinehurst Lot 32, Henderson, Nevada 89014 Property Address: 115 Hollybrook Court, Henderson, Nevada 89014 APN: 178-17-316-032 Percent Owned by Fund: 34.4%
Description of Property: A completed single family residence.
Status: This property is co-owned by Ted Miller. Negotiations have been ongoing for several months with Mr. Miller so the property can be sold and its current market value. The Receiver intends to file a motion seeking instructions from the Court.
Property: Azra Center Land at Washington & Lamb Property Address: 0.61 acres located at Washington & Lamb, Las Vegas, Nevada APN: 140-29-212-008 Percentage owned by the Fund: 57.2546%
Description of Property: A 0.61 acre site of vacant commercial land located near the corner of Washington & Lamb in Las Vegas, Nevada.
Status: The property has numerous title issues that must be resolved before the property can be marketed for sale. These issues include 1) a Special Improvement District lien in the amount of $6,718.49 that the Receiver paid in order to avoid a sale of the property and 2) a trust deed lien that should have been previously fully reconveyed but still remains of record. In addition, there are other recorded actions against the property. The Receiver is working to resolve all of these issues.
Property: 120 Corporate Park, Henderson, Nevada APN: 178-15-610-029 Percentage Owned by the Fund: 75.126% Percentage Owned by Global Express Capital Corporation: 0.913
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Description of Property: A vacant single story industrial office building consisting of approximately 23,960 rentable s.f. with 66 covered parking spaces and 22 uncovered spaces. This property is in very good condition and is in an excellent location. The property is ideally suited for a single owner/user. The building is equipped with a state of the art security system and also has office furniture and computer equipment.
Status: The property has been listed for lease and for sale at a price of $3.5 million with CB Richard Ellis pursuant to court order.
Property: 648 Joey Lane, Henderson, Nevada 89015 APN: 178-02-610-003 Percentage owned by the Fund: 67.015%
Description of Property: A 6-unit commercial industrial single level building consisting of approximately 4,000 square feet of rentable area.
Status: The property was acquired through a Trustee’s Sale. The property has been listed for sale with CB Richard Ellis.
Property: Monterra Phase II Land, Henderson, Nevada Property Address: Wigwam and Eastern Avenue, Henderson, Nevada APN: 177-13-331-002 Percentage owned by the Fund: 61.3870%
Description of Property: Vacant land zoned for office building development.
Status: The property was acquired through a Trustee’s Sale on September 30, 2003. The property is being exclusively listed for sale with Marcus & Millichap.
Property: Monterra Phase III Land Property Address: Wigwam and Eastern Avenue, Henderson, Nevada APN: 177-13-301-022 Percentage Owned by the Fund: 63.65%
Description of Property: Approximately 3.03 acres of vacant land zoned for office building development.
Status: The property is being exclusively listed for sale through Marcus & Millichap.
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Property: Fountain Plaza 11 Arkansas Property Address: 11 Arkansas Avenue, Henderson, Nevada APN: 179-18-810-105 Percent Owned by the Fund: 22.533%
Description of Property: An unoccupied single family residence in poor condition.
Status: This property was acquired through foreclosure on August 27, 2003. The property is being exclusively listed for sale with Century 21 Real Estate.
Property: Fountain Plaza 15 Property Address: 15 Arkansas, Henderson, Nevada AN: 179-18-810-106 Percent Owned by the Fund: 100%
Description of Property: A vacant rundown single family residence.
Status: The property was listed for sale with Century 21 and was sold for $116,000. The sale was approved by the Court on August 13, 2004. The escrow is expected to close in the near future.
Property: Fountain Plaza 23 Arkansas Property Address: 23 Arkansas Avenue, Henderson, Nevada APN: 179-18-810-108 Percent Owned by the Fund: 73.779%
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Description of Property: An unoccupied single family residence in poor condition.
Status: This property was acquired through foreclosure on August 27, 2003. The property is being exclusively listed for sale with Century 21.
Property: 326 Nebraska Avenue, Henderson, Nevada Property Address: 326 Nebraska Avenue, Henderson, Nevada APN: 179-18-810-092 Percentage Owned by the Fund: 83.334%
Description of Property: A vacant lot located in Henderson, Nevada.
Status: The property was acquired through foreclosure and is being exclusively listed for sale with Century 21.
Property: Lot 4 of Mesa Vista, Las Vegas, Nevada Property Address: 7987 Timber Peak Lane, Las Vegas, Nevada APN: 163-28-718-004 Percent Owned by the Fund: 100%
Description of Property: A completed single family home.
Existing Encumbrances: 1st Deed of Trust in the amount of $150,000.
The property was acquired through a foreclosure sale of a 2nd trust deed loan on July 1, 2004. The property is currently listed for sale with Prudential Real Estate.
Property: Lot 18 of MacDonald Highlands Property Address: 1691 Tangiers Drive, Henderson, Nevada 89012 APN: 178-28-212-019 Percent Owned by the Fund: 100%
Description of Property: The property consists of a partially completed custom home in MacDonald Ranch. The home is in need of substantial completion work.
Status: The property was acquired through a Trustee’s Sale on July 21, 2004. The Receiver has obtained an appraisal of the property in its as-is condition as well as in a completed condition. The Receiver is in the process of determining the cost to the
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc complete the home. The property will be marketed for sale as soon as the Receiver has all of the facts concerning this property.
Assets Under the Control of the Receivership Estate as a Result The Order Amending Preliminary Injunction to Include Additional Entities Within the Receivership and Within the Scope of the Preliminary Injunction filed July 12, 2004
BDCC TRUST:
Property Address: 1499 MacDonald Ranch Drive, Henderson, Nevada Lot 31 in Block 3 of Palisades Unit No. 2 APN: 178-28-515-010
Description: See above.
Property Address: 464 St. Moritz Drive, Henderson, Nevada Lot 23 in Block 3 of the Foothills at MacDonald Ranch aka Palisades Unit 2 APN: 178-28-614-003
Description: An unimproved residential lot.
Liens: 1st Deed of Trust in the amount of $850,000. 2nd Deed of Trust in the amount of 125,000.
Status: The property has been listed for sale for $1.5 million with Platinum Properties.
Majestic Trust:
Property Address: 23000 Newport Coast Drive, Newport Beach, California 92657 Lot 5, Building 1000, Tract 16165 APN: Unknown
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D:\Docs\2018-04-15\0190b2dd3b97814619e04874a13657b7.doc Description: See above.
Artistic Estates:
Property Address: 649 St. Croix, Henderson, Nevada Lot 1 in Block 1 of the Foothills at MacDonald Ranch APN: 178-27-315-001
Description: A partially completed custom single family residence consisting of approximately 8,000 square feet. The estimated cost to complete the residence is $1,015,000.
Liens: 1st Deed of Trust in the amount of (to be determined) 2nd Deed of Trust in the amount of $1,355,000.
Status: Platinum Properties is currently attempting to sell the home.
Black Tie Investments Corp.
Property Address: 1660 S. Valadez Street, Las Vegas, Nevada 89117-8321 APN: 163-04-605-009
Description: See above.
Grand View Construction, Inc.
Property Address: 120 Serramonte Court, Henderson, Nevada APN: 178-17-316-025
A completed single family residence. The Receiver is currently investigating the status of this property.
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