Trada Exit Strategy

[Thomas Pham]

Hi Everyone,

Would anyone know of an exit strategy or heard of exit strategy from other investors of Trada? I am scheduled to close on a property next month from Trada and no longer qualify for the loan since I am self-employed. Lenders are no longer offering stated income loans.

I am looking into assistance from an attorney (any recommendations would be appreciated for the state of Texas), but would like to find out my options. Current contract does not have a mortgage contingency.

Regards,

MP

[John Vogt]

Todd Prins, attorney for Trada and Marin in Texas has withdrawn all contacts with all Texas Trada investments. If you have Texas investments with Trada you may contact Texas Secretary of State for info on making service on Trada partners.

[Account Closed]

Kevin Geddes filed for Ch. 7 bankruptcy protection in California on 12/18/08. He listed as his "dba's" numerous Trada, Geddes, and Marin entities and partnerships. The notice states that "there does not appear to be any property available to pay creditors". The case is 08-12724 AJ7 in the Northern District of California.

[John Gallagher]

It looks like Kevin is touting his new company and offering calling it a "gold rush". It looks like he found his exit strategy:

California Investors Rushing to Own Limited Opportunity Investment Properties in Tennessee
Rare Opportunity to Own Part of a Multifamily Development in a Rapidly Growing Area

FOR IMMEDIATE RELEASE

PRLog (Press Release) – Aug 22, 2008 – SPRING HILL, Tenn. – California property investors are quickly acquiring property in the 15th fastest growing area in the United States, conveniently located near a major General Motors Saturn Plant and just minutes away from the Nissan Corporate Headquarters and a Verizon Regional Headquarters. Where in the struggling California real estate market is there such as great investment property location? Look east young man - east to Spring Hill, Tennessee, just miles south of Nashville.

“It’s the California gold rush all over again,†said Kevin L. Geddes with Geddes & Company, developers of the Port Royal at Spring Hill community. “We have a pretty unique investment opportunity at our community. We are selling the actual fourplex (4-unit) buildings to investors and then turning around and renting them to area tenants hungry for upscale apartment homes like the ones we offer.â€

Port Royal at Spring Hill is a new upscale community just 30 miles south of Nashville with deluxe amenities, lush landscaping, serene walking paths and open floorplans. Conveniently located right off of Saturn Parkway and Interstate 65, the 168-unit community features some of the best apartment homes available in the area. Best of all, Port Royal at Spring Hill is expecting strong renter demand for the community as one of only three apartment home communities located in the rapidly growing area.

“The 168 apartment homes are rent ready at Port Royal at Spring Hill and we are seeing strong rental demand for the community,†Geddes said. “This is definitely a very rare opportunity during a downturn for investors to secure premier rental real estate in a rapidly growing and economically strong community.â€

For more information on the investment property opportunities at the community, including more statistical information, check out the website at www.rentportroyal.com or call 800-920-5351.

-30-

Media Contact:

Kevin L. Geddes
Chief Executive Officer
Geddes & Company
Developer of Port Royal at Spring Hill
Phone: 800-920-5351
:cry:

[Ray Gutierrez]

Hello Everyone,

I am glad I found this blog regarding Trada. I have been trying to get in touch with them also. Until I got this bancruptcy letter last week. Does anybody know if we could still do something or get a refund of our deposit? Could Trada include our earnest money deposit in their bankruptcy petition? Isn't it against BK law and/or department of real Estate regulations. HELP.

Thanks...

[Lin K.]

I too have given Trada $30K for a development in Round Rock, TX. I don't think I will get my deposit back. Is there a bankruptcy attorney that can help us out (or at least explain to us if we have any chance of getting our money back)and to protect our rights in bankruptcy court? As I understand it, the only way to stop the BK is to prove fraud and that is pretty hard to do.

[Ecc Wonder]

A couple of folks and I are bundling our case into a complaint against Geddes in the bankruptcy proceeding. get a lawyer to help you. I am using one at [email protected] or by calling 1-800-372-9983. Ecc

[Miguel Navarro]

Hi, fyi.. I'm the brother of one of the salespersons and I lost 70K in Kansas because they could never build it in time and the loans were no longer available. I never once received written notice. I'm tempted to hire an attorney, primarely for creating a fraud lawsuit .. at least I can recoup some of my losses through tax writeoffs.. Is anybody pursuing this as well? Does it actually have to go to trial before you can claim this as a write off?

[Tara Murphy]

Trada's pattern of developments and unfulfilled obligations appear to justify the DA persuing Trada's principals for Fraud.
I'm interested to learn if there is an effort underway to get the DA involved, whether in CA, ID, TX....
They can't be allowed to walk away from this.....it's criminal!

[Miguel Navarro]

Is anybody pursuing recouping this loss through a business casualty loss due to fraud?

[Account Closed]

Here are the addresses that I have sent letters of complaint/ FRAUD to.

1. Office of the District Attorney,
Consumer Protection Unit,
600 Administration Drive, Rm 212-J,
Santa Rosa,
CA 95403

2.
Office of the District Attorney,
Consumer Protection Unit,
700 W. Jefferson St,
Boise, ID 83720

3. Also mail the DA of your own jurisdiction.

[James Hiddle]

Was this a ponzi scheme?

[Mike Jennings]

I found this site and after reading the messages i contacted someone from the title company they used to learn more about what is going on. I'm a investor at forest creek in Austin texas. Here is what I learned from the title company. The lady who I got through to is no longer there due to layoffs but did inform me of a lot of information. Forest creek has 54 buildings and all of them were under contract from buyers. Due to the problems with the loan market and the ecomomy only 15-20 of the buyers completed the purchase. Those of us who did buy should be angry at the other 30 or so people who did not buy there property that they commited to buy. That is the other side of the story here. If you buyers who are under contract would buy we wouldn't have this problem. The owners who did what they agreed to are now carrying the load for the others who didn't follow through with there commitment. I think those people should not get off the hook. I wonder if those of us who are owners can get together as the HOA and sue the buyers who didn't purchase? The good news for us at Forest Creek is that the community is very nice and will do ok in this bad economy. Good luck to all owners in this market.

[Joseph Kon]

I think everyone made their purchase decision based on the then market condition. And people who purchased or bailed based their judgement at the time. there is no blame to go around. People who purchased should anticipated that there will be some one who will bail out. Think about this way. Would you rather have foreclosures down the road with bank owned properties littered in the development, or will you rather have developer converting unsold properties to rental? No need to pointing fingers. There is no one to blame. Just my opinion.

[John Vogt]

Vogt v Trada Texas et al District court jury grants over 1.6 million dollars to Vogts in suit against Trada VI and Marin in property dispute. Secty. of State Texas cancels TRADA VI partnership for failure to keep agent up to date. TRADA rules failure to appear against TRADA in law suit

[Kelly Perryman]

I own a construction management company in Boise, Idaho. I did the construction management on a few of the projects around Boise for Trada. The first couple projects I did early on, Trada was great to work with. I was very impressed with the entire company. The last two projects that I was involved in were Keeneland Park and Faith Landing. Both of those projects went sideways. I was under contract to build 75 four plex buildings at Faith Landing and I completed 57 buildings and money ran out and that was the last Trada did in the Boise market. I have often wondered what happen to all of the investors that had deposits on buildings, that never did get built.

[Janice Peterson]

I received a Discharge of Debtor dated 8/4/09 for Kevin Lee Geddes dba (long list)
Case No:08-12724 AJ 7 Chapter: 7
and Sunee Zrno Geddes
Stating:
It appearing that the debtor(s) are entitled to a discharge, It is ordered: The debtor(s) are granted a discharge under section 727 of title 11, United States Code, (the Bankruptcy Code).
By the Court: Alan Jaroslovsky
United States Bankruptcy Judge

Return address was Reginald R. Hindley, Law Offices of Reginald R. Hindley
718 Orchard Street, Santa Rosa, CA 95404

Not good news. Collection of Discharged Debts Prohibited:
The discharge prohibits any attempt to collect from the debtor a debt that has been discharged. For example, a creditor is not permitted to contact a discharged debtor by mail, phone, or otherwise, to file or continue a lawsuit, to attach wages or other property, or to take any other action to collect a discharged debt from the debtor from the debtor. (In a case involving communi8ty property:) A creditor who violates this order can be required to pay damages and attorney's fees to the debtor. (There are also special rules that protect certain community property owned by the debtor's spouse, even if that spouse did not file a bankruptcy case.) A creditor who violates this order can be required to pay damages and attorney's fees to the debtor.
However, a creditor may have the right to enforce a valid lien, such as a mortgage or security interest, against the discharged the debtor's property after the bankruptcy, if that lien was not avoided or eliminated in the bankruptcy case. Also, a debtor may voluntarily pay any debt that has been discharged.
This information is only a general summary of the bankruptcy discharge. There are exceptions to these general rules. Because the law is complicated, you may want to consult an attorney to determine the exact effect of the discharge in this case.

Needless to say I was very unhappy with this letter. So I'm curious if your case will hold up and you'll be able to get your settlement award?