All Forum Posts by: Ike Ikokwu

Chemar22,

Thanks for posting the update. I've been sick to my stomach the last couple of days. Unfortunately $13M divided by 2,000 is only $6,500 per investor and that's assuming we get all of the $13M. We all know they have debts to be paid the least of which is not the attorney's and fraud specialists now involved. I'm trying to hold on to some measure of hope but as another six figure club member (a club I now detest), it isn't looking good for us.

I just got into this with Pinnacle in Sept and was originally told they would send back my money because they weren't allowing new investors until they changed their mind and accepted my investment. How I wish they would have stuck to their original plan and sent back my money - hindsight.

I'm running out of cleanex!!! and they say grown men aren't supposed to cry

TN,

In reference to this quote "2. One of these posters suggested that the company's stopping of this investment "program" is unrelated to the investigation. We are told that information comes from Pinnacle itself (and I believe that it probably does, but I can't be sure). " - that individual is myself. I am not "suggesting" anything but simply reporting to the group what I was told in my conversations with Pinnacle. Many others have done the same thing here which we (investors in Pinnacle) find to be helpful to make sure we are all getting the same message.

I do believe they said USPS was new method of delivery for checks - I often interchange the two (UPS and USPS) in conversation so I hope I didn't confuse anyone.

The fact of the matter TN is that neither you, me nor anyone really knows whats going on behind the scenes at Pinnacle. Unless you work for them or are related to Gene, there's no way anyone on this site can tell us what is actually happening at Pinnacle. What people have done that has been helpful is relay to members of this group information they've been given in their conversations with Pinnacle as well as confirm that they are still receiving their checks despite all of the bad press Pinnacle is currently faced with. I do not work for Pinnacle nor was I hired to be their spokesperson. I like many others have a vested interest in a happy ending here with Pinnacle since I have my hard earned money involved with Pinnacle. Whether it is $5,000 or $250,000 I have invested with them, I still consider it hard earned money because I remember the days when I worked for minimum wage.

The last several of your posts have been mildly offensive in tone since much of what you post is typically one-sided (on the pessimistic side) and often times accsatory with no real reason behind the accusations except to further remind us of how pessimistic you are about things at Pinnacle.

You are certainly entitled to your opinion but as you've been encouraged by other members (moderator included), show some common courtesy to your fellow members and show a little compassion for what people might be feeling in light of all of the uncertainty surrounding what's really going on at Pinnacle.

Kind regards,
justanotherinvestor

Passivemoney,

That's great news - 1 down, 3 to go. You and I share Nov. 8th as an expected pay day. Hopefully we can both breathe a sigh of relief after then.

Hello all,

I spoke to Stephanie Harrell at Pinnacle today and was informed my return is due to be paid Nov 8th - I'll keep my fingers crossed that all goes well.

Most of my discussions confirmed a lot of what has been discussed in this thread but just to update:

They are no longer accepting new investors. They are phasing this 60day 25% investment out by paying out and closing all accounts.

Their former attorney Mr. Kunkel quit and sent them a letter notifying them of such. They have since acquired new counsel.

They switched from FedEx to UPS because the FedEx carriers were leaving people's checks without having someone sign for them. Checks are being sent via UPS with signature required for delivery.

The termination of the 60 day program, informal investigation or allegations thereof and their transition to the Pinnacle Consulting Concept are all coincidental. In otherwords, they did not move to the Pinnacle Consulting concept because of the article etc.

In my opinion, if they survive paying out all of their investors without any hitches, they will have built a pretty loyal base. I do question the success of their new Pinnacle Consulting Concept based on my understanding of it thus far. It boils down to you paying an annual consulting fee of $150,000 per year to duplicate their success buying REO's at discounts and reselling them for a profit. The only twist I see here is (1) You are responsible for funding each purchase and any required repairs (they say you can use their contractors) (2) After the first 3 months, you are responsible for maintaining your office (person answering your phone etc)
All of this seems to be a work in process as nothing has been finalized yet but the project each office to generate $1M in profit per annum.

My problem is if most investors are like me and they liked the high return potential and passive income potential from what Pinnacle was offering via their ads, why would they want to now "buy themselves a job" with this new Pinnacle Consulting concept? - Seems like a hard sell to me but what do I know.

At this point, Nov 8th couldn't get here quicker for me. Hope everyone else is transitioning out of this OK.

For the individual who posted something on Blue Moon in response to my prior posting, if you go to the NASD and request the disclosures on the incidents, you will find out that they were minor (compliance type infractions) that at the conclusion of both cases were deemed no intent to defraud the public. Blue Moon seems like a viable alternative for those interested in anywhere from an 18-22% annual asset-backed return. However, you must be highly liquid to participate - avg of $150K needed to fund each deal.

If anyone has any information on Golden Pacific Realty (someone posted this earlier) please share.

Regards,
justanotherinvestor.

First off,

God bless the moderator for leaving this forum open for discussions on Pinnacle - It's been so difficult finding info on them online - Again thank you.

Like most others in my boat, I'm a recent investor with Pinnacle. Just sent my check to them on 9/11. Initially, I was told by my advisor (Carey) that they were no longer accepting funds and that funds were being sent back but the good news was the start of Pinnacle consulting. Then a week later on monday 9/18, I got a message stating that management had in fact decided to accept the funds and continue the program for at least another 6 months. A further update from Carey later on (a few days later) said that management now had decided that they were in fact not accepting any new applications and that my investment would only be in for the next 60 days and "probably" end then.

I initially felt bad that I might not get to participate in the 60 day investment because I had done extensive research on Pinnacle and had seen no red flags and was eager to jump on board. Obviously, Pinnalce had wind of the pending "informal" investigation and was trying to figure out what they were going to do or how to response.

For the most part, we must give them credit for trying to do right by investors. My initial hunch based on reviews of the investigation and postings here is that they properly were not set up correctly to do what they were doing, got wind of this, fired their attorney and have decided to change their business model to still offer a good product to the market place. Now, that hunch may be on the optimistic side seing that I'm probably one of the last few ones to get on board. When I joined in, they had just stopeed doing the short form app and were now trying to formalize their procedures a bit and make their accounting a bit more streamlined to avoid prior delays with folks receiving their partnership agreement.

In either case, this is a great forum. Even if some of the less optimistic postings raise cause for alarm, it is still good reading. My prayer is that we all come out of this unharmed and I beg those that are expecting checks this week, next week and later to please post simply confirming they were paid and when. It helps some of us late entrants "keep hope alive" so to speak.

In closing, someone had mentioned some other outfit that did something similar to Pinnacle. Their name was Golden Pacific Realty. Just curious as to whether anyone had any experience with them - good or bad?

P.S.
If you've done any research on Blue Moon Financial based out of Denver Colorado, then that would give you some indication as to how Pinnacle perhaps should have been set up to do business from a regulatory standpoint.

Regards,
justanotherinvestor.