This page will be updated periodically to provide generally applicable information and answers to frequent questions. Please review these answers carefully before inquiring directly to the receiver.
May 26, 2015
I invested in NDD. What do I need to do to submit a claim?
The receiver has received information from the SEC regarding investments in NDD. At this time you do not need to submit any additional information to the receiver. If the receiver needs additional information from you, he will post something on this website and/or contact you directly.
Will I be repaid any part of my investment? When?
We do not yet know what assets are held by NDD or the other Defendants subject to the receivership. The receiver is responsible for identifying and preserving any such assets. However, he is not authorized to repay anything to investors until the SEC’s suit against NDD is resolved. That could be many months, or even several years, in the future. The results of that suit will likely determine whether investors will receive anything from the receivership estate. It is not presently possible to determine how much, if anything, will be available for any such distribution.
Funds I invested with NDD are still in an escrow account. Will they be returned to me?
The court order establishing the receivership does not include the approximately $5 million still in escrow on May 18, 2015. The receiver has no control over those funds and no ability to assist investors in obtaining their return. We have been informed the escrow agents have been advised of the court order and will be returning the funds to investors in the relatively near future.
I am a creditor of one of the receivership entities. How do I submit a claim?
If you have already contacted the receiver and provided information about your claim, you need do nothing more at this time. If you have not provided that information, you can do so by sending an email to [email protected], providing a very brief summary of the claim, and attaching any key documentation.
Will creditors be paid? When?
We don’t currently have enough information to assess what funds might be available to pay creditors and which if any creditors should be paid if funds are available. We are unlikely to have more specific information about this in the near future.
Are you going to reopen the Great American Lodge?
This is another question we are not able to answer until we have a better idea of the assets available to the receivership. Reopening the facility will depend on more than whether it can be operated at a positive cash flow. There are some significant one-time costs that would have to be paid and some regulatory issues that need to be addressed.
Can I take legal action against any of the receivership entities?
Not without permission from the Court. Section IV.D of the Preliminary Injunction prohibits any creditor or claimant from filing or continuing any lawsuit, lien, encumbrance, or bankruptcy action against any person or entity listed as a Defendant or Relief Defendant in the SEC Complaint. This prohibition extends to any such activities directed at any assets subject to the receivership. (A copy of the Preliminary Injunction is available under the Court Filings tab.)
When will you know more about the available assets and your plan for proceeding?
Judge Hovland has asked me to complete an initial assessment and report to him by mid-June. A copy of our report will be made available on this website.
May 26, 2015
I invested in NDD. What do I need to do to submit a claim?
The receiver has received information from the SEC regarding investments in NDD. At this time you do not need to submit any additional information to the receiver. If the receiver needs additional information from you, he will post something on this website and/or contact you directly.
Will I be repaid any part of my investment? When?
We do not yet know what assets are held by NDD or the other Defendants subject to the receivership. The receiver is responsible for identifying and preserving any such assets. However, he is not authorized to repay anything to investors until the SEC’s suit against NDD is resolved. That could be many months, or even several years, in the future. The results of that suit will likely determine whether investors will receive anything from the receivership estate. It is not presently possible to determine how much, if anything, will be available for any such distribution.
Funds I invested with NDD are still in an escrow account. Will they be returned to me?
The court order establishing the receivership does not include the approximately $5 million still in escrow on May 18, 2015. The receiver has no control over those funds and no ability to assist investors in obtaining their return. We have been informed the escrow agents have been advised of the court order and will be returning the funds to investors in the relatively near future.
I am a creditor of one of the receivership entities. How do I submit a claim?
If you have already contacted the receiver and provided information about your claim, you need do nothing more at this time. If you have not provided that information, you can do so by sending an email to [email protected], providing a very brief summary of the claim, and attaching any key documentation.
Will creditors be paid? When?
We don’t currently have enough information to assess what funds might be available to pay creditors and which if any creditors should be paid if funds are available. We are unlikely to have more specific information about this in the near future.
Are you going to reopen the Great American Lodge?
This is another question we are not able to answer until we have a better idea of the assets available to the receivership. Reopening the facility will depend on more than whether it can be operated at a positive cash flow. There are some significant one-time costs that would have to be paid and some regulatory issues that need to be addressed.
Can I take legal action against any of the receivership entities?
Not without permission from the Court. Section IV.D of the Preliminary Injunction prohibits any creditor or claimant from filing or continuing any lawsuit, lien, encumbrance, or bankruptcy action against any person or entity listed as a Defendant or Relief Defendant in the SEC Complaint. This prohibition extends to any such activities directed at any assets subject to the receivership. (A copy of the Preliminary Injunction is available under the Court Filings tab.)
When will you know more about the available assets and your plan for proceeding?
Judge Hovland has asked me to complete an initial assessment and report to him by mid-June. A copy of our report will be made available on this website.