Auction set for Valley Investments assets
The first assets of Valley Investments — from rifles to a 1955 firetruck to office equipment to perhaps some surprises — are to go on the auction block this week.
Valley Investments was placed in receivership last spring, and the FBI and state securities officials are continuing investigations into the company and its owner, Philip Rand Lochmiller. Lochmiller served a prison term for securities fraud in California before opening Valley Investments in Grand Junction 15 years ago.
The auction will put some money into the coffers of the receivership and relieve it of having to deal with the items, said Kirk Rider, the Grand Junction attorney appointed to the receivership.
One of the items, the firetruck, is stored at a Grand Valley towing yard awaiting the auction.
It’s one of several vehicles to be put up for sale. Others include a 2002 Chevrolet Suburban, a 1992 GMC 2500 Supercab pickup, two Cadillac sedans, a Pontiac LeMans sedan, a Volkswagen camper van, a golf cart with charger and two riding mowers, among many other items.
A complete list is available at http://www.cpauction.com.
The auction is to begin at 10 a.m. Saturday at Country Living Park in Mack, one of the mobile-home parks operated by Valley Investments.
The auction will move at approximately 2:30 p.m. to Valley Investments office, 1445 N. Seventh St., for the sale of desks, computers, chairs, rugs, paper, coffee machines, wall art and a shredder.
The auction is going forward with court approval, Rider said.
“It’s a misperception that we’re the ones who decide what to sell,” Rider said. “We basically gather information and are proposing a plan, but the court is the one that has the final decision” about the estate.
The receivership is trying to gather all of the company’s assets in hopes of selling them and distributing the proceeds back to investors.
About 300 investors are believed to have invested more than $30 million in Valley Investments. The receivership has estimated about $5.5 million in assets might be recovered.
Some investors have invoked their rights as first-trust-deed holders to the company assets, but no court has ruled on the claims. The receivership case was filed in Denver District Court.
The receivership, however, has obtained orders and agreements in Utah and Idaho preventing foreclosures of property owned by Valley Investments, Rider said.
The FBI is conducting interviews with investors as part of its criminal investigation, and investors can contact the FBI hotline at 303-575-7012.