Conference call set for claims against Valley Investments
Investors who paid thousands into Valley Investments in Grand Junction can discuss their claim forms with the receiver, who is trying to determine how best to distribute the company’s assets.
Claimants forms were sent out to investors. “We’ve been surprised how much trouble people were having with them,” said Kirk Rider of the Grand Junction law firm of Rider & Quesenberry, the receivership for the investment company.
Rider will discuss some of the difficulties that have cropped up with the forms during a conference call Thursday and will urge investors to submit them as soon as possible so any problems can be ironed out.
The forms are significant because they will have a bearing on the distribution plan the receivership recommends to the court, Rider said.
The deadline to file claims with the receivership is Oct. 30.
The conference call will begin at 9:30 a.m. Thursday, and Rider said investors should call a bit early. The number is 877-269-7289 and the PIN number is 15030.
A claim form and a example of how to fill out a form is available at http://www.valleymortgagerceivership.com.
The FBI investigation of Valley’s dealings, and those of its owner, Philip R. Lochmiller, meanwhile, is still under way.
The FBI’s investor hot line, 303-575-7012, says that agents are studying questionnaires submitted by investors in this “ongoing, lengthy criminal investigation.”
A request by the receivership for control of assets owned by Lochmiller and members of his family still is pending before the Denver District Court. Testimony has been taken in the case and some papers remain to be filed, Rider said.
Rider in court papers has described Valley Investments, 1445 N. Seventh St., as being operated similarly to a Ponzi scheme, in which investors are promised high returns, which in reality are paid out from funds supplied by new investors.
Lochmiller’s lawyer, Cliff Stricklin of Denver, has said Valley’s problems are traceable to the nation’s economic troubles of late.
Lochmiller has declined to speak with reporters.