From bad to worse for Valley investors
Word from the court-appointed receiver now in charge of Valley Investment’s assets is that the debt-to-asset ratio for the investment company that was based in Grand Junction is even worse than previously believed. The company has about $30 million in debt, but assets worth less than 15 percent of that — or something south of $4.5 million.
That’s more troubling news for the many people who placed much of their life savings with Philip Lochmiller’s company because Valley Investments claimed returns well above national averages.
Furthermore, some of the assets that the company owns are of questionable value. They include deeds for lots in subdivisions in which the company was involved, but some of the deeds were never recorded and others involved multiple deeds for the same lots, receiver Kirk Rider said.
All of this makes it less and less likely that those who placed money with Valley Investments will be able to recover something close to their original investment.
And it’s all the more reason for the law enforcement agencies involved to make sure they have a concrete case against Lochmiller and members of his family, if and when they decide it is appropriate to file criminal charges.