las palomas missing funds, new bandito?

[penasco1996]

at this point the info we have is new and untested, but over the last 3 days i got it in 3 versions, all close to the same. i sure hope it's just gripeing from las palomas owners losing their butts and looking to blame someone.

thank goodness this time the main alleged culprit is not a mexican individual or grupo. this time around the alleged culprit is a jewish fellow from az, but a partner with mexican folks.

ALLAN MISHKIN......it is alleged he is the majority owner/builder of las palomas, known as WORLD WIDE GROUP, the manager of las palomas. check out his problems with the SEC in new york.

the word on the street is that folks doing the rentals and HOA management at las palomas seem to have misplaced over $1,000,000 that never made it into bank accounts that said it held the funds. it may be whoever is responsible has no inclination to voluntarily return the funds which are claimed to be HOA fees paid by the owners of the condos. apparently a law suit is being planned in maricopa county courts. it is hoped this is all just an accounting error. mishkin may step forward to make right with the losers.

does anyone out there have any info on this, or verification?

 

[AZ ROB]

at this point the info we have is new and untested, but over the last 3 days i got it in 3 versions, all close to the same. i sure hope it's just gripeing from las palomas owners losing their butts and looking to blame someone.

thank goodness this time the main alleged culprit is not a mexican individual or grupo. this time around the alleged culprit is a jewish fellow from az, but a partner with mexican folks.

ALLAN MISHKIN......it is alleged he is the majority owner/builder of las palomas, known as WORLD WIDE GROUP, the manager of las palomas. check out his problems with the SEC in new york.

the word on the street is that folks doing the rentals and HOA management at las palomas seem to have misplaced over $1,000,000 that never made it into bank accounts that said it held the funds. it may be whoever is responsible has no inclination to voluntarily return the funds which are claimed to be HOA fees paid by the owners of the condos. apparently a law suit is being planned in maricopa county courts. it is hoped this is all just an accounting error. mishkin may step forward to make right with the losers.

does anyone out there have any info on this, or verification?

Penasco seems everyone of your post is DOOM AND GLOOM are you here to just stir the pot?

 

[dry heat]

HOA dues in Las Palomas decreased from 2009 to 2010. The builder was paying for 25% of the dues while the phase until the phase was delivered to owners (2008).
WWG owns property that amounts to roughly 20% of the grounds. If they where current on their dues they would have a voting share equal to the amount they own. They have not had a voting share over the last two years.
HOA has not misplaced moneys. since they are a non for profit entity they have to have a third party collect the dues and the dues are transferred to the HOA account. WWG has been slow to transfer the money over the last year, in some cases 90 - 120 days late. (the fix) In one phase the HOA has hired a third party bill pay collection company to collect dues rather than WWG. In the other phase owners are being encouraged to deposit their dues directly into the HOA's account.
Amazing how 90% of the rumors are b.s. including those by a third rate attorney looking for money. The 1st post above is so full of b.s. that I can't see myself actually trying to correct them- if he is trully an attorney then god help him. Sometimes you have to look a little deeper into things before assuming how things are. As an owner of properties around the world I have realized that the rumors are always way worse than the actual event. Sure it is not perfect and the developer has done some shaddy stuff, but as long as a fix is in sight or progress is being made to fix the problem or improve the situation then you are following the model of many succesfull businesses. Las Palomas still is the only 4 diamond resort in Puerto Penasco and still has the highest occupancy of any resort in the area. Of course being the biggest you will often find the problems are magnifide. As long as we have successful business minded individuals on the surveillance committee we are on the right track.

 

[Wood Spinner]

OH I love being trailer trash. I just pay my rent and if I don't like what is going on I just hook up to my home and move on.
About $ 400.00 per month includes everything.

 

[rockyptjoe]

HOA dues in Las Palomas decreased from 2009 to 2010. The builder was paying for 25% of the dues while the phase until the phase was delivered to owners (2008).
WWG owns property that amounts to roughly 20% of the grounds. If they where current on their dues they would have a voting share equal to the amount they own. They have not had a voting share over the last two years.
HOA has not misplaced moneys. since they are a non for profit entity they have to have a third party collect the dues and the dues are transferred to the HOA account. WWG has been slow to transfer the money over the last year, in some cases 90 - 120 days late. (the fix) In one phase the HOA has hired a third party bill pay collection company to collect dues rather than WWG. In the other phase owners are being encouraged to deposit their dues directly into the HOA's account.
Amazing how 90% of the rumors are b.s. including those by a third rate attorney looking for money. The 1st post above is so full of b.s. that I can't see myself actually trying to correct them- if he is trully an attorney then god help him. Sometimes you have to look a little deeper into things before assuming how things are. As an owner of properties around the world I have realized that the rumors are always way worse than the actual event. Sure it is not perfect and the developer has done some shaddy stuff, but as long as a fix is in sight or progress is being made to fix the problem or improve the situation then you are following the model of many succesfull businesses. Las Palomas still is the only 4 diamond resort in Puerto Penasco and still has the highest occupancy of any resort in the area. Of course being the biggest you will often find the problems are magnifide. As long as we have successful business minded individuals on the surveillance committee we are on the right track.

Hey...I'm just trailer trash...so what do I know....BUT.....are you saying with the highlighted part that WWG is in arrears also for HOA fees????? And if so,,,why isn't someone (HOA) trying to collect? It should amount to a sizeable amount of money!

 

[Ladyjeeper]

Yup, 300 a month for me, including patio, big shed and SUNDECK!!!!!!!

 

[Sonoran J]

Las Palomas

Nothing about the news is BS.
Those who have had ther investments in rental pool have not seen revenue on rentals
Those who who had ALP?OLP? do their bill pay where not getting their bills or taxes paid however the accounts where charged.
If you got a refund on the monies they are not good in your account It's imaginary money.
Personally, our bills where not paid for over 6 months, our account was charged and the refunds have not been put back.
We have gone to Sea Side for our billpaying service now.
Owners are not paying HOA fees (and the biggest culprits are the WWG partners)
LLas Palomas had fired almost all the employees bringing back only selct few for 28 day contracts.
It's a shame - someone needs to get "Operados" out - not just change the name.
Las Palomas needs to get back on it's feet - i thnk the owners should take over.

 

[rockyptjoe]

Hey there are "steals" on deals at Las Palomas....saw a couple of ads on Facebook....3Br/3Ba condo for $210.....I wonder what the HOA fee is......$800/month?????:stir:

 

[azfish]

Im going to hang tight for a while. If my calculations are correct the big tsunami that hit Japan.
The west cost over here is doe for a giant tsunami and earth quake, there might be some new islands, and cleared beach fronts again. :stir:

 

[unapaloma]

Does anyone now have facts and clarity on the Palomas issues, resolution, and if it's now clear going forward? Thanks!

 

[penasco1996]

as a sorry owner there, i can advise that the new group of mexicans in charge are trying hard to win back the allegiance of owners, all of whom have at least 1/4 million dollars invested, and in many cases, close to 1/2 million. the mexicans have stolen every available cent for some years, and not many of us are optimistic the new staff have any different design. at this point, they all work for world wide group, the builder and chief thiefs, so do don't hold your breath. until mexico develops a bonding system NEVER expect a mexican who owes you money to ever pay you. rule of law....not known here.

 

[masonshel]

Gee, Beachwalker...I am too an owner there and sorry to say that I did purchase there. Money owed to us is high and we are still determining what bills were "said to be paid" and yet were not. My trust of them is NIL and I think the beauty was what led us to purchase, with no knowledge, at the time, of the behind the scenes theft of monies going on.
We learned the hard way as many have....but then there are also many working on behalf of owners to "fix things." I appreciate that but I still trust no one on the other side sad to say............talk about throwing money down the toilet