Path America G

Securities and Exchange Commission v Path America, LLC et al.

Michael A. Grassmueck is the court-appointed Receiver of Path America. Updates and general case documents related to this case are available below. 

Main Path America page


Status Updates

Status Update to Investors as of February 15, 2017
On November 23, 2016, the U.S. Citizenship and Immigration Services issued a Notice of Termination which terminated the SnoCo Regional Center that sponsored the Farmers Market project in Everett, WA. The Receiver filed a request for an extension of time to appeal of the termination on January 6, 2017, which highlighted his motion with the Court seeking approval of contracts and budget necessary to complete construction of the commercial space at the project. It also discussed the Receiver’s intent to negotiate with third party operators and file a motion to approve a transaction for the transfer of SnoCo’s ownership providing a complete separation of Mr. Dargey from the project. On January 17, 2017 USCIS granted the extension until June 1, 2017. If you have questions regarding the termination and its impact on your I-526 application, the Receiver encourages you to contact your immigration counsel. A copy of the Request for Extension can be found on the Receiver’s website under Correspondence and Other Documents.

Status Update to Investors as of December 12, 2016
On November 23, 2016, the U.S. Citizenship and Immigration Services issued a Notice of Termination which terminated the SnoCo Regional Center that sponsored the Farmers Market project in Everett, WA. The Receiver intends to appeal the termination within the 33 day deadline, which will include all efforts and successes to date in recovering funds and spending them on the project and any plans to recover the remaining funds (or to replace them with additional funds from the investors or other options) and use them to finish the project. If you have questions regarding the termination and its impact on your I-526 application, the Receiver encourages you to contact your immigration counsel. A copy of the Notice of Termination can be found on the Receiver’s website under Correspondence and Other Documents.

对投资人的更新截止至2016年12月12日 2016
年11月23日,美国移民局发布《终止通知》. 此通知目的在于终止 SnoCo 区域中心在Everett, WA的Farmers Market(“农贸市场”)项目。接管人意向在规定的33天内进行上诉。迄今经过不懈努力,接管人已将成功收回的资金用于项目建设;为了确保项目顺利完工,接管人还会通过后续方案继续回收未收回资金(或通过投资人的追加资金或来自其他途径的资金),继续用于项目建设。就终止决定对于您I-526 申请的影响,接管人建议您向您的移民律师进行咨询。《终止通知》全文可在接管人网站的“信函和其他文件”一栏下进行查阅。
信件及其他文件

Update to Investors as of July 20, 2016 (Tower)
On July 15, 2016, the Court granted the SEC's request to approve a restructuring of the Potala Tower Project. Copies of the Order Granting Final Approval of Disposition of Potala Tower Assets and the Courts Order explaining its decision on the proposed restructuring are located on the Case Documents page.

Update to Investors as of July 15, 2016
On July 15, 2016, the Court granted the SEC's request to add the following additional relief defendants to the receivership: Dargey Development, LLC, Dargey Enterprises, LLC, Path Farmer's Market, LLC, and Dargey Holdings, LLC. A copy of the Order Granting Motion to Modify Receivership Order is located on this website under Case Documents.

Update to Investors as of June 24, 2016 - Potala Tower
On June 23, 2016, the Receiver filed a Motion for Final Approval of Disposition of Potala Tower Related Assets. The matter is set for consideration by the District Court on July 8, 2016. The Receiver Michael Grassmueck has filed a Declaration in Support of that Motion. Exhibit A to Mr. Grassmueck's Declaration is a Notice to Investors which details the terms of the contemplated Restructuring Transaction for the Potala Tower Project. Exhibit B to the Grassmueck Declaration is the Master Agreement which memorializes those terms. Exhibit C is a proposed Order Amending Order Appointing Receiver, which will remove the Tower entitles from the receivership after the transaction is closed. Copies of these documents are located on this website under Case Documents.

Update to Investors as of June 8, 2016
On June 3, 2016, the Receiver submitted to the U.S. Citizenship and Immigration Services a Supplement to the Appeal of Notice of Termination of Path America KingCo LLC. The Supplement and the accompanying cover email to USCIS, as well as a copy of the original Notice of Appeal package, are located on this website under Correspondence and Other Documents. Investors are urged to seek advice from their own immigration counsel concerning the effect of the Appeal of the Notice of Termination on the individual investors' petitions.

Update to Investors as of May 24, 2016 - Potala Tower
2016. 5. 24对投资人的更新-布拉达大厦项目
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Update to Investors as of April 28, 2016
On April 22, 2016, the Receiver timely submitted to the U.S. Citizenship and Immigration Services an Appeal of Notice of Termination of Path America KingCo LLC. Copies of the Notice of Appeal, Cover Letter for Appeal from the Receiver's Immigration Counsel, and the Receiver's Appeal Letter (without the referenced exhibits) are located on this website under Correspondence and Other Documents.
2016.4.28更新
就移民局停止美国之路的决定接管人已及时于2016. 4. 22向移民局递交了上诉告。 请在"通讯及其它档案"栏目下查见上诉通知,接管人移民法律顾问的上诉信和接管人的上诉本文 (不包括文中提到的附件)。

Update to Investors as of March 30, 2016 - KingCo
On March 28, 2016, Receiver's immigration counsel received a copy of USCIS termination notice for Path American KingCo LLC regional center. A copy of the Notice (in English) is located on this website under Correspondence and Other Documents. The Receiver intends to take action to contest the termination.
于三月二十八号接管人的移民法律顾问收到美国移民局关于终止美国之路KingCo LLC项目中心的通知。 请在本网站"信件及其他文件"栏目下查看该通知的英文件。接管人意向争辩移民局的终止决定。

Update to Investors as of January 28, 2016
截止于一月二十七日的最新报告:

Many investors are asking as to the status of the K-1 forms that Path America was to prepare for each investors' tax return. The Receiver has retained an accounting firm to assist with tax matters, and they are in the initial phase of requesting documentation to prepare the 2015 income tax returns. We should have more information of status by the end of February, and will update the website at that time.
许多投资人询问关于又美国之路准备的K-1纳税表。接管人已委托一会计事务所协助上税事宜,现正在收集整理2015年财政资料。于二月底本网站会发更新消息。 谢谢

Update to Investors as of January 20, 2016

Today the Receiver's immigration counsel responded to USCIS's Notice of Intent to Terminate the KingCo Regional Center. The response requests that USCIS refrain from terminating the regional center designation and first give the Regional Center the opportunity to finish its projects and fulfill its purpose of promising economic growth if such action is deemed best by the Receiver and the Court. A complete copy of the NOIT Response can be found on this website under Correspondence and Other Documents.

Update to Investors as of January 7, 2016

Please note, Path America Asia Limited and its personnel are not under the Receivership and any issues relating to EB-5 investors' dealings with Path America Asia Limited, including any administrative fee refund requests, will not be handled by the Receiver.
请注意, 美国之路亚洲有限公司和其人员并不属于接管管辖内, 任何EB5投资人与美国之路亚洲有限公司之相关交易, 包括任何项目管理费退款申请事宜, 将不会由接管人来操作管理


Update to Investors as of January 5, 2016
12月31日给投资人的更新

The Receiver has timely filed the annual I-924a applications for both the SnoCo (where the Everett Pogoda Project is located) and KingCo (where the Seattle Tower Project is located) Regional Centers. His staff is also working on completing documentation for the I-829 application for SnoCo. We have requested FBI to return certain documents that are necessary for preparing the I-829 application and last week we received copies of documents that were confiscated by the FBI.
接管人及时提交了(艾佛雷特博格达项目所在的)SnoCo和(西雅图大厦项目所在的)KingCo区域中心的I-924a年度申请。他的工作人员正在准备完成SnoCo的I-829申请。我们向FBI申请退回一些为准备I-829申请所需要的文件,上周我们已收到 FBI退还其所查封的文件。

On December 22, 2015, the Receiver submitted the documents to respond to USCIS's Notice of Intent to Terminate the Snoco Regional Center. On December 24, 2015, the USCIS sent a notice to terminate the KIngCo Regional Center. The Receiver will timely submit a response to that notice as well. SEE CORRESPONDENCE AND OTHER DOCUMENTS
2015年12月22日,接管人提交了以下文件来回复美国移民局的撤销SnoCo区域中心意向通知。在2015年12月24日,美国移民局发出了意向撤销KingCo区域中心的通知。接管人将及时提交对该通知的回复。


Update to Investors as of December 18, 2015

Investors have been asking about whether, in light of what has happened, their investment can still qualify for the immigration benefits they have requested from USCIS. Below is a general status of this matter with regard to the Receiver's work. Please note, the Receiver is an officer of the United States District Court and does not represent or work for the individual investors, creditors or immigration applicants. As such, you should consult with your own personal counsel or advisor with regard to your personal investment, application and situation.
投资人问,鉴于已经发生的情况,他们的投资是否还符合他们向美国移民局所申请的移民利益的要求。以下是接管人就此工作的大体状况。请注意,接管人是美国联邦地区法院的委任人,不代表或者为单独投资人、债权人或者移民申请人工作。因此,就您的个人投资、申请和现状,您应该咨询您自己的私人律师或者顾问。

USCIS has issued a notice of intent to terminate ("NOIT") its designation of the regional center applicable to the Farmer's Market project. The Receiver will be submitting a response to the NOIT, asking USCIS not to terminate, but it seems reasonably likely that in the end USCIS will terminate the regional center's designation. Also, it seems likely that USCIS will pursue termination of its designation of the regional center applicable to the Potala Tower project. Under current law and policy, termination of the regional center with regard to the Farmer's Market and Potala Tower projects would require denial and revocation of all I-526 petitions sponsored by the regional center and termination of conditional residence by investors who already entered as conditional residents.
美国移民局对农贸市场项目所在的区域中心发出了撤销区域中心命名的意向书(以下简称"NOIT")。接管人会提交一份回应NOIT的文书,请求移民局不要撤销,但是有可能最终移民局还是会撤销区域中心命名。此外,移民局有可能试图撤销布达拉大厦项目所在区域中心的命名。在当前的法律和政策下,取消农贸市场和布达拉大厦所在的区域中心的命名将导致区域中心所提交的所有I-526申请被拒绝或者撤销,已经拿到临时绿卡的投资人有条件永久居留权被终止。

Among these issues identified by the Receiver which adversely impact the prospects for approval of any applications are the fact that funds were dissipated from the Farmer's Market project and the Potala Tower project. Those amounts would seem to need to be restored or replaced to have a chance at salvaging immigration benefits for the EB-5 investors. The Receiver cannot speculate either whether recovery of the funds is possible, when that could be accomplished, or whether such recovery would be accepted by the USCIS (or before USCIS takes adverse action against investors.) .
接管人所发现的会对申请批准不利的因素包括农贸市场项目和布达拉大厦项目资金流失。要挽救EB-5投资人的移民利益似乎需要收回或者填补流失资金数额。接管人不能预测是否可能收回此资金,什么时候可以完成,或者移民局是否会接受这个填补(或者在移民局对投资人做出不利决定前)。

Assuming that the projects are not otherwise terminated, it would seem that the projects also would need to be completed in order for their respective EB-5 investors to salvage immigration benefits. The Farmer's Market project might be appropriate for completion if financing can be arranged, but this is not clear. At present, it appears that a sale of the Tower is the best financial option.
假设项目不被终止,EB-5投资人要想挽救移民利益似乎需要完成项目。如果可以筹齐资金,农贸市场项目也许适合盖完,但是这还不确定。目前,出售大厦项目似乎是最好的经济选择。

The Receiver will be preparing a report to the Court with recommendations as to how to proceed with these projects. In particular, the Receiver will be filing a motion seeking approval for the procedures for the sale of the Potala Tower Project.
接管人会准备一份报告给法院,做出如何处理这些项目的推荐。特别的是,接管人会提交申请法院同意出售布达拉大厦项目程序的动议。