• Report: #242981

Complaint Review: Resort Holdings International - Mike Kelly

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  • Submitted: Sun, April 08, 2007
  • Updated: Wed, November 25, 2009

  • Reported By:Beverly Hills Florida
Resort Holdings International - Mike Kelly
3222 Mishawaka Ave. Cancun, Mexico 77500 Cancun, Indiana Mexico
  • Phone: 888-838-0533
  • Web:
  • Category: Resorts

Resort Holdings International - Mike Kelly Took my money !!! Invested it? No Return ! South Bend Indiana

*Consumer Suggestion: IP FUND 1 Resort Holding and the Special Master

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A few years ago I was enticed by my good friend to invest money in Resort Holdings International (Yucatan Resorts)...I did to the tune of $150,000.00. They paid me 9% monthly on my money for a couple years.....then quit! Numerous calls, letters, etc. and Sorry-----no money for me! I want to take steps to get my money back---or----ownership in the properties there. I have been there many time.....Mike Kelly was my friend....(no relation to me by the way).....now it is past time to do something. Class Action? whatever....any ideas ?

Richard
Beverly Hills, Florida
U.S.A.

This report was posted on Ripoff Report on 04/08/2007 04:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/Resort-Holdings-International-Mike-Kelly/Cancun-Indiana-77500/Resort-Holdings-International-Mike-Kelly-Took-my-money-Invested-it-No-Return-So-242981. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Suggestion

IP FUND 1 Resort Holding and the Special Master

AUTHOR: Ernest - (U.S.A.)

With all the news in the media over Madoff and others, it is clear the victims need leadership and a unified voice to make sure this abusive process does not abuse their rights. Recently in one case, the Fifth Court of Appeals told the SEC-Receiver he could not claw back money taken by some of the Stanford victims before the scam was closed down because it was the victims own money. The victims of Stanfords scam could not have done this if they had not come together to challenge the receivers actions. After almost four years Kelly is still being held and more than 50% of the money recovered so far has been used to pay the Special Master and his team. The IP Fund 1 members as an untied voice have caused the court to pressure the Special Master and his team to reduce their fees by over $1.4 million in their first six billings. From the beginning the Fund has been steadfast that the court did not have jurisdiction over Kelly's assets in other countries. The Special Master has now confirmed our claim that the US court does not have jurisdiction over foreign assets. What does this mean for you! The US statute used in Kellys case does not protect the Leaseholders, it only give the court the legal right to hold Kelly. The Special Master also admits there is no judgment entered against Kelly and no argument can be made that the real property assets are being sold in satisfaction of a judgment. What does this mean to you? You have a right to pursue Kelly in the US and Mexico using civil actions. T he Special Master informed the court that Mexican Law is controlling over the Trust, which holds the assets. This means that, under Mexican law, you have more rights as a leaseholder, unless you give up your leaseholder position! The Special Master also revealed Kelly may enter into an agreement for restitution; however, this is the same type of deal he made with other states. Paying only the money you paid less any money you received. What does this mean to you? If you received a monthly payment the plan may deduct that amount from any recovery and no rental income or interest would be paid . This would be about 30 cents on the dollar. The Special Master states, in court documents, that everything is being done for the benefit of the victims, the leaseholders, and the process has to be open and transparent.   However, at every turn, the Special Master covers up information about the assets and his plan ! It is also clear that the Special Master's appointment to the Mexican trust gave him lots of power and the court approved his proposed plan, which has been sealed.   What does this mean for you! As a unified voice, the leaseholders need to push for complete transparency. We believe that in the Special Masters plan, all money paid by Kelly to the leaseholders may be subject to a reduction of the recovery.   The Funds suit claims that Kelly owes the leaseholders the money they paid, the rental income and interest on the rental income not paid. The Funds claim is civil and the Special Masters is a criminal action and as long as the leaseholders hold on to their rights they have a legal voice in Mexico. The Court authorized the Special Master to utilize the sales procedures described in document #236 to conduct sales of real property from the inventory in the ordinary course of business and sales of discreet parcels of real property. First discreet parcels are lots or land that is not sold on a daily basis. The Special Master told the Court it would not be called upon to approve the sale or the buyer. The proposed sales process will leave it to the Special Master and his consultants. The sale of real property from inventory in the ordinary course of business is the Port of Cancun. The Special Master asked, and the court agreed, to allow Groupo Kelly to continue to sell the project. We believe, and have support for our belief, that all the money will be used to complete the projects and to pay the Special Master and his professionals. Only after the projects are complete will distributions be made to Kellys victims . In short, the longer this goes on the more cash will be taken from the cash cow . The Special Master also asked the Court to allow payment from the trust to pay Kellys managers. Clearly, Kelly is still in control! Without the Fund, the leaseholders would be clueless as to the impact of the Special Master's pending assault which is the most dangerous to date. Court documents show the Special Master will attempt to convince the leaseholders to give up their rights that are protected under Mexican laws claiming that without leases the hotels can be sold for more to the benefit of the victims . However, without their leases, the leaseholders will be at the mercy of the Special Master. This is what the Special Master told the court. Each victim will then have to either approve or ask for a recalculation of the Total restitution Amount. In addition, the Victim Claim Form will ask the victims to terminate their leases and release their claims on the properties themselves to allow the properties to be sold vacated, free and clear of all liens and/or abilities, to receive the maximum value possible. Any claims a victim might have against Michael E. Kelly in his personal capacity, however, will not be affected by this release.   However, Kelly has no assets and the Special Masters offer is a slap in the face, he is offering nothing in return for your rights! How about making the leaseholders shareholders of the Mexican Trust in exchange for their leases with complete transparency and making Kellys family pay the Special Masters fees from their share of the Trust! For more information on how you can be a part of this united voice go to www.ipfund1.com
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