Investor Information

Investors: Click here to e-mail documents requested by the Receiver and/or his paralegal(s). Thank you!

PLEASE NOTE: ALL of the Veros Private Offerings are part of this Receivership. It is not limited to Veros Farm Loan Holding and FarmGrowCap.

INVESTORS: If you have not yet done so, please provide the Receiver with the information requested in his May 12, 2015 letter so that we can verify your Veros investments.


October 29, 2015 - Investor Update

The Receiver has been working with Blue & Co. on the Private Placements. The Accounting firm has completed its review of Rockdale Holding, LLC, is nearly finished with the Senefeld-Risinger Loan (Champion Securities) and is working on Veros 702 North Holding LLC. Please note that payments made on the Private Placement investments may be subject to hold back of a certain amount for the Receiver's fees, accountant's fees and some expenses.

On October 5, 2015, the Court entered an Order granting Veros Partners, Inc.'s Motion to Modify the Preliminary Injunction, granting in part Vero's motion to the extent that the proposed assets subject to sale are excluded from the asset freeze so that they may be sold, but denied Veros's motion to the extent that such funds would be paid directly to MainSource Bank. Please click here to see the Order for more detail.

On October 21, 2015, the parties entered into a "Stipulation Regarding the Proposed Sale of Certain Veros Partners, Inc. Assets," wherein the parties agreed that a portion of the proceeds will be paid to MainSource Bank and the balance of the proceeds will be deposited with the Clerk of Court, to be placed in a segregated, interest-bearing account. Please click-here to review the Stipulation in full. The Stipulation was approved by the Court by an Order entered October 26, 2015 (click-here to see the Order).

Joseph M. Boyer d/b/a Muddy Creek Partners, LLC (a/k/a "Boyer Farms"), filed a Chapter 7 Bankruptcy in the US Bankruptcy Court, District of Oregon on October 1, 2015. The Receiver's Oregon counsel is preparing to enter its appearance in the bankruptcy, which provides a good forum for obtaining information as to the FarmGrowCap debt and will require Mr. Boyer to be responsive.

The Receiver travelled to Michigan to meet with the owners and managers of True Blueberry Management. The purpose of this meeting was to review the farming operation, to make sure that the Investors' current investments are protected and to work on a resolution for final funding of the Refinance or other alternatives to complete the Private Placement and protect the investments.

The Receiver is working closely with Mr. Cherry of Cherry Farms, LLC trying to find a resolution of his funding issues.

The Receiver continues to negotiate settlement with the parties involved in the FarmGrowCap v. RJW Williams, et al litigation in Illinois.

As stated previously, the Receiver's Quarterly/Interim Report must be filed with the federal court no later than October 30, 2015, and the Receiver's Quarterly Fee Application (including any accountants' fees and attorneys' fees) must be filed no later than November 14, 2015. Please watch for these filings which will provide you with additional and more detailed information regarding the Receiver's actions and plans.

September 22, 2015 - Investor Update

The Receiver has been working with Blue & Co. focusing on the Private Placements to ensure that they are operating properly and to determine their financial health. Priority is on those Private Placements for which we have received payments (there are several of them) and/or those that are fragile or appear to be in trouble. This is a priority for Blue & Co. Once the Receiver has obtained verification from Blue & Co. that a Private Placement is operating properly and is healthy, then the Receiver will submit a plan for approval to the Court as to how the Private Placement should be handled moving forward. Please note that payments made on the investments may be subject to hold back of a certain amount for the Receiver's fees, accountant's fees and some expenses.

Blue & Co. is also working on verification of the investors' investments and returns in the Veros Farm Loan Holding (VFLH) and FarmGrowCap (FGC) loans in order to determine how much each investor invested and the amount(s) actually received by each investor. Once this has been one, the Receiver will send a letter to each investor notifying the investor what has been found and requesting confirmation of those amounts. The investor will have the opportunity to ask questions and provide additional information if the investor disagrees with the Receiver's information. Should the Receiver and investor be unable to reach an agreement on those amounts, either party may request the Court to resolve the issue.

The Receiver is in negotiations with several of the Farmers and is attempting to resolve delinquencies without having to resort to litigation.

The Receiver feels comfortable that progress is being made on all of these matters in a timely manner.

Finally, September 30th is the end of this calendar quarter period. The Receiver's Quarterly/Interim Report must be filed with the federal court no later than October 30, 2015, and the Receiver's Quarterly Fee Application (including any accountants' fees and attorneys' fees) must be filed no later than November 14, 2015. Please watch for these filings which will provide you with additional and more detailed information regarding the Receiver's actions and plans.

August 19, 2015 - Investor Update

A letter has been sent to all investors in the Veros Farm Loan Holding and FarmGrowCap Private Offerings/loans regarding the status of those loans and providing information regarding the Receiver's next steps. Click here to see the letter.

A letter has also been sent to Investors in the Blue Crop Group regarding the Private Offering loan to "Refinance the Acquisition of Midwest Blueberry Farms and Blueberry Heritage Farms in Holland Michigan. Again, this letter provides information regarding the status of the loan and next steps. Click here to see the letter and click here to see the enclosure.

On August 13, 2015, the Receiver sent a letter to the Investors in the Cherry Farms 10.5% 2013 Credit Loan that matured March 31, 2014 (referred to below). Click here to see a copy of that letter and enclosure.


August 14, 2015 - Investor Update

As required by the Order appointing the Receiver, the Receiver recently filed his First Interim Report, Preliminary Liquidation Plan, and First Quarterly Fee Application. The Receiver encourages all investors to review those documents which contain detailed information regarding the actions and investigation undertaken by the Receiver pursuant to the Orders of the Court. These documents also include information regarding the Receiver's next steps and anticipated actions.


You will also note that Veros Partners, Inc. recently filed a request with the Court for approval to sell portions of Veros's consulting and accounting business. It is anticipated that the SEC is going to respond to the Veros motion, and a response has already been filed by MainSource Bank.

The Receiver will begin sending out letters to the investors in the near future regarding the various Private Placements and their status.

PLEASE NOTE: Cherry Farms investors may soon receive (or may have already received) a notice from Millennium Trust that the Cherry Farms 10.5% 2013 Credit Loan matured on March 31, 2014 and requests an update regarding the status of that loan. For that Notice, please mark "Other" and state: "The U.S. SEC instituted a civil action in Federal Court and a Receivership was established over several entities. This loan is part of that Receivership." Please contact the Receiver if you have any questions and thank you.

July 24, 2015 - Investor Update

PLEASE NOTE: ALL of the Veros Private Offerings are part of this Receivership. It is not limited to Veros Farm Loan Holding and FarmGrowCap.

Mr. Wendling, his counsel, and his staff continue to work diligently and simultaneously on several matters. Pursuant to the Agreed Order Appointing Receiver, a Quarterly Report and a Liquidation Plan are due to the Court no later than July 30, 2015. In addition, a Quarterly Fee Application must be filed no later than August 14, 2015. Two of these reports have been provided to the SEC counsel for review and the liquidation plan will be finalized in a few days.

Blue & Co., the Receiver's accountants, have begun their review of the Veros Private Offerings including the nature and extent of the investments made by each investor, the loans made to each entity involved, and the accuracy of the record keeping and tax returns. Until the review and analysis is complete, payments to investors have been suspended. However, as each Private Offering is reviewed, and if found to be accurate and properly accounted for, then it is anticipated that payments will resume, and the accountants will provide statements and reports to the investors.

The Receiver continues to pursue collection on the outstanding farm loans and has begun collecting payments on those loans. Further, the Relief Defendant, Pin Financial, is working with the Receiver to find additional sources for funds, and with the approval of the Court, recently brought in $310,000 in fees for services performed.

July 9, 2015

To all Investors: This is the first of regular updates that we intend to post to the website every other week to keep you advised of the Receiver's progress in the responsibilities charged to the Receiver as set forth in the Agreed Order Appointing Receiver dated May 1, 2015.

PLEASE NOTE: ALL of the Veros Private Offerings are part of this Receivership. It is not limited to Veros Farm Loan Holding and FarmGrowCap.

Mr. Wendling has interviewed 4 separate accounting firms and now has court approval to hire Blue & Co. to assist with operating and analyzing the 27 private offerings, the numerous loans, providing services and reports for the private placements (including reports to the investors), and preparing tax information and returns for the entities.

There are a total of approximately 175 investors and 27 (current) Private Offerings. We have requested that you provide us with information sufficient to determine the amount of each investment made and payment received by you from that investment, including investments for which you have been paid in full, going back to at least January 1, 2012. The Receiver understands there is a lot of work on the part of the investors (you) to gather and provide that information and that it will be a time-consuming process (but one which is absolutely necessary).

The Receiver is still in the process of analyzing the investments. This must be completed before he can make a determination as to the nature and amount of any losses (if any). Although time-consuming, this review and analysis is critical and must be performed thoroughly. Blue & Co. will assist with this analysis.

While Veros Partners, Inc. itself is not fully under receivership, Mr. Wendling is tasked with supervision over certain aspects of Veros Partners, Inc. and, in particular, with the investment advisory services conducted by Mr. Haab. In addition to all of the Private Offerings, Veros Farm Loan Holding LLC, FarmGrowCap LLC, and PinCap, LLC are under Receivership.

On June 22, 2015, the Receiver participated in the PreTrial Conference held in the Federal Court case. The Judge adopted a Case Management Plan which sets deadlines and a schedule to prepare for trial. The Case Management Plan is posted as item number 67 on the Court Filings page.

This Receivership is a result of the lawsuit pending in Federal Court. Accordingly, the Receivership is controlled by the Court and by matters that occur in that case. It is further affected by the schedule set forth in the Case Management Plan. The Case Management Plan contemplates a December 2016 trial date.

The Receiver is active daily in attempting to protect the interests of the investors. Among many other things to date, the Receiver is pursuing collection on several outstanding farm loans in Indiana, Illinois and Oregon. In that regard, he is reviewing loan documents and security instruments, inspecting the assets, speaking with the debtors and/or their attorneys, participating in negotiations; and, in some cases, traveling to the farms to review the crop and collateral. He is in nearly constant contact with the Defendants and the debtors in order to protect the interests of the investors and collect past and current payments due.

January 19, 2015 - Investor Update

The hearing that was set for 3:30 pm Eastern Time today (January 19) on the Receiver's Request to retain 5% of the funds has been vacated and reset for February 8, 2016, at 2:00 p.m. (this is in regard to the proposed interim distributions to investors in Jennings Design 2014 and True Blue Berry Mgmt 2015)

You can review a copy of the Court's "Entry Resetting Hearing" by going to the Court Filings page or by clicking here.