This Website has been established to foster efficient communications between investors of The Carolina Development Company (the “Company”) and Thomas Seaman, who is serving as its receiver. Mr. Seaman was appointed on February 16, 2006 in an SEC enforcement action known as SEC vs. Vander Tuig, et al in which the SEC has alleged that Lambert Vander Tuig, Jonathan Carman and The Carolina Development Company engaged in the fraudulent sale of unregistered securities.

This website was last updated May 1, 2012.

FEE APPLICATIONS OF THE RECEIVER AND THE RECEIVER'S COUNSEL FILED WITH THE COURT
On April 20, 2012, the Receiver and his counsel, Sheppard Mullin, Richter & Hampton LLP, filed fee applications with Court which detail work performed from August 1, 2010, and January 31, 2012. The hearing for these fee applications is calendared for June 4, 2012, at 10:00 a.m. The applications are posted on teh Case Documents page.

Lot 2175, Mid South Club, Sale Completed
On April 3, 2012, the sale of Lot 2175 at the Mid South Club, was completed for the purchase price of $39,000.

RECEIVER'S TWELFTH SIX-MONTH REPORT
On March 6, 2012, the Receiver filed with the Court his most recent accounting report for the period ending January 31, 2012. It is posted to the Case Document page.

RECEIVER'S ELEVENTH SIX-MONTH REPORT
On October 4, 2011, the Receiver filed with the Court his most recent accounting report for the period ending July 31, 2011. It is posted to the Case Document page.

FEE APPLICATIONS OF THE RECEIVER, THE RECEIVER'S COUNSEL AND THE RECEIVER'S ACCOUNTANTS APPROVED
On December 17, 2010, the Court approved the fee applications of the Receiver, his Counsel and Accountants.

Lot 2132, Mid South Club, Sale Completed
On August 16, 2010, the sale of Lot 2132 at the Mid South Club, was completed for the purchase price of $48,000.

Criminal charges filed
On January 21, 2009, the California Department of Justice filed criminal charges against Lambert Vander Tuig, Jonathan Carman, Scott Yard, Mark Sostak, Soren Svendsen, and Robert Waldman in the Orange County Superior Court. The case number is 09CF0153.  With the exception of Jonathan Carman, all of the defendants have been released on bail. 

Remaining assets:
The Carolina
The Receiver obtained an updated appraisal and a broker opinion of value to assess the current market value of the 229 acres owned by the Company in Moore County, North Carolina. There still remains little or no demand for land in Moore County. The Receiver listed the property for sale with a national real estate brokerage firm with expertise in residential land sales and they have aggressively marketed the property for sale. The broker identified a potential buyer and the Receiver negotiated terms of sale and executed a purchase and sale agreement with the potential buyer at a purchase price of $2.075 million. After completing certain due diligence, the potential buyer requested an extension of the due diligence period, which the Receiver agreed to. On October 14, 2011, the prospective buyers for the Receiver’s remaining land and subdivided lots at The Carolina development notified the Receiver that they have decided to terminate their purchase contract. In the meantime, the Receiver’s broker is continuing to market the property for sale.

Single Family Home Lot at The National
There is one single family lot at the The National development in North Carolina available for sale by the Receiver.

Additional information concerning taxes
The Receiver does not give tax advice and is unqualified and unable to provide investor-victims advice with regard to the tax treatment of their loss or of the distribution and encourages investor-victims to seek advice from their own tax professional. However investors may wish to view recent publications concerning the tax treatment of Ponzi schemes in the Case Documents.

Please refer to the Case Documents for a history of the receivership.