LETTER | Is SEC’s Receiver Incorrectly Using Potala Tower Money For Unrelated Potala Village Kirkland?


Is SEC’s Receiver Incorrectly Using Potala Tower Money For Unrelated Potala Village Kirkland?

Last week, just as many folks were heading off for a couple weeks of vacation, the news broke.  On January 4th, just as folks return to town, there will be a Design Response Conference for Potala Kirkland. This progress on Potala Village Kirkland likely comes as a great surprise.

An additional surprise occurred yesterday, as Potala Village Kirkland filed papers continuing its legal fight in the Court of Appeals.

Citizens are asking where the money has come from.  How are the architects being paid for Design Response Conference materials and preparation?  Similarly, how is the attorney being paid for the Court of Appeals briefs?

The Court appointed receiver is Michael Grassmueck.  It seems that his team has asked to be able to continue using (and paying) Lobsang Dargey’s attorney for Potala Village Kirkland.  This seems so odd since the SEC has alleged that funds previously used for Potala Village Kirkland belonged to EB-5 investors and were for the sole purpose of building Potala Tower.  Other EB-5 funds were raised for the Path America project in Everett and similarly some were misused for other unrelated projects.

So, if it were wrong for Lobsang Dargey to use Potala Tower or Potala Farmers Market funds for Kirkland, why is it now OK for the receiver to do the same thing?  Is this what is happening?  Isn’t this siphoning off funds that should either be returned to the EB-5 investors or left with their projects as they hope to still complete these and get their green card?

Maybe the funds are coming from somewhere else, but it appeared that Wednesday the receiver asked to be able to keep paying the attorney for the Kirkland “Relief Defendant.”

Mark your calendars for Monday January 4th, there will likely be some new faces in front of the city arguing for the enlarged Potala Village building.  We will need the tireless red shirt wearing citizens to be in the council chambers and speaking during public comment period!

Karen Levenson