Donald Stoecklein, CEO of PIR and owner of Stoecklein Law Group, did not dispute CityBeat's reading of the document.
"That's like buying into one of these buildings before it's built," he
said, adding, "Certain parts of the property had to be developed out, yeah."
In 2013, Stoecklein
hired professional fundraiser Ernie Dahlman as PIR's CEO.
The new team convinced Stoecklein
that having the Tembabichi property on PIR's books looked suspicious.
Donald Stoecklein, Pacific Imperial Railroad CEO
no longer claims to own Tembabichi, has scant resources and faces allegations of fraud, Stoecklein
will continue to try to raise the money needed to rehabilitate the rail line.
For example, he
said, Los Angeles-based firm Diamond Capital Advisors has recently shown interest in PIR
"The irony is that all this publicity that it's been given, I get calls here every day wanting to get involved in the railroad now.
I never got those before.
So whatever's happened is like the old Donald Trump line: 'All press is good press.'"
On a side note, Stoecklein
mentioned to CityBeat
and the Nevada Group
still have plans to move forward with the large-scale development project in Tembabichi-for which, yes, they're looking for investors.
"I have a whole development plan, golf course, a hotel; you could have all that," he
"You could cattle-raise on a portion of it."