Jail Time Coming for Walter & Kelly?

Dan Noyes on Ng’s Fate:

The charging document, “the United States of America versus Walter Ng and Kelly Ng,” says they, in effect, looted the funds by making repeated cash withdrawals. The Ng’s are charged with “structuring transactions for the purpose of evading a reporting requirement;” 11 counts for Walter, 20 for Kelly. Each count carries a possible 10 years in prison and a $500,000 fine.

Quick math:

• Walter 11×10 = 110 years, $500,000 fine

• Kelly 20×10 = 200 years, $500,000 fine

May they live that long to serve out their potential prison terms….

Where’s Bruce, we ask?

Courtesty KGO

While many of us are beyond the age when a tax write off is helpful, it may provide solace for some.  John Robie’s message to everyone who got ripped off:  KEEP UP THE FIGHT.  Anyone who invested in RE Loans, RE Reno, or Mortgage Fund ’08 needs each and every one of you to stay strong and keep the pressure on.  Kudos to Brown and Bernard Wittenburg, amongst many others, for their efforts.

Finally, thanks to Dan Noyes for being the only reporter in the NATION who has stayed on top of this story.

http://abclocal.go.com/kgo/video?id=9273735&pid=9273730

WHO IS EQUITATUS AND WHY DOES MICHAEL COOLEY CARE?

If you thought Michael Cooley of Akin Gump was on your side, think again.  Cooley was a regular visitor to this site when he was pimping for a yes vote on the reorganization plan.  He got what he wanted and hasn’t been back since.  Sadly, that doesn’t mean he hasn’t continued his manipulative ways.

John Robies – (hmmm, just how many of us are there?) everywhere are doing their best to stay civil after your latest shenanigan.  Trust us, it ain’t easy.

If you care to click on this link (000981), you’ll see that Cooley is spending OUR money pursuing the true identity of Equitatus.  Why?  Well, Cooley works at the bequest of Walter and Kelly the Creditor’s Committee, who purportedly report to us.  I’m sure this is a truly pressing matter for them.  Rather than focus on recovering our hard earned life savings, they feel the need to file an emergency motion to lift Equitatus’ veil.

Who’s next?  John Robie and everyone who has ever posted a comment on a REL-related blog?  Stop screwing around and get us our pennies on the dollar before we die.

Shame on you, Michael Cooley.  Shame on the entire Creditor’s Committee.  You’re a farce and a disgrace.

RE LOANS FILES FOR BANKRUPTCY PROTECTION

RE Loans filed for bankruptcy.  While this was inevitable, no doubt, it’s still a shock to the system.  Despite the fact that it’s our money, our lives and our futures, the real bankrupt entity is the Ng Family Dynasty.  They’re morally bankrupt.  They’re ethically bankrupt.  Yet they’re still out there doing business and tricking more suckers like us out of their hard-earned savings.

Maybe Led Zepplin said it best in “When the levee breaks”

If it keeps on rainin’, levee’s goin’ to break,
When The Levee Breaks I’ll have no place to stay.
Mean old levee taught me to weep and moan,
Got what it takes to make a mountain man leave his home

Equitatus posted the following a few minutes ago:

Did RE Loans “Park” Money?

It has come to our attention that RE Loans may have allowed some of its investors the ability and/or option to “park” money in the fund.  “Parking” is a term used to describe money that is deposited into a fund, but not necessarily invested in the fund.  Rumor has it that R.E. Loans offered a parking service for some of its preferred investors who wished to place their money somewhere on a temporary basis.  The interest earned may or may not be reported to the IRS, some have speculated.

For example, it seems possible that the $5,000,000 returned to J. Robert (“Eddie”)  Orton, III, on March 30, 2007, just a day or two before the “freeze” letter was mailed to investors, was money that had been “parked.”  Same with Len “Austin Val Verde” Epstein’s return, perhaps?

Mortgage Fund ’08, RE Loans letter to Walter Ng and Kelly Ng

Three cheers for Mr. Jim McKenna’s letter to Walter & Kelly, linked here and copy and pasted below.

https://barkinvestors.wordpress.com/wp-content/uploads/2011/02/jim-mckenna-letter.doc

============================================

February 4, 20111

To: Kelly & Walter NG

From: Jim McKenna

Re: MF08 & RELoans

Guest Guesser

When will Mr. Weissenborn live up to his promise to give the noteholders an update around the end of the year?

Our guess is March 4, 2011 (three months into the year).

Why?  Well, the current forbearance agreement expires on February 28, 2011.  We can’t realistically expect Mr. Weissenborn to pen an update on the 28th, so we’re giving him four days of leeway.  Does this seem fair?  Tell us when you think we’ll hear from our cherished CRO.

RE Reno Seven Months Later…

On May 14, 2009 Barney Ng wrote the following to RE Reno investors:

I recognize and appreciate the trust that you as an investor have placed in me in originally providing this Loan to the Siena, and because of this I am committed to the pay-off of the loan.

Barney’s commitment to paying off the loan should be lauded.  His follow-through, however, is laughable (so is yours, Walter – you, too, signed the personal guarantee).  Barney continues…

Weissenborn Lives!

Thanks to bluemoonagency for the heads-up.  After eight days of silence, Team Weissenborn finally found the time to give the peons an update.  Why is the update dated December 6th, yet posted two days later?  Bigger questions exist, however.  While Weissenborn’s memo is short, it says a lot and leaves us pondering the following:

1. How much existing debt remains outstanding?
2. What is the existing interest rate?
3. New advances?  For what?  Please explain.
4. New advances “accrue interest at a 4% higher rate”.  Higher than what?  The existing interest rate?
5. We are being conditioned to accept the fact that Weissenborn and his cronies will take out a new loan in an effort to pay off the WFF LOC, again subordinating noteholders to junior status.  We know what a new line of credit means.  It means our money is gone and Weissenborn, Lend, Inc. and all the others eating and drinking from the Bar-K trough are getting fat and happy at our expense, laughing all the way to the (offshore) bank.

Anyway, mark your calendars for February 28, 2011!

Weissenborn Update

RE Loans # C0390 – Canyon Club (9% of REL portfolio)

Thank you Equitatus for bringing up one of our “favorite” REL investments, Canyon Club aka Snake River Sporting Club.  If you like documents, this post is for you.  Per Equitatus:

Q: Whats RE Loans biggest investment?A:  C0390 Canyon Club 61,146,348 9% of RE Loans (EDITOR’S NOTE – While technically true, if you add up Loan #s P0097 Georgetown/LochenHeath at $90M, Canyon Club is the second largest loan).

What does valuation expert Mary Ann say about it, “We are estimating that the loan will be paid in full seven years after the due date which is 1/7/2016, with several interim payments along the way beginning in 2011. As shown in the table, the estimated fair market value of the note is $16,821,364 or$16,800,000 rounded which is $28 per $100 of face value.”

Q: How did we end up in this mess?

This Deserves It’s Own Thread

From Equitatus:

Jim Weissenborn has a new letter on the RE Loans web site. http://reloansllc.com/pdf/cro.pdf Comments please.

The Long Trail Of Lies Continues

Walter’s letter to RE Reno investors, dated November 11, 2010, states that the sale of the Siena “has not closed as of November 15, 2010.”  That’s just the beginning of the absurdity contained within Walter’s letter, found HERE.

Walter states that “it appears likely that the aggregate distribution to R.E. Reno from the sale proceeds will be in the range of $2 million to $2.5 million.”  Is Walter so senile as to actually believe that RER will command over half of the sale price when companies like IGT, Konami Gaming and the various city and state agencies are all vying for the proceeds?  This is just another case of half-truths and nonsensical blue sky B.S.

The ‘Mourning’ After

Rage faded to disappointment overnight, but returned with a vengeance this morning.  The realization (or was it a reminder?) that the valuations provided by the NG family aren’t simply inflated, but greatly exaggerated, hit like a ton of bricks.  Weissenborn and his high-priced team have been noticeably quiet.  They apparently don’t have time to update us on anything, let alone the great financial loss we sustained yesterday.  Arent Fox made money.  Stephanie & Matthew Kelly made a few bucks.  So did Innovation Capital, to the tune of $300,000 plus consulting fees of $10,000 per month.  We, however, lost everything unless, of course, you believe in divine intervention.