“So tomorrow is the auction. I’m a bit of an insider and have been following the activity closely. There was only one party who conducted a thorough due diligence inspection of the Siena as far as I can tell (I read vanity plates and the contractor signs on the F-150s in the parking lot). I think the opening bid will be $1. And I have no indication that there is a back up bidder. I don’t think that RE Reno or Loans has the deep pockets anymore to enter the fray. Meaning you investors will be wiped out 100%.”
We know Konami Gaming filed another objection yesterday. We read what REreno wrote above.
WHAT DOES THIS MEAN?
If the sale of the Siena goes through, are RE Loans and RE Reno investors left with no recourse?
We’ve seen the comments from AnotherNgVictim and bluemoonagency regarding the personal guarantee to RE Reno investors.
AGAIN, WHAT DOES THIS MEAN?
Does it mean that if the Siena is sold at auction that we, the investors, watch our millions invested in the Siena disappear and we’ll never see a penny?
Does it mean that Walter and Barney won’t be held to the written word of their personal guarantee, “feel good” document or not?
Does it mean that Barney will have accepted all this cash, paid himself a commission for the loans, collected other fees, paid himself “rent” at a clip of $500k/month AND potentially negotiated a $7M severance amount into the sale while we get nothing?
Does it mean that Arent Fox has successfully navigated Barney through this mess and he’ll come out virtually unscathed?
Who is really representing REL and RE Reno? I can’t imagine the rank and file are being considered.
Does it mean that one of the few blue chip properties left in the funds really has no value? If that’s the case, what are the rest of the supposed blue chippers really worth?
Finally, does it mean that we’re all fooling ourselves and chasing the unattainable?
In this choppy sea of uncertainty, one fact is 100% certain. We will continue to compile information that may be used to either a) get some portion of our money back b) force legal review of the actions taken by Bar-K leadership or c) expose those who allegedly deceived us.