Tumwater Brewery Update

Updated Story – Click HERE

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3 thoughts on “Tumwater Brewery Update

  1. I just read the Trustees opening brief in the Tumwater case. A couple sentences really capsulated the Ng’s Ponzzi scheme.

    “Thus, Bar K received $6 million in points, but Bar K still did not fund any of the principal amounts of either the First or Second Loans.
    Furthermore, in the event of default (triggering a five percent interest rate
    increase), any default interest was also to be paid to Bar K, not to R.E. Loans.
    Ng and Bar K effectively structured the loans in such a way as to allow them to reap rewards normally associated with the risks of hard money lending, but Ng and Bar K funded none of the loan proceeds, shouldered none of the risk…”

    They continued to invest other peoples money to get
    points knowing that these were shaky deals. But who
    cares if you have little or no risk yourself.

    You just round up a new batch of investors, find the next desperate borrower, and demand those high points.

  2. According to a lawsuit filed against All American Bottled Water (5th set of documents, page 5), Don Kubley is owed around $1.5 million for services rendered, to include arranging this no money down loan from Bar-K.

    http://www.theolympian.com/static/docs/whetstone/whetstone.html

    $6 million plus $1.5 (known so far) is $7.5 million in fees for a loan on a property selling for $14 million.

    I suppose with no financial risk on my part, a 54 percent fee would be just fine.

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