Question For Those Smarter Than Us

On page 33 of the MF ’08 valuation dated September 8, 2010, Ms. Lerch writes the following:

“This is an indication of the net assets of RE Loans LLC.  But the security being appraised is a debt
security payable to noteholders rather than equity holders.  The securities at issue are the notes of RE
Loans LLC to its noteholders, and are appraised separately.  Nevertheless, it is one indication of value, in that the net asset value of RE Loans is $47 per dollar of book value.”

Question:  Why does the Mortgage Fund ’08 Valuation Report end with three sentences about RE Loans?

Can anyone answer this question?

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18 thoughts on “Question For Those Smarter Than Us

  1. Can’t answer your question on MF ’08, but there seem to be several contributors to this blog who want to collaborate on finding some way to ameliorate our situation.

    Will anyone who would like to brainstorm please contact me at: bkurtin@comcast.net.

    It could lead to some good old fashioned conversation, which might be productive.

    • I will gladly provide any information requested concerning Mortgage Fund 08. On 1/27/11 I had replied to a “request-for-assistance/comment” and received a few responses. I am not an 08 investor, but instead am part of a group of investors that lendt $ to developers for purchasing land in N Carolina … Alligator Bay Development,LLC. RE and Barney lendt $8.75 million for the development. There have been several recent offers to purchase this property that would return nearly 90% of the original RE loan and more than 50% to the investor group as well as the mechanic lien holders. The RE loan was transferred into Mortgage Fund 08 and Kelly Ng and his spokesman, Rick Dishnica had been communicating with all interested/involved parties. After agreeing to the 1st purchase offer last autumn they suddenly decided to not accept the negotiated agreement that Kelly/Dishnica had offered. The development, with the 1st phase completed, continues to languish.
      Craig Muhl
      camandkym@comcast.net

  2. All,

    I will be off the grid and internet until Dec. 13.

    Just wanted to let you know so you would’t worry that
    the Ng clan put a hit out on me.

    I like Berts idea of getting together. Go ahead and
    set a time and place the week of the 13th.

    My email

    equitatus49@yahoo.com

    I won’t hold my breath that Jimmy will come out with
    some big end of the year BS

  3. Re your question about why that final paragraph refering to RE Loans appeared in the ’08 analysis, it is my guess it was simply an oversight by Ms. Lerch. She was probably preparing similar reports for both ’08 and RE Loans and that paragraph just didn’t get corrected to put in the name of the correct entity to which the particular report applied. Otherwise the reference certainly makes no sense.

  4. Julio is contrite and appologises for her apparent insensitivity to the plight of the Nag investors.

    Julio has (or at least had) a horse in this race. Maybe as only a drive-by investor, but what the Ng’s were up to mattered to me in a very real way.

    Julio is curious about the mostly ovine behavior of the actual investors in the Ng funds. Why aren’t you suing the living crap out of Walter, Kelly and the bad seed Barney? It can’t be so hard to enumerate your lose to your local DA that you have been personally harmed?

    • Julio: The answer to your question is simple. A significant lawsuit means foreclosure by Wells Fargo followed by Bankruptcy action by RE Loans. Is that enough to answer your inquiry? It’s easy to point to the ‘fradulent’, ‘malcicious’ behavior by Barney Ng. It’s not that easy to do anything about it at this point! Julio – whoever you are – do you have an easy answer. We’d all love to hear it!

  5. First step ivil action for an accounting and a receiver.At least then you have some accountability. Even if the court ordered the current CRO to stay on, you could get control away from the Ng’s.

    Second step receiver seeks to recover Barney’s ill gotten gains.

    Third step receiver seeks to recover from all those friends of Barney’s that got favorite distributions.

    My brother asked for a quarter of his principal back to buy a house, in person and in writing. They hung him out to dry while shoveling money out the back door to their family and friends.

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