CLICK HERE if you are interested in reading more about Loan No. H0118 (Harmony Holdings) in the amount of $35 million and change. This loan constituted (note past tense) 5% of the REL fund. Everyone will find different details of interest.
Care to discuss?
Bar-K Investors 
Great site. I keep finding new and interesting things here.
Funny that Western United Life Assurance (WULA) had a prior loan on Harmony when Barney lent them money. I thought all of RE’s loans were first mortgages.
It seems that Barney and the gang managed to screw people at both ends of a deal.
Why has no one indicted him and the others?
Good question, Monagesque. The SEC appears to have passed. The DRE appears to have passed. The only sort of action that seems to bring heat these days is legal action, but navigating the pitfalls (and costs) seems to be rather challenging. What amazes me is that there aren’t enough people who either a) know about this travesty or b) care enough to step up and take action…of any kind. How about you?
contact me.
The proverbial ball is now in your court, monagesque!
In response to my email to the attorney representing Harmony Holdings I received the following today:
I understand your frustration and have had more than my share of issues with Barney Ng. The cases were converted to Chapter 7 because we were unable to reach any agreement with Mr. Ng, even though we had offered him a very reasonable resolution that would have allowed the sale and development of the Harmony properties. The Chapter 7 trustee is copied
on this e mail. As far as I know, the case is still in Chapter 7 and no sale or other productive result has been achieved. This is detrimental for all parties, including Mr. Ng. Part of the property has been foreclosed upon by a senior mortgagee and so the Harmony real estate has been split and the entire package is no longer available for sale. By copy of this e mail, I am asking the trustee or his attorney to let you know where things stand on these issues. Thanks and good luck,
Barbara George Barton, Esq.
Barton Law Firm, P.A.
1715 Pickens Street (29201)
P.O. Box 12046
Columbia, SC 29211-2046
(803) 256-6582
(803) 779-0267 (fax)
bartonlawsc.com
What is so amazing here is that the RE Loans Deed of Trust was not a first deed (surprise, surprise). http://www.gtowntimes.com/Local/Harmony-Township-may-sell–whole-shebang-
Were the investors always second fiddle?
Here’s a new find on Harmony (very old, but one we just stumbled upon today):
Click to access HARMONY%20TOWN%20COUNCIL%20MINUTES%20February%2026,%202009.pdf
For any who may still care…….having stumbled across this blog and noting a response from the attorney, who presented a stunning distortion of the facts of this case to the BK court, you should be aware that the developer screwed you all on this deal and not the Ngs as stated. The BK adversary proceeding, that appears by its very nature to be fact, is the developers story that ultimately allowed him to walk out the side door after squandering millions of your dollars. Another well known federal agency should have had a look at this case.
B Ng, to give him h is due, had a viable exit strategy though whether it would have survived the housing crash is anyone’s guess.
What “developer” are you talking about? Please explain in detail.
What are the “stunning disorientation of the facts of this case…”?
What attorney are you referring to?
To my knowledge no one has yet fild an adversary proceeding in the Bankruptcy though several attorneys are considering do so.
What “…well known federal agency” are you talking about?
Whats the housing crash have to do with this case. That’s the Ng’s defense to mismanagement, breach of fiducary duty and fraud. What about loaning over $100 million to known crooks who stole the money, looting $50 million in comissions, borrowing $60 million putting you in a second position without a vote?
I suggest you read the McGuire complaint at:
http://equitatus.wordpress.com/
Attend the trial Monday and discuss it with other investor who will be there to support Mr.and Mrs. McGuire and their attorney Robert Brower.
The developer Harmony Holdings, who received the funding from bar-k, represented by the attorney above who filed the adversary proceeding in the bankruptcy case of Harmony Holdings. All available on the federal courts website.
Don’t have a clue about all the money lent to known crooks but i know this case.
The development funding was designed for success, the front end fees significantly below other hard money sources. The payoff to the lender was large but occurred at the back end of the project after the repayment of the initial bar-k funding.
Not responding to you as an advocate for the Ngs but suggest that there is much more to this particular disaster.
Best of luck to you all.
In a business with less than 1% profit between the 8% promised to investors on money lent at 10% encumbered by a 1% service fee you have to pick good deals that will pay off and not go bad.
Lets look at one deal Loan A0109. The Utah property
I get tired of repeating myself so read this older post on the subject and my comments and information.
https://barkinvestors.wordpress.com/category/loan-a0109/
Well before the loan was made to John E. Worthen
It was easily dicoverable that he had a rap sheet a mile long.
http://vlex.com/vid/u-s-v-worthen-18483720
http://vlex.com/vid/securities-exchange-commission-worthen-36122126
It looks like the Feds are finally going to put him away.
http://vlex.com/vid/securities-exchange-commission-worthen-36122126
Bruce was going on and on at his trial today about how good Barney was at finding and making these loans.
REL now owns a piece of Utah desert property and Barney got his 6% comission risk free, it was paid with your money off the top of the loan.
Don’t get me started on how much you lost to the biggest crook Barney loaned your money to.
Would you loan this guy 24$ Million of your money? You did.
http://www.houblon.net/spip.php?article3527
Bruce and Walter like to blame the market crash while pointing out they held no subprime loans.
They were right they were sub par loans to crooks and loosers.
Is anyone running the ship at Bar -K or do the investors have any organized management? After reading through everything here I think you had better find someone for me to talk to about this particular case
What would you like to discuss, Wiped Out and who would you like to discuss it with? We’re looking for ideas and hope. Got any?
Walter and Kelly are in the Office everyday with Suzie Parker.
They are drawing nice salaries protecting your assets.
The disaster recovery process is being run by our old friend Jimmy the CRO.
He always promises to keep us updated but alas we are treated like mushrooms.
John and Equitatus. My question is: is anyone actively managing bar-ks accounts or are you all just living on hope?
The Harmony BK is fluid and there will be an opportunity to pare the losses. Personally witnessed the entire BK charade here in SC and there are some options if anyone in a decision making position is involved, but after seeing the level of crookedness in this case my trust level is very low. You tell me, who do i talk to? K Ng called me many months ago but nothing came of it.