What’s On The Horizon (a positive posting)

While the future of RE Loans/Mortgage Fund ’08/RE Reno appears bleak, not all is lost.  There are some good things happening in our little world.

The first breath of fresh air has been the availability of documents pertaining to the Siena bankruptcy proceedings.  Taking a peek behind the curtain has been, shall we say, a curse in disguise?  We have learned A LOT about the NG operation.  We have learned that sweet Walter isn’t as sweet as we thought.  We have learned more about the tactics undertaken by Walter, Barney and others to feed themselves at our expense.  Every document gives us more insight, allows us to form better arguments and, of course, more fuel to add to the fire.

A few states away from Nevada, Californians Mr. & Mrs. Dixon Collins have refused to take this lying down.  They retained a very resourceful attorney who has been a frequent poster on this website, Robert Brower, and have filed a lawsuit against the Ngs.  This is another instructive process where we will undoubtedly learn more about our collective future in the very near future.  What interests us is whether the Ngs decide to defend themselves using our money or if they decide to cut a side deal and settle this matter out of court.  Either way the process will cost us, but, should this case resolve in favor of the Collins family, we could have the makings of a good old fashioned involuntary BK proceeding, where ALL, and we mean ALL the NG dirty laundry will be aired.  Oh what fun!

Finally, the Walter Ng Investors suits filed by Mr. Stewart are the final good piece of news we have.  These documents are another set of instructive documents that will be hugely beneficial to the greater good.

While we often bemoan our lack of luck, the devious ways of Walter, Bruce, Kelly and Barney, perhaps our lack of due diligence prior to and during our investment processes, we should count our lucky stars that we have the Siena, Collins and Stewart to shine a light on our often darkened path.

10 thoughts on “What’s On The Horizon (a positive posting)

  1. This is a substantive post.

    This is some information about the sale of Walter Ng’s home at 4010 Canyon Road, Lafayette.

    The home was first listed at $2,888,000 and subsequently lowered. At the open house, the home showed very poorly. The staging was minimal, too little for the size of the rooms. The new paint in kitchen was thin and the dark cabinetry showed through.

    The home was sold to 4010 Canyon Partners, LLC, a Nevada limited liability company, with the deed recorded on November 5, 2010. The deed did not reflect the transfer tax so it was not possible to calculate the tax from the deed. Keeping the transfer tax secret (to conceal the sales price) was intentional. On inquiry, the Recorder’s Office claimed that the amount of the transfer tax was secret.

    Zillow and Redfin reported, however, that the sales price was $2,025,000, far below fair market value. That price was confirmed by the Assessor’s Office based upon the transfer tax paid when the deed was recorded. The Assessor’s Office claimed that the amount of the transfer tax was public record and not secret.

    According to its Articles of Organization filed with the Nevada Secretary of State’s Office, 4010 Canyon Partners, LLC, was formed by Emily T. Fairbairn and Malcolm P. Fairbairn, who live at 10 Orinda View Road, Orinda.

    There is no known connection between the Fairbairn’s and the Ng family.

    There were al least two encumbrances on the property. The first, a $1,000,000 deed of trust recorded in 1997 when Walter and Maribel (”Bel”) Ng purchased the property. A second deed of trust secured a JPMorgan Chase $500,000 variable interest rate line of credit. The loan date for $500,000 line of credit was June 11, 2008, and the deed of trust was recorded on July 18, 2008.

    The date of the line of credit confirms, in a backhanded way, the fact that Walter Ng may not have taken money out of R.E. Loans for himself, when the run on the bank was in full swing in the summer of 2008.

    • Thank you Robert. While the line of credit info may confirm Walter didn’t take money out for himself, it certainly doesn’t confirm that he didn’t take money out for friends and family. Correct?

      • We know this.

        Walter Ng took out money for Walter Ng Investors. I may have explained before that Walter Ng Investors was a dummy account that Walter Ng used for out-of-state money that Walter Ng laundered to be California money, to avoid any claim that R.E. Loans was involved in interstate commerce and subject to the SEC’s rules and regulations.

        Kelly Ng personally, his family and his friends removed money.

        Bruce Horwitz personally, his family and friends removed money.

        Whether Walter Ng took money out for his family or friends is not confirmed at this point. We can add that one of Walter Ng’s very, very close friends got nothing.

  2. Walter held great faith in his sons and in his friends
    I can only imagine how walter is suffering – it is easy to demonize someone when times are hard- there were
    many many years that walter’s work and returns supported all the investors put their children through college- paid for trips- health care –built up their savings and bank accounts-all the investors and borrowers revered walter- during the good times he was appreciated by all – don’t forget this financial market has been a tsunami- the best of the best have fallen- granted too much risk was taken – had the market not fallen apart- you would all be praising walter- no question bar- k reached too far- dont forget the good times- you benefited significantly from them- walter didnt have what citibank and b of a and others had- a bail out from the US government- he needed one- – the banks got them- they are standing because they did get bailed out- who helped walter? pause before you cast stones- you loved walters returns for 30 years-this is a tragedy-

    • Why did Barney Ng need a $50 million dollar loan for the Siena Casino and was bought recently by 5 investors for 3 plus million dollars…seems to be a big discrepancy! By the way the Siena reopens as the Grand Siena under new management april 12th and the Casino opens April 21st. It seems as though the $50 million dollar loan from wells Fargo Foothill brought the Ng Empire tumbling down and all the Investors with it…although Barney anbd staff are still drawing salaries. Anyone know anything about a leer jet Barney owned?

      • Amen! Would you likr to know how the Ng’s are still ruining lives of some of the retired Investors they convinced over the last two and half years that distributions were forthcoming in just a couple of months ..hang in there… Houses have been lost, educations have gone down the drain, some Investors have no medical, food or housing, and their children have lost their houses. Why because we believed the scam and took Walter Ng at his word…distributions would resume…two months ago he said we would be getting something from our Investments, Yet they are drawing saqlaries at Bar-K and we are eating —-!

  3. Speak for yourself only PBrown, because you do not represent everybody’s situation. Some of us never took a penny out. We paid taxes on the “income” of the interest, which was reinvested with the Ngs, and is now gone, along with 100% of the principal. Lots of people who were hoping to retire in 10 or 15 years don’t have time to make that money back.

    Walter claimed for many years that they never lost money. I would not lose a minute of sleep if any or all of the Ng’s ended up in jail, although I understand that it’s unlikely to happen. Would prefer to have my money back, but that’s probably not happening either.

    And they were involved in interstate commerce. The out of state investors can’t get their money out either.

  4. I don’t know what loan portfolio Pbrown has been looking at, certainly not RE Loans.
    I have detailed in previous posting the absolute worthless multi million dollar loans Barney arranged. They were made to three time loosing developers, in and recently out of bankruptcy, felons, and tax cheats. What about that great Sienna loan?
    Why would they do this? They were blind drunk with the 5% sales commissions, and management fees. They figured they could still attract new investors to pay off the old ones and ones who wanted out.
    When these loans started to unravel the Ngs made sure they took care of family and friends first.
    My brother asked for his money back but was ignored all the while the Ngs were running money out the back door.
    These guys are crooks.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s