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.