Request For Assistance

Does anyone have the following court filings that can be emailed?

Stewart v. Ng
Stewart/Chiavatti v. Ng

Did you invest out-of-state money in RE Loans through ‘Walter Ng Investors’?

Who remembers this statement from Researcher?

“Walter’s taking money from the Wells Fargo line of credit for his money laundering scheme and out-of-state investors, is criminal….”

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6 thoughts on “Request For Assistance

  1. In 2005 a group of investors lendt $2 million to Alligator Bay Development,LLC in Onslow County to purchase land for development. RE Loans (later changed to Mortgage Fund 08) provided $8.75 million to develop this land in 3 phases. The first phase was nearly completed with 83 platted lots finished prior to the market downturn. There have been several offers to purchase this project in the past year that, if all phases of the offers were successfully completed, would not only breathe life into this stalled development, but would allow Mortgage Fund 08 to recover between 80 – 90% of the original loan. The remaining mechanic lien and original investor holders would receive 55 – 64% of their debt and original investment.
    After originally offering a 55% recovery plan for the mechanic lien holders and original investors, Kelly Ng and his spokesman, Rick Dishnica, suddenly decided to not accept the negotiated agreement that they had offered and to also reject the buyer’s contract.
    Real estate investments over the past 3 years have affected all of us, but why the NG’s would not proceed with the sale has been inexplicable to the other parties involved. Our guess is that the proceeds of the sale would not be readily available to the Ng’s but would instead pass through to the Mortgage Fund 08 investors. Perhaps the Ng’s are satisfied with whatever “management” fees they are collecting concerning the Fund 08.
    There are obvious legal contentions on all sides and the resulting legal fees that continue. The offers to purchase this land would avoid these legal issues. The Ng’s have threatened to proceed with foreclosure but have taken no action. The mechanic lien holders and investors would like to see this foreclosure proceed assuming that the Ng’s are unwilling to agree to the substantial offers received to date. Personally, it is my assumption, particularly after reviewing the history of RE Loans Sienna debacle, that the Ng’s either have no funds available or backers willing to protect any of the assets with their 1st lien positions if foreclosure and the resulting auction takes place.
    I realize that most – if not all – of the contributors to this site are RE Loans investors, and that Brier Mackinac Partners has been hired by Wells Fargo to manage the affairs of the RE Loans portfolio. It is my understanding that the Ng’s are still managing Mortgage Fund 08 … but under what additional scrutiny remains unclear.
    Are any of the blog members also Mortgage Fund 08 investors? I gladly welcome any clarification on why the Ng’s are following such a course.
    Craig Muhl
    Colorado Springs

  2. If you are successful in waking up the Mortgage 08 investors you might consider a civil action for an accounting and a receiver. That would take control out of the hands of the Ng’s. What was the original commission that Barney got on this deal? Have they been paid or did he take a note?

    • Barney and RE were paid quarterly with the stated interest on the development loan to the owners of Alligator Bay until mid 2007. We have no information concerning the amount of commission or continuing management fees involved. This project was tossed into Mortgage Fund 08 and brother Kelly took over.
      Craig

    • If you go to the SEC website under, I think, Enforcement you can download and print the SEC Complaint form. Or, there are telephone numbers on the site to call to request a Complaint form if you can’t locate it on-line to print it out.

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