Heads They Win Tails We Lose

People often ask what the difference is between the Siena bankruptcy and a soap opera.  We’re not sure we know the answer, but research genius and insider-outsider founder of www.rereno.com might have some insight, as the following was sent along:

“Doc 238 is the Unsecured Creditors Committee objecting to conversion to Chapter 7. Seems that they are contemplating a suit against Mr. Ng and want the same judge in place.  Doc 239 is Barney objecting to Chapter 7, PROMISING to come to the next hearing. And stating that an agreement in principal has been reached with RE Reno about distributions from the sale.”

PACER provided some updated financials, which we link to here:

July 2010

August 2010

September 2010

October 2010

November 2010

December 2010

Goodnight and sweet dreams, friends.

9 thoughts on “Heads They Win Tails We Lose

  1. It’s amazing that this thread has exactly one comment so far. Is it too much information? Do you even care? Should we put less information out so as not to overwhelm the readers? Decide for yourself if your investment is something worth fighting for….or not.

  2. Unfortunately the Siena story is history.

    Barney has got the sales proceeds split up among the creditors. It is a very thin layer of jam on the cracker. Investors will see nothing for their $50 million.

    Whatever crumbs the fund gets will be eaten up by overhead and the CRO.

    This is a prime example of why an action for an accounting and a court appointed receiver should be the way forward.

  3. I am waiting for the CRO to give his report and for the business valuation report by Mary Ann Lerch.
    These were promised by the end of the year.

    By promising timely information and reports and then not following through they are only making a better case for a receiver.

    If you look at the substance of the information they have given us over the last 2 years you will see that there is really very little useful information.

    For example, what is the interest rate on the WF loan?
    What is the current condition of property?
    What are the costs and fees spent so far by the CRO?
    What is the CRO’s business plan and budget?

    I also want to see what the SEC and Justice Dept do when Barbara Boxer’s office requests a follow up investigation.

    • I certainly agree that we’ve gotten NO substantive information for years, but you don’t seriously believe Barbara Boxer will prevail on the SEC to ‘reopen’ its investigation or that the Justice Department will get involved in this fiasco – do you??? I’m a good Democrat and voted (albeit holding my nose)for Boxer, but in my experience she NEVER responds to constituent complaints or requests for help. Better to go to Diane F.

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