Is Anyone Surprised?

We thought the Tumwater story was over and that we could close the book on at least one awful Ng investment.  Turns out we were wrong.  Two newspapers, the Olympian and the Tacoma News Tribune, report that the folks who purchased the brewery property through their LLC (“It’s the Water LLC”) are suing you-know-who.  It’s the Water seeks to void their $12 million purchase of the agreement and seeks a return of their $360,000 deposit.

While it’s not entirely clear who’s right and who’s wrong, both articles cite a lack of disclosure on behalf of Capital Salvage (Barney) and Troy Dana, the real estate agent.

Here is what is crystal clear:  The longer Walter, Kelly, Barney and Weissenborn are in charge of anything the worse off we’ll be.

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8 thoughts on “Is Anyone Surprised?

  1. Who wouldn’t like to get their money back from the Ng’s! I wonder if the buyer knows how long THAT line is.

    The three pages (so far) of local reader comments on the Olympian article have some interesting bits about the buyer, and perhaps his lack of due diligence before purchasing. Although evidently he’s fond of litigation, so this could take awhile to resolve.

  2. Equitatus is correct. Every single time another party sues one of the funds, Walter, Kelly and Jim reach into our pockets and pay for it. It matters not that our pockets simply contain lint. We are paying for it every single step of the way.

  3. I am new here. How would you suggest I get up to speed? I can just start reading from the least recent post. Is that best?

  4. Look, here’s the deal. They knew they were getting into risky investments. Just take a closer look at the loan they made in my neighborhood. It was always about fees. The only risks they took were risks utilizing OPM. That’s Other People’s Money. You can choose to follow Collins or McGwire or you can watch it wash away while vultures in my line of business wait for the prices to plummet even further before we swoop in and scoop up your properties at a steep discount.

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