Weissenborn Speaks

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6 thoughts on “Weissenborn Speaks

  1. Moving Equitatus’ comments from the previous thread to get the conversation started. Thanks Equi….

    A couple of quick point on a fast read of the CRO’s Cinco de Mayo letter.

    1. Funny how he can never tell us what the “burn rate” is for his operation.

    2. Siena Hotel proceeds will be consumed in the “burn rate”.

    3. Does anyone else think that there is a huge conflict of interest surrounding the RE Reno Ng guarantee issue? Who is going to enforce what rights on behalf of whom?

    4. RE Loans increase in REO’s. All that means is we are getting stuck with the Queen of Spades.

    5. Adams Canyon will be worth something. It’s a nice property. It’s a keeper probably worth close to the loan amount. Walter, will you transfer title to my brother and some other investors to satisfy their debt?

    6. Canyon Club is not worth the amount of the loan. The only one who is going to get paid on that is Wells Fargo and Barney Ng who is pursuing his $5 million dollar commission against Stephen Schram in NY Fed Dist Ct.

    7. Who is Euby Black? 2718 Santa Rosa loans were $47 million. Likely worth $20 million.

    8. Vantage Lofts-$37 million dollars. What does the fact that Wells Fargo would not pay the taxes tell you? Is any land or partial development worth anything in Las Vegas NV?

    9. Weyrich Loan, Jacks Ranch. I’m going down there this weekend. This has value but what part of the total $16 million dollar loan is assigned to it I don’t know.

    10. The portfolio analysis is a sham. We are owed $691 million. Now the fictional number is $663 million. Now if the Wells Fargo note is still $67 million where did the difference go,$28 million. Is that the burn rate for the last two years?

    11. Selling the WF loan. Time for the buzzards to swoop in. Hedge Fund? We will be sold down the river. We will now be in 3rd position, behind whoever buys the debt, behind whoever services the debt. Bankruptcy would at least bring everything out into the open.

    12. FBI investigation. Did you learn anything by the CRO’s comments? Only that he was interviewed. Do you believe his statement that the investigation will not distract RE Loans from the goal of maximizing the return from the portfolio? Who are the principals in RE Loans? Whose interest are they really concerned about in the FBI investigation? There is a huge conflict of interest in the Ng gang running RE Loans. Bankruptcy or a Receiver would be a blessing.

  2. Weissborn is locked into a full employment gravey train for 3-5 years.How much has his firm earned?
    3-5 years more, not a bad deal for him and his partners.

    All we know is that $28 million in fund value has been lost and spent keeping the sinking ship afloat.

    You can go ahead and deduct the $21 Siena Hotel Loan,
    thats a loss.

    My prediction is when its all said and done, it will be 15 cents on the dollar if we are lucky.

  3. Surprisingly little commentary on such a lengthy letter. What’s up, people? Have you thrown in the towel?

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