BREAKING NEWS!

Maribel & Walter Ng filed for bankruptcy protection yesterday, listing their estimated assets at $500,000,001 to, get this, $1 billion.  The judge assigned to the case is the Honorable Roger L. Efremsky.

Walter checked the box that says, “Debtor estimates that funds will be available for distribution to unsecured creditors.”

Please do us a favor and click the links below to learn more (and to see your name listed as a creditor).

Links to documents here:

B1 (Official Form 1)

List of Largest Creditors (20 largest unsecured claims)

Walter Ng Creditor Matrix – 268 pages of people are listed on this sobering document

Secure your seat belts, grab some popcorn and get ready for things to get VERY INTERESTING, folks.  We’ve got a lot of different things popping right now.  Robert Brower is in court, Walter’s filing for BK, and we’ve receive an official communication from the FBI.

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42 thoughts on “BREAKING NEWS!

  1. Lets review what Weissenborn said in his May 5 letter,

    “That said, Wells Fargo and Mackinac Partners have engaged in discussions regarding a possible chapter 11 filing and stand alone plan of reorganization that would be funded by Wells Fargo’s commitment to continue providing funding post-petition and post-confirmation. At the present time, it appears likely that a chapter 11 filing will be necessary in order to facilitate new financing from either Wells Fargo or a new capital investor. It is also possible that a chapter 11 filing could become necessary as a defensive measure, if Wells Fargo refuses to make additional advances necessary to pay current preservation expenses with respect to the portfolio or seeks to enforce its secured claim, thereby forcing a fire sale of the portfolio.”

    Is this part of some greater plan, is Wlater just firing a shot across Wells Fargo’s bow? or is he just trying to avoid immediate liability in investors suits?

    Do you think Weissenborn will send another opaque letter to us soon?

  2. I wouldn’t put too much stock in being in the top 20.

    My brother had more than a million dollars invested and he is burried somewhere in the middle of those 268 pages.

    The top 20 is Walter’s fiction, just like his scams.

  3. I was just looking at the docket sheet for the bankruptcy online.

    Notice has gone out to the “supposed” 20 largest creditors requesting 7 of them agree to serve on the creditors committee.

    This was an interesting play by Walter. All but one of them live out of state. Here is the list.

    Alfred Coelho 1228 Academy Court Las Cruces, NM 88007
    David Garlow C. A. Wen 2531 Queen Anne Ave. N Seattle, WA 98109−1820
    Dianne E. Forth 12926 200th Avenue. SE Monroe, WA 98272
    Elisabeth C. Small Family Trust 825 Caughlin Crossing Reno, NV 89519
    Gabrielle Chung 1295 N. Ash Street Apt 110 Gilbert, AZ 85233
    George Guidry Revocable Trust 260 Riverside Drive Basalt, CO 81621
    IRA Services Trust Company, Custodian 100 West 78th Street New York, NY 10024
    IRA Services Trust Company, Custodian 215 Morris Lance Grants Pass, OR 97527
    IRA Services Trust Company, Custodian 5923 E. Hampton Street Tucson, AZ 85712−2310
    IRA Services Trust Company, Custodian 651 Stinson Street Independence, OR 97351−9605
    Michael Hossack 56 Aspen Meadows Road Du Bois, WY 82513
    Peter C. Hentzen, Ph.D., M.D. 7409 Pine Knoll Circle Prospect, KY 40059
    Plymate Family Trust 651 Stinson Street Independence, OR 97351−9605
    Rollin W. Odell 13210 N.E. James Way Kingston, WA 98346−9121
    Terrance Joe Chung 3056 NE Alameda Terrace Portland, OR 97212−1630
    Terrell Family Trust Dated March 28, 1996 1015 Don Diego Avenue Santa Fe, NM 87501
    The Eugene A. Rapp Revoc Trust Dated 2/24/2009, Ttor/Ttee 23950 Mission Blvd. Hayward, CA
    94544
    The Lau Family Partnership P.O. Box 90850 Henderson, NV 89009−0850
    William B. and Eva M. Morrish 639 Prim Street Ashland, OR 97520

    John,
    I suggest that you open a link to the creditors committee nomination form on the docket sheet so that other larger investors who live locally can volunteer to serve.

  4. John,

    The railroad has started!

    Walter is trying to engineer the formation of the
    Creditor Committee and to change the notice requirements to the note holders.
    Opposition to the Motion is due tomorrow if the Judge
    signs the order. The hearing would be on Thursday.

    Can you post a link to the Motion and Kaplan’s Declaration?

    DECLARATION OF GARY M. KAPLAN IN SUPPORT OF DEBTORS’ EX PARTEAPPLICATION TO SHORTEN TIME FOR HEARING ON DEBTOR’S EMERGENCY MOTIONS:
    (1) FOR ORDER PROHIBITING UTILITIES FROM ALTERING,REFUSING OR DISCONTINUING SERVICE, AND ESTABLISHING PROCEDURES
    FOR REQUESTS FOR ADEQUATE ASSURANCE OF PAYMENT;
    (2) FOR ORDER AUTHORIZING CONTINUED USE OF BANK ACCOUNTS AND FOR RELATED RELIEF; AND
    (3) TO ESTABLISH CERTAIN NOTICING PROCEDURES

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