Creditors’ Committee Forms

Creditors’ Committee Forms

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12 thoughts on “Creditors’ Committee Forms

  1. My brother is going complete the claim form and ask to be on the creditors committee.

    He is also going to file an adversary proceeding in the Bankruptcy for Fraud, Misrepresentation, Breach of Fiduciary Duty.

    Any chance one lawyer or law firm could represent
    Fund 08 and RE Loans investors?

    Can you persue a class action as an adversary proceeding in bankruptcy court?

  2. Walter is definately trying to stack the deck with his hand picked slate of creditors.

    Hooahhh’s to Robert Brower and the Trustee for pulling
    off the covers on this sham.

    • I think this is an unfair comment about what is happening in the Walter Ng BK. Not EVERYONE who may be a potential creditor of Mr. Ng is the same. Investors (Noteholders) in the LLCs have (may have) different claims against Walter et al than do people who hold personal promissory notes from Walter or a personal guaranty letter for that matter. Not all creditors – or potential creditors – are created equal and to attempt to put everyone in the same category is not right, it is not fair and is it legally justifiable. As I understand it these out of state investors each had a promissory note, unsecured, signed personally by Walter Ng. Does anyone in RE Loans LLC or Mortogage Fund ’08 have a promissory note signed personally by Mr. Ng vs. signed by Mr. Ng or some other officer on hehalf of the real debtor, the LLC? The answer is probably ‘no’. The personal letter guarantys that some people in RE Reno LLC received present an entirely different question. They WERE signed by Walter Ng AND by Barney Ng, personally, and not as oficers of anything. So you have at least three different categories of potential ‘creditors”: l. Those who hold a promissory note signed by Mr. Ng personally, i.e. the out of state investors if I understand correctly what occurred; 2. those who hold a letter guaranty re RE RENO LLC signed by both Walter Ng and Barney Ng personally, and finally 3. those who have a promissory note, allegedly secured, signed, not Mr. Ng., personally, but in his capacity as an officer of the entity that was the actual maker of the note, RE Loans, LLC. So you see, NOT EVERYONE falls into the same little basket. Therefore, to say “Walter is …trying to stack the deck with his hand picked slate of creditors” is, I think, not accurate. I have great respect for what Equitatus has offered on this blog, but this statement might be going a bit too far!

  3. Warning!!!

    The US Trustee just appointed 3 of the 7 members of the unsecured creditors committee.

    See http://equitatus.wordpress.com

    Is any other that Walter’s hand pick crew going to
    represent the 3,000 investors.

    Come on, someone step up.

    Fill out the form above and send it in!

    We need a voice on that committee

  4. Since no one will be at court until next Tuesday, May 31st, perhaps interested persons could submit an email to the attorney for the acting US Trustee. The address is: maggie.mcgee@usdoj.gov. It might be helpful to state your objection to Walter’s attempt to pack the committee with his friends and out of state investors who you feel will not and do not represent your interests. There certainly is no hurry to fill the committee with Walter’s minions before the June 6 Creditor meeting. It might be wise to wait and hear from the creditors before taking such a controversial course of action.

    • Investors could also attend the next Court hearing on June 1
      at 2:00 pm and speak with Ms. McGee directly or ask to speak
      to the Judge about this issue.

      The Court is in a different building across the street. The courtroom
      is on the second floor. Security screening is one-by-one, so arrive
      early, no later that 1:45.

      After the hearing, you could go upstairs to the Clerk’s office on the
      third floor and file your Request for Special Notice.

      • I have to say I find it difficult to follow these blogs. What is the hearing on June1? I think the McGuire case starts June 13 and the creditors meeting is on June 6. Help

        • Sorry, I should have added the details.

          The audiotape of the May 19, 2011, hearing is posted
          on the Equitatus blog as a pdf file. At the end of that
          hearing, you will hear the Judge order the hearing
          continued to June 1, 2011, at 2 pm. On June 1, the
          Judge will probably continue the discussion about the
          composition of the creditors committee and Walter Ng’s
          request that there be limited notice.

          Ms. McGee will be there. You could talk to her before
          the hearing and ask to speak to the Judge during the
          hearing.

  5. The bankruptcy court this afternoon approved Walter’s modification of notice requirement.

    Everyone will get a one- time notification in response to which they can either opt (in) to receive all notices or not (opt out).

    There will also possibly be a web site where the Creditors Committee will post information about the case.

    A new attorney on the scene for Dr. Fredric Mendes who had an investment in RE Loan addressed the court on the notice issue. He suggested that not everyone had access to the internet or was tech savvy and the court and creditors committee should protect the claimants’ basic contitutional right to notice.

    The meeting of creditors and examination of Walter is still scheduled for June 6, 2011 at 11a.m.see the notice on my blog.

    http://equitatus.wordpress.com

    This is going to be the most interesting and dramatic moment in the case. Walter will wilt under the relentless questions of investors and attorney alike.

    A most interesting discussion took place in the hall after the hearing between the US Trustee, the newly proposed attorney for the creditors committee, Tracy Green from Wendel,Rosen,and Black &Dean of Oakland. There were about 15 investors present.

    The hot topic of discussion was about the composition of the creditor committee. The US Trustee denied getting request to serve on the committee from several investors who said they had sent her a request. The US Trustee seemed to question the status of the REL and MF08 investors to be on the committee. Reason: They are not really direct creditors of Walter as an individual, and their individual claims were not large enough.

    She was quickly corrected on both these points several investors but seemed unmoved to appoint REL or MF08 investors to the committee. She denied gettting any requests form REL or MFO8 investors to be on the committee. (See the form at the top of this string. Send it in to the US Trustee)

    Attorney Brown then explained to her that Walters’s top 20 was a fraud, citing the history of reinvesting these out of state investors in RE Loans through Walter’s dummy fund. The US Trustee was unaware of this. Mr. Brown also asked her if she was aware of the FBI investigation or had talked to the FBI. She knew nothing about this.

    Several investors offered to meet with her and bring her up to speed on the Walter. She declined. The general impression that one is left with is that she is not a warm and fuzzy protector of the individual investor. She seems be be above it all or she doing a job she doesn’t really care about.

    Ms. Green on the other hand gives the impression is that she is intelligent and will work to protect all the creditors. She seemed more inclined to listen to the investors and was interested in all the information people were giving her. She said at one point that she was open to having REL and MF08 investors added to the committee and seemed shocked that individual investors standing in the hall had larger dollar claims than those already appointed to the committee.

    If you miss the June 6 examination of Walter you will be sorry. It may be the only satisfaction you get in this case.

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