Walter Wants Access To His Bank Accounts

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Walter Bank

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18 thoughts on “Walter Wants Access To His Bank Accounts

  1. John,

    See my 3 posts starting at 11am this morning on same issue, in BREAKING NEWS!

    Maybe you can post the form that people can fill out to apply for the creditors committee.

  2. Would it be appropriate to file a motion to put a Chapter 11 Trustee in charge of Walter’s bk?
    Does anyone in this community know what would be involved or have the skill set to do it?

    • From what we understand, a Chapter 11 leaves the Debtor in possession of the Estate unless creditors file a motion to appoint a Chapter 11 Trustee in charge of Walter’s Bk.

      Walter still in charge, you have to be kidding! Can anyone fill in the details on this situation?

  3. Where is the resident member of the Citizens Advisory Panel or whatever the hell they are called, advising the CRO Jim Weissenborn?

    Al Abrams is his name, he’s an expert bankruptcy lawyer. Let’s hear from him, heprobably has the inside scoop.

  4. You guys may be missing the point.

    Yeah he wants to continue to operate the bank accounts but more importantly in this 3 part motion he wants to stack the deck with “his” idea of the 20 largest creditors and have the court select 7 to be the creditors committee.

  5. I care less about the utlities and bank account motion than I do

    “The Debtors seek to reduce the expense associated with duplicating and serving copies of papers on
    thousands of creditors if the Noticing Procedures Motion is not heard on an expedited basis.”

    There is no great expense. Walter has the emails of everyone does he not?

    He just wants to keep everyone in the dark and deny them any information about this proceeding. Bad idea.

    Can someone find out if the court has an email address where we could voice our objection to this motion before Thursday.

    If this is lost then John ought to post a legal for for “Request for Special Notice” for everyone to send the court.

  6. If Walter has his way PACER and this blog will be the only source on information for investors on his Bankruptcy case.

    He created this 2 to 3 thousand person tragedy and if he has to stay up nights licking envelopes and stamps or sending emails,
    so be it.

  7. The judge granted the request for the emergency hearing for May 19th at 11am. If anyone wants to object it has to be done in writing today, filed and served by email or facsimile on counsel for each of the Debtors via their attorney Gary Kaplan (415-954-4480 or gkaplan@fbm.com and the Office of the United States Trustee (address: 1301 Clay St. #690N, Oakland, CA 94612; facsimile: 510-637-3220;email: STPRegion17.OA.ECF@usdoj.gov😉 or
    (ii) be presented orally at the hearing on the Motions.

    Anyone writing or going?

  8. Update: The motion was denied:

    Courtroom Hearing MINUTES (Text only) for proceedings held
    before Judge Roger L. Efremsky on 5/19/2011. MOTIONS
    hearing held. [16] Motion for Continuation of Utility
    Service and Approval of Adequate Assurance of Payment to
    Utility Company – GRANTED; [20] Emergency Motion For Order
    Authorizing Continued Use Of Bank Accounts And For Related
    Relief – DENIED; & [24] Emergency Motion to Limit Notice
    CONTINUED to 6/1/2011 at 2:00 PM Oakland Room 201 –
    Efremsky. Appearances: Gary Kaplan, Maggie McGee, & Robert
    Brower present. (man) (Entered: 05/19/2011)

    • Great stuff Equitatus. Thanks for sharing. Here are a few things that we heard that were “interesting”:

      Kaplan says he thinks this will end up being a $10-$50M BK rather than $500M-$1B as he doesn’t think REL, MF ’08 and Lend, Inc. have any real claims against Walter’s estate.

      Kaplan mentions a specific accounts at Fremont Bank and an Provident Credit Union. Would like to delve a bit deeper into these accounts. PACER can probably help shortly.

      The debtor hasn’t attested to any bank accounts or filed any payment schedules. The US Trustee continually pointed out “allegations of fraud”. She’s great.

      Due to the emails received by investors (GOOD JOB EVERYONE!), the Judge didn’t want to give any special treatment to the NGs.

      Kaplan was prepared to grant the motion regarding notice to creditors off the bat. The US Trustee brings up fraud again and doesn’t want us to lose our due process rights. She disputes the Top 20 list as potentially being inaccurate.

      Robert Brower then steps in with solid facts, evidence and a gut punch to Kaplan and Walter:

      — The Top 20 live in the Bay Area, not scattered around the country and explains that out of staters were not allowed to invest in REL, but Walter “circumnavigated California law” to allow this to occur.
      — He then brings up the fact that the FBI has been tracking this case, yet wasn’t notified about this BK filing. Brower suggests we are victims of a crime. He quotes the following statute: Investors have “the right to reasonable, accurate and timely notice of any court proceeding…involving any crime.” Ms. Bouls has set up a victim notification system, yet Ms. Bouls has not received notice of this filing.

      Kaplan suggests giving notice to a blog or a Google group is rather difficult. Under penalty of perjury, the Top 20 must be correct. Wondering if there is a potential to formally bring this potential perjury to the judge’s attention. Kaplan doesn’t want to have all 3,000 of us to receive notice. Maybe it’s too expensive. He suggests it is not money well-spent. This is ludicrous. We need to be receiving notice, not kept in the dark as the NGs have done to us for so many decades.

      The US Trustee insists that a creditor’s committee must be appointed. She wants letters to go out and have a meeting with the real top 20 by next week.

      Kaplan doesn’t intend to file any new motions prior to June 1st. We need to remain diligent – nothing can slip through the cracks.

      June 1st at 2:00 p.m. we’ll be back before the judge.

      Final thoughts:

      1) This hearing was a black eye for Walter and exposed the judge to the fact that this isn’t the standard bankruptcy case.
      2) The US Trustee is a real star.
      3) While Robert Brower only represents two investors, we are all beneficiaries of his diligence, force and skill. Please take the time to thank him if you are in contact with him.

  9. John,

    I take it back, investors are intrested I got over 200 hits on my blog today downloading the hearing audio.

    Imagine what would happen if that many people showed up for the June 1st hearing!

    Maybe we will have our own ” Investors Spring”!

    • Glad to hear it, Equi. There were a few folks who took offense to your comments, but sometimes people need to be motivated to act. If others haven’t listened to the audio recording of the hearing, please take a few minutes to do so. ASAP!

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