Open Thread For Today’s Creditors’ Meeting

Post your updates and comments here.


47 thoughts on “Open Thread For Today’s Creditors’ Meeting

  1. Back to 4010 Canyon Partners, the so called Nevada company that bought Walter’s home, this is the additional information I found. According to Nevada records the managing people listed their address as 10 Orinda View Rd, Orinda CA. According to property records it is the 2.8 million dollar home of Malcolm and Emily Fairbairn. I found a 2003 case were the SEC brought action against Ascend Capital, Llc and Malcolm and Emily Wang Fairbairn; link pasted below. I think if we dig deeper we will find more dirt and a personal connection to the Ng’s.

  2. On the property stuff, there is a lot of information online for free on most addresses, regarding sales history, taxes, ownership, etc. going back about ten years. Using Google with random combinations of names and addresses sometimes turns up interesting stuff. I don’t even recall what I was looking for when I recently stumbled on this Bay Farm Island condo that Maribel Ng sold to Walter Ng last year, ten days after the Lim’s purchased it.

    1041 Camino Del Valle
    Alameda, CA 94502

    Sales History (2001-present)
    N/A on Jan. 15, 2010
    B: Ng, Walter
    S: Maribel Ng

    N/A on Jan. 5, 2010
    B: Jason Wayne Lim, James Hock Chung Lim, Helen Lee Lim
    S: Alex Davis Candoo, Charles G Candoo (Estate)

    Curiously, Zillow and other sites show the last sale being Jan 5, 2010 for $378,000, and I couldn’t find anything on how it moved to Maribel’s control between Jan 5 to Jan 15, 2010, for her to sell to Walter.

  3. RE: 1. Attorney to be hired
    2. IRS refund with revised 1099’s

    I agree with Arlyss that we need to (know more about what we’d achieve by) hire(ing) a (top notch) Securities attorney and sharing the cost. (Was it $100 each plus hopefully on contingency?). We are so fortunate to have Robert Brower and Equitatis, among others, researching and sharing such critical information. The thread of sharing is a brilliant live vehicle of communication. I’m in here late. Kudo’s to whoever thought of that. Who was it? John Robie?

    At the hearing, I requested revised 1099’s from 2006 forward, as we weren’t able to retrieve any interest/principal money from that point fprward, correct?. With revised 1099’s we can (should be able to) file amended returns and have the taxes we paid, hopefully, returned to us. If they are filed around the same time, en masse, we might experience a few benefits:
    1. receive refunds of taxes paid on money we never received and is now lost 2. with an en masse refiling, albeit individually, the IRS might take notice and begin investigating too which might (3) bring additional pressure to bear on the FBI 4. Since this seems to be so unusual, we might actually be able to achieve newsworthy status. We can hope..

    To synopsize, those of us who didn’t have the investment in pension funds, paid taxes on interest we never received, which phantom amount was added to our principal, which soon became foundationless.

    Does anyone know how we can expedite the corrected 1099’s? I also believe someone mentioned the Madoff related law, for #165 (IRS?), Please inform me if any of my information/assumptions are off base.

    May the force be with us, (Levity is so important in life)

    • Equitatus:

      As I read the Application and Declaration, Tracy Green leaves the
      impression that she has not been an attorney for any creditor in
      this case. But many people know that for a period of time, Tracy
      Green and her firm represented Albert and Cora Assali, RE Loans
      investors who live in Fremont. I have unambiguous e-mails from
      her to my client proving this.

      Tracy Green also mentions her partner, Thomas Palmer, as an
      investor without mentioning that his RE Loans investment account
      balance is over $2,500,000.

      Putting aside that her Declaration is false on the Assali representation,
      and incomplete on the Palmer question, is it worth an Objection?

      What say you?

      • Yes, it is definitely worth an objection. She’s been sniffing around this case for a few years and wanted big bucks to step into the fray, offering little and asking much. We can’t trust her, especially with the Assali oversight.

        • It’s also entirely possible that she and/or firm represent the McGah Family Foundation, or family members thereof, and they have significant investments in RE Loans.

  4. I pasted the links to help your accountant get the proper information about how
    to claim a “Abandoment of Stock or Other Securities.” It looks like you have to
    do it when you file your Income Tax. I could not find a form that needs to be filed.

    Another IRS article discussing Worthless Securities and claiming your investment
    is a worthless security. Read page 5 of the article. The investment is governed
    by IRS Code 165 (g) particularly. It appears you would have to surrender your rights in the
    security & relinquish all rights for consideration in the security. The loss is treated
    as a loss from a sale or exchange on last day of taxable year.

    This is a little above my understanding, but it looks like once you have exhausted all
    means, you will get no return on your investment, then you have a claim of loss under
    this IRS Code. It appears you would do that when you file your taxes. It looks like
    you can only do it when you give up all rights to collect on the investment. This should
    be discussed with your accountant or tax attorney.

  5. The law of conflicts of intrest in regard to attorney’s
    representing classes of creditors is a complicated area
    of Bankruptcy Law.

    I’m going to post an article under the Tracy Green Thread
    on my blog. I am going to call a Bankruptcy lawyer i know and
    ask him. Won’t be able to get back to this until later this
    afternoon. Even equitatus has a life outside of the battlefield.

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