Tracy Green of Wendel, Rosen, Black & Dean – Angel or Bottom Feeding Troll?

Tracy Green, a name some of us are familiar with (and some have even met with in regard to our conundrum), has applied to be named counsel to the unsecured creditors’ committee.  The link below will lead you to her application.

Tracy Green’s Application – LINK

Questions:

  1. Who is Johnnie Lau, supposed Chairman of the Unsecured Creditors’ Committee and what is his exact relationship to Walter?
  2. Why does Lau have the authority to enter into this agreement?
  3. Eugene Rapp is cc’d on the retainer agreement, as is Terrance Joe Chung – presumed Walter Ng cronies.  Where there’s smoke, there’s fire.  Does this seem on the up-and-up to you?
  4. Will she respond to Robert Brower’s comments [LINK HERE]?
  5. Statement #6 on THIS DOCUMENT [LINK HERE] tells us one thing – she is not on our side.  Agree?
  6. #7 on THIS DOCUMENT [LINK HERE, same as above] – How can she assert Palmer has no claims as a REL noteholder?

She asserts her statements are all true as far as she knows.  What a short memory she has….

Our honest opinion?  Tracy Green should get bounced.  Quickly.

Weigh in.

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21 thoughts on “Tracy Green of Wendel, Rosen, Black & Dean – Angel or Bottom Feeding Troll?

  1. Lets band together and bounce her. Her performance this past Monday at the bankrupcy trial proved she is not on our side and is not a great attorney.

  2. If the Judge doesn’t get a written objection to the application before the status
    conference he will go ahead and rule on it.

    Conflict issues are very complicated in Bankruptcy court. see the article I posted on my blog.

    http://equitatus.files.wordpress.com/2011/06/conflict-of-intrest-law1.pdf

    First you need the factual basis of a conflict. The declaration has to be in the right evidentiary form. Facts have to be in the form of a declaration under penalty usually with supporting exhibits, such as a court docket sheet or other documents that shows she represented an adverse interest to the creditors. Or that the fact that she has in the past represented some of the current creditors as she has already admitted.

    You would need file and objection and a declaration. But nothing precludes you from arguing the facts contained in her declaration and application if you thought it showed enough of a reason she shouldn’t be retained.

    In addition if she ever represented or was so aligned with Walter Ng or any of his businesses that might be enough.

    It may be that her representation of one particular creditor in the past won’t be enough unless you can establish a conflict between the different classes of creditors and show she might favor one class over another due to her past representation.

    Seems to me we are getting to the point where some of us who can afford it should hire bankruptcy counsel to represent the REL and MFO8 noteholders.

    • I agree. I heard from an investor at the creditors meeting on 06/06 and read read in an email to investors about each one giving $100 to hire an attorney with no definite guarantee of return of monies. How soon would it have to be done? Please note my deadline outline below:

      06/14/11 Tues.
      NG Chapter 11 deadline to file status conference statement for 06/28/11 Tues. status conference room 201 1300 Clay St.

      06/28/11 Tues.
      NG BANKRUPTCY CHAPTER 11 STATUS CONFERENCE

      06/28/11 Tues.
      NG BANKRUPTCY: ASK WHEN IS DEADLINE TO FILE A COMPLAINT OBJECTING TO DISCHARGE OF THE DEBTOR = First date set for hearing on confirmation of plan; Notice of that date will be sent at a later time
      scheduled August 5, 2011 ?

      07/05/11 Tues.
      1st DEADLINE TO OBJECT TO EXEMPTIONS (LOOK FOR EXEMPTION LIST IN BANKRUPTCY CLERK’S OFFICE, 30 DAYS AFTER CONCLUSION OF MEETING OF CREDITORS or is it Schedule C (not amounting to more than $1 million of personal property on the list) of Walter Ng’s incomplete bankruptcy application? I hope the Ngs cannot exempt our investments in their convoluted schemes.

      08/05/11 Fri.
      ASK WHEN IS DEADLINE TO FILE A COMPLAINT OBJECTING TO DISCHARGE OF THE DEBTOR = First date set for hearing on confirmation of plan; Notice of that date will be sent at a later time

      08/05/11 Fri.
      DEADLINE TO FILE A COMPLAINT TO DETERMINE DISCHARGEABILITY OF CERTAIN DEBT (or the Ngs get off with not having to pay after bankruptcy; we want to be able to get them to pay after bankruptcy)

      09/06/11
      ABSOLUTE DEADLINE TO FILE PROOF OF CLAIM

      • Has anyone been able to get the information required to file the Proof of Claim? – this is important and if this is not done properly, one can say goodbye to any iota of hope for recovering even a penny (deadline is 09/06/11). If so, this would be information that is helpful to the group of investors and be much more valuable as an action than anything else

        So, as we comment, track the trials and parallel breaches in fiduciary duties, wrongdoing, fraud, etc, this should deserve some attention. If being eligible to recover the investment, if anything, is an objective, then as a group someone who has insights on this matter should share it. If not, time spent elsewhere may provide better returns.

        Get the Proof of Claim on center stage. The Ngs are hoping that a majority of investors will not file this. Lets do what we think is best for ourselves.

    • So – I hope I am not speaking out of turn, but believe that most investors are all lost in this quagmire…

      I called Al Ramos(the bankruptcy attorney you suggested) but did not get a call back…I also connected with Linda Reilly and their group of 9 who are not sure they want to include alot of folks in their possible lawsuit… (possible dilution? Seems like we would be better with a larger group to fund legal work)

      It seems like we all (investors in multiple funds) need someone who can help us collectively, not only in the bankrupcy issue, but in the more complex funds issues. Are you interested in representing this large group in moving forward in this very complicated process? If not… can you recommend a firm with bankruptcy and SEC litigation knowledge who could move a large group of investors forward? I think we all realize that with Robert and your help we have lots of knowledge of what happened, but SO need legal help.

      I think everyone is worried about putting out additional monies but need someone to help us to find out what might be possible – and the best ways to move forward Ideas??

  3. I don’t find a link to this document about information. Just a link on equitatus’s blog to come back here and discuss. Circles of links!

  4. I think this is really scary. Tracy and her team are clearly moving at breakneck speed in getting us cut out of receiving any useful information. Unfortunately, the “creditors’ committee” that has been chosen to represent us has agreed that:

    The Committee shall not be required to disseminate to any entity, … (i) confidential,
    or proprietary information concerning the Debtors or the Committee, including, without
    limitation, with respect to the acts, conduct, assets, liabilities and financial condition of the
    Debtors, the operations of the Debtors’ business and the desirability of the continuance of
    such business, or any other matter relevant to this case or to the formulation of a Chapter
    11 plan, whether provided by or on behalf of the Debtors or by any third party or prepared
    by or for the Committee, or (ii) any other information if the effect of such disclosure
    would constitute a general or subject matter waiver of the attorney-client, work-product,
    or other applicable privilege possessed by the Committee.

    I am concerned that Ms. McGee has not added any other investor (not picked by Walter) to the creditors’ committee. I recall that after the June 2 hearing both she and Tracy G stated that additional creditors would be added to the committee. I think that McGee needs to receive as many phone calls and emails as we can make to demand that additional creditors be added. Clearly, Tracy G is not working for us.

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