Walter’s New Financials

Please spend a few minutes perusing <this> document.

 

http://equitatus.files.wordpress.com/2011/06/amended-statement-of-financial-affairs.pdf

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8 thoughts on “Walter’s New Financials

  1. My favorite is still the original J
    http://equitatus.files.wordpress.com/2011/06/schedule-j1.pdf

    Where we learn that Walter and Maribel declare 1,800 a month for food expense, $664 a month in recreation and entertainment, $700 a month for transportation–not including car payments, $750 a month in homeowners dues, amongst other expenses, totaling $12,632 per month in average expenses.

    I wouldn’t care how well someone lives if they earned it, but to have possibly misappropriated millions of dollars of investors’ funds, many who are seniors and now left to live on less than Walter’s monthly food bill, his arrogance of declaring at the hearing that he’s now broke turns my stomach. He’s still getting a couple hundred thousand dollars a year to live on, which is more than many of the folks who trusted him with their money ever made in a year. Walter could use a lesson on what broke really looks like.

    According to Walter’s amended personal property schedule, his 1998 Corvette is worth $2000. That thing must be a wreck, because the low blue book trade-in on that with high mileage is in the $12,000 to $14,000 range. His 2006 Lexus, (declared at 20K) trades in more around $25K if it has high miles and no extras. So I’m going to guess that $7 diamond ring is maybe worth a bit more, and so on….

    But on the bright side, it looks like he has found a few more accounts, trusts, etc. When you have so much money stashed in so many places, it’s understandably difficult to keep track of it all. But every few million helps.

    What I didn’t see in there was that Alameda property I posted about previously, which records say that Maribel sold to Walter last year. Could that be an error online? It was small compared to other things ($300k range) but still, if Walter owns it and it’s not included here, then you have to wonder what else might be missing.

  2. Its a small thing, but the daimond ring is the tip of the iceberg.

    If Maggie and Tracy are worth her salt she will find out where they shopped for jewlery and get the records. However my feeling they are minimalist and won’t follow through.

    Maribel showed up in court wearing 1kt diamond earinings and a fancy jade ring.

    What elese has she got stashed away?

    Take it all and sell it and give it to the little old lady in Farfiled who gave them her lifes savings of $67,000.

  3. Report on Walter Ng Status Conference June 28, 2011.

    I will not go into great detail as I expect that there will be a recording of the Status Conference available next week. I will post it on my blog.

    Highlights:

    1. The Judge openly questioned whether this case should be converted to a Chapter 7 Bankruptcy, due to the lack of assets and potential income due Walter from any of his enterprises or liquidation of his property.

    2. The Judge had Kaplan on the ropes as he with a decent level of sarcasm went through the Schedules filed with the court. The Judge questioned Walter’s obscene amounts needed for transportation, food and entertainment.

    3. The Court head discussion of the $4,000 web site Tracy Green is setting up to keep you informed. (Can’t wait the quality of communications you all will be getting, this blog is free.)

    4. The Judge pressed Kaplan on why he hadn’t taken action to get the $250,000 supposedly given to charity.

    5. The US Trustee seemed to agree about converting this to a Chapter 7.

    6. Attorney Al Ramos raised the issue of a waiver of the deadline to file Adversary Pleadings. There was discussion about the debtor and parties agreeing to extend that deadline.

    7. Attorney Richard Brown raised the issue of whether the court Order re Information which gave blanket protection to Green and Kaplan to keep information secret. He urged the parties to adopt a method to identify what they were claiming should be protected and a procedure to have the court review it if a creditor or their attorney wanted to see whatever was claimed protected.

    8. Tracy Green and Maggie McGee both raised the possibility or expanding the creditors committee to include non Walter Ng Investor creditors. They complained they have not gotten the information they need from investors who want to be on the committee.
    I suggest that you contact Ms. McGee and Ms Green if you want to be on the committee. Their emails are listed on pleadings on this and the Equitatus blog.

    9. The next Status Conference will be on August 23, 2011 at 3pm. The judge set it then so people interested in the case would not have to wait for his 1:30 calendar to be completed. We waited nearly an hour and a half while he disposed of other matters and took our matter last on his calendar.

  4. I would love to hear a recording of the judge poking at some of the same ridiculous “expenses” that I also questioned. While a few hundred dollars a month in entertainment and an extra thousand in food hardly makes a dent in what is lost, it just seems like they aren’t taking the process entirely seriously. They filed docs late and said in the hearing that they didn’t prep them or actually read them all, and then they pad their expenses and understate values.

    At some point, if a judge decides they aren’t complying, I think they can be disqualified for bankruptcy protection, but I expect there is more leeway than what the Ngs and their legal team have been pushing so far.

    I also question $4000 to set up a website. That’s quite above market for a small, limited use site for distributing information. Even if they anticipate a security log-in so only verified creditors can log in to read, it still seems high, unless there are masses of documents being included. This isn’t like some project with high graphics or animation.

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