The Old Tracy Green Snow Job – A Call To Action

Reposting the following comment from monagesque, who makes a VERY good point.  For the record, Maggie McGee’s email address is:  maggie.mcgee@usdoj.gov.  We suggest copying her boss, August B. Landis at augie.landis@usdoj.gov.  Anyway, onto monagesque’s comment:

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.

Well, people, monagesque is onto something.  We’re getting a raw deal and we need to scream and shout from the rooftops.  Send an email.  Make a phone call.  Send a letter.  But REALLY, people, REALLY – do it now.  I’m in.  Are you?

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13 thoughts on “The Old Tracy Green Snow Job – A Call To Action

  1. first, I would like to recognize all the hard work and research done by so many people and appreciate that as we act as a community we have power as a community. My frustration is that I live in southern California and thus, I could not make it to court to watch the McGuire trial and even though I am not versed in finance I would of considered being on the creditor’s committee because I have a find nose for smelling a rat and am good at asking a lot of questions. What strength I would bring is being a psychologist for over 35 years and knowing how to read people. Unfortunately, the geographic imcompatability does not make this possible. So my question is what is involved in being on the creditor’s committee and what are the pros and cons?

  2. Thank you, John.
    To clarify and with all the information, I may be missing a few beats. As in business though, I always believe that a client’s comment reflects other clients who have not spoken. Hence, perhaps if I want clarification, so would some others. If I’m the only one, just send me to the corner.
    1. are you stating that, in our email to Maggie and her boss,, we simply demand/request that others to be added to the creditor’s committee?
    a. do we have , and are they required to provide, a written list of all of those on the Committee?

    2. do we know who is on the overall large creditor’s list (all of us_, and therefore going to receive the forms we’re supposed to complete for the FBI?

    3. Also, would it be beneficial, or not, to have one petition that we all sign and that is forwarded?

    4. Who is the top boss of the entire department at the federal/state level? I would suggest a copy there too. What harm could it do? and the State Congressperson/Senator? Or is there a reason not to do so?

  3. Adrea,

    Let me see if I can anwser your questions.

    1.a. We do know who is on ther creditors committee. See my blog at:

    https://equitatus.wordpress.com/2011/05/27/stacking-the-deck-unsecured-creitors-committee/

    2. The list of creditors is posted on this blog at:

    https://barkinvestors.wordpress.com/2011/05/13/breaking-news/#more-851

    3. My feeling is the more phone calls and emails they get the more respect you may get. I certain circumstances they are compelled to share them with the judge.

    4. My feeling is give them the chance to do the right thing by all the unsecured creditors. If they don’t respond appropriately then consider taking additional action. You can always file something in court. It doesn’t have to formal. It can be in the form of a letter. It should reference whatever pending application or motion is pending. For example the Application for Special Order re Information. Ask for a hearing on your objection.

    My view this application is aimed at keeping all the dirt, lies, and disasterous facts inside B4 and REL secret. People should demand transparancy. Hopefully there are a few lawyers of investors who will file a written objection. Without one the Judge will just sign the order.

    Walter and his group have been mismanging these enterprises since 2006. If anything someone shold file an application for invlontary bakruptecy of these companies and get an idependent trustee appointed and give the whole gang including the CRO the boot.

    I still have hope the U.S. Attorney’s office will get involved as a result of the FBI investigation. I have also heard rumblings of several State agencies launching seperate investigations.

    It is shocking that neither Maggie or Tracy monitored the McGuire trial. I guess they prefer getting all their information from Walter’s and REL attorney’s. They might have learned something about Walter and his enterprise.

    • We (creditors) need to figure out which “lawyers of the creditors” we should contact, and how to move forward!! This is unknown territory to most of us. I did contact A. Ramos as you suggested, and he decided to not include any other folks in his action – a very elderly couple who would be upset adding others. Linda Reilly (sp?) also said they may be going forward, but are not willing to add others to a lawsuit…. I am sure there are many others pursuing legal means.. does it not seem to be best to do a large group action?? And if so, any thoughts about who could help us?? You? Others??

      • Someone should file a class action suit against all these bad guys as it may act to toll the Statute of Limitations which may run in the next couple of months.

        • Okay – so let’s go!! November may be the SOL date… I am in with the MF08 folks and a group of us would be ready to go forward with a class action… however, I am a medical person (brought in by Bruce) not a legal one, so need help to go forward.. Seems to me it would be best if we all got together, but as I have told you, others seem to feel like their money outcomes would be diluted by a larger group??
          Can you recommend either yourself or another attorney with SEC and real estate knowledge, and bankruptcy knowledge who mioght be able to help us?? Seems like you and Robert Brower are our most informed folks about the complexities of this caes.. please advise!!

  4. is there a list of creitors that lists their exposure? I see exhibits 62-9, 62-10 and 62-11 that were listed in the law suit that listed the creditors but haven’t found it on the blog…

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