Worthless New Website (Thank You For Spending Our Money, Tracy Green)

Thanks to Tracy Green, we can waste our time getting zero information on <a website> built at our expense, an expense, we might argue, that is far greater than the value provided by Ms. Green and the website combined.

Here are two disclaimers that appear particularly troublesome:

  1. PLEASE NOTE that this website is provided for your convenience and is not asubstitute (sic) for PACER. Only select pleadings will be posted on this site.  Translation:  We’ll give you some information, but not all of it, because information is power and we want you to remain powerless.
  2. The Committee represents the interests of all unsecured creditors through certain oversight of and dealings with the Debtors.  Translation:  Don’t expect us to do anything to help you.  We’d much rather help ourselves.

You can almost imagine the (completely made up) conversation between the three hand-picked members of the Creditors’ Committee that includes Chair Johnnie Lau and members Eugene Rapp and Terrance Joe Chung while they were meeting for lunch at a five-star restaurant to discuss the formation of their committee and its many upcoming and important independently-made decisions:

Eugene:  “Hey Johnnie, Tracy Green is a really good lawyer.  She went to law school and is a member of a firm that has a website.  She has represented a bunch of investors, so she knows the game and she’s someone we want on our team.  That’s what Kelly told me between sets in a volleyball game I attended on Tuesday.”

Johnnie:  “I heard that too while I was golfing with Walter yesterday.  Walter said she’s one of us.”

TJ:  “Bruce told me the same thing as he was testing the reflexes in my granddaughter’s knee this morning.  Let’s go with her.”

Johnnie:  “Well, since I’m the Chair of the group according to Walter, I hereby name Tracy Green as counsel and can’t wait to pay her a big retainerShe told me she’s going to build an expensive website that will keep all the investors who don’t have good relationships with the Ngs in the dark.  She’s really looking out for us.

The documents they post to the website can all be found on this blog or over on Equitatus’ blog.  The calendar is a bit helpful, but we’ll continue to give you better updates and more notice than the Green website.

Anyhow, enjoy reading Green’s vapid website.






24 thoughts on “Worthless New Website (Thank You For Spending Our Money, Tracy Green)

  1. RE: Completing FBI papers for Christine

    John, have you, or has anyone, received anything that we’re supposed to complete re:
    the FBI investigation? I understand we are supposed to formalize in writing Christine what our investments
    were, yet not via email, via formal papers that we were to receive. I’ve not received anything.

    Thank you,

  2. I’m so underwhelmed. What was the cost to set that up… $4000?? It would be kind of a rip off at 1/10th the price, because it’s a very basic site. A domain name is about $10, hosting for that amount of space would be less than $5-7 a month. Should be less than 10 hours of set up. They either pay their web builder lawyers’ rates or severely mark it up. What the heck, it’s not like they are spending their own money, eh?

    • No, first it was youre hard earned money.

      Then it became REL/MF08/B4’s money.

      Then Walter’s money.

      Then the courts money

      Kaplan’s money.

      Tracy’s money.

      Then maybe Kelly’s sons money or whatever relative set up the web site.

      Never to be your money again.

      Can’t one of you techno wizzes find out who the wizard behing the secreen is?

  3. I read through the website and in the FAQ tab there is an option to send the Creditor Committee attorney questions. I sent the following a few minutes ago. It will be interesting to see the responses.

    A number of creditors have contacted their local District Attorney as well as their state legislative Representatives, Congressmen and Senators asking them contact the FBI, encouraging the FBI to open and conduct an investigation in to what many of us believe to be fraudulent activities by Walter and Kelly Ng.

    I have a number of questions regarding the ultimate settlement of the Chapter 11 filling in light of possible fraud charges and convictions and would like your comments and thoughts.

    1.  If an FBI investigation is opened and Walter and Kelly are subsequently found guilty as in the case of Bruce Horowitz, what impact will that have on the Chapter 11 filling and it’s final dispensation?

    2.  Will the filling of fraud charges by the district attorney prior to the chapter 11 settlement delay the settlement or change what is protected under chapter 11?

    3.  Or, will the Chapter 11 proceedings continue in parallel the the fraud case with neither one taking precedence over the other?

    3.  What if the Ng’s are found guilty after there is a Chapter11 settlement,  can the settlement then be altered?

    4.  If fraud charges are filled prior to the Chapter 11 settlement,  will the Ng’s  assets be available to them to fight the fraud charges or will they remain frozen until there is a decision on the fraud charges?

    Please do not side step these questions by saying fraud charges have not been filed so we can’t project what might happen!  We absolutely need to understand the possible implications!

    Nancy Spittler
    RE Loan Creditor

    Sent from my iPad

  4. Will someone please explain why “THE LARGEST 20 UNSECURED INVESTORS” are singled out…four of them being on Walter’s committee…when I, myself a small player have more money stolen in reloans 2000 than the amounts listed for the twenty chosen ones. Something smells in Denmark!

  5. This was posted to the RE Loans Google Group:

    “Notice of Procedure To Limit Notice”
    Received 7-12-11
    From Farella, Braun + Martel, LLP

    “Is this helping us, hurting us or of no consequence?

    Less information hurts us. Not receiving notification hurts us. Being in the dark hurts us. This is in no way, shape, or form helping us. At all.

    • Too bad I can’t bill Tracy Green for my research, but according to Culture to Culture’s last filed tax document, a few months ago, they had $474,588 in cash balance as of 6/30/2010, which is before Walter’s generous $257,000 donation. Their site boasts having given over 40 $2500 scholarships in it’s ten year history, but the breakdown of recipients is:

      2003 – 4
      2004 – 14
      2005 – 16
      2006 – 8

      and these days they seem to only give out one $2500 scholarship per year. Their operating expenses now way exceed what they spend on program, (not illegal, but I wouldn’t donate to an organization that spends more on phones and travel than program.)

      If you look at their grant history, Walter seems to have been a major benefactor:

      Grants received by this organization
      Number of grants: 3
      Total amount: $ 156,600
      Average grant: $ 52,200
      Grantor geography: California
      Grantor (grantor location) – grant amount

      * The California Wellness Foundation (WOODLAND HILLS, California), 2003 – $ 100,000
      * Zellerbach Family Fund (SAN FRANCISCO, California), 2003 – $ 30,000
      * Y & H Soda Foundation (ORINDA, California), 2003 – $ 26,600

      And coincidentally (?) they received grants from Wells Fargo Bank in 2006 and 2007, but I haven’t found the amount yet.


    • WHY, WHY, please someone ANSWER THE QUESTION, WHY were the three “special” people chosen to be on the Creditor Committee. Is it because it is favorable to Walter. It’s not because they have the most money in the fund…not true with the exception of maybe one…what is the story with this.

  6. They are all Walter Ng Investors clients who hold different promissory notes that MF08 and REL noteholders.
    They were on Walter’s top 20 creditors list although therer are REL investors who lost more than them.

  7. I noticed some people have had no luck getting in contact with Tracy Green, which reminds me that there is an obligation for attorney’s to respond to inquiries from clients. I believe that one can even file complaints with the bar association if their attorney is not returning calls.

    But in this case, who is Tracy Green representing–ie who is she obliged to return calls from? Obviously an attorney can’t spend all day talking to everyone who calls, because those would all be billable hours, with little progress on a case. When hired to represent the creditors in a bankruptcy, are the people the attorney is representing the clients, or the court?

    I’m not personally expecting any calls from Tracy, so I’m just pondering if there is some option for others. If nobody here knows the answer, maybe someone eager for a call back might want to see what the bar association’s thought on this are.

  8. I just spoke briefly with Tracy Green this morning 8/3/2011 – as I am a creditor contemplating the filing of my proof of claim. Ms. Green confirmed I am “on my own” which suits me fine as I have no desire to interact with any lawyers at this time. She volunteered that a party filing a proof of claim shall necessarily assert allegations as to why Walter Ng is personally liable for a claim on R.E. Loans.

    • Just now started to read these posts and material. On 8/15 I called and talked to Ms Green because I was unclear as to our status–“secured or unsecured” in order to file the Proof of Claim, and I wanted to know what “proof” would be required and be sufficient for this purpose. She told me she represents only the Committee of Investors (who I have never heard from), and that, unless I/we had separate contractual dealings with Walter Ng apart from our status as creditors of RELoans, we needn’t file the Proof of Claim, as that only concerned his personal bankruptcy. She said not filing it would not affect any potential recoupment claims on RELoans. Is this true? Should we file it anyway to protect our future interests? My/our grandchildren’s college fund is at stake, as well as most of our retirement savings. I am still confused as to what we should do. Can anyone clarify?

      • First of all, Tracy Green is a spineless blight. She is not our friend. she IS our enemy. I have heard that we should file the proof of claim NO MATTER WHAT and that we should file as secured. File it and if we didn’t need to, so what, at least we’ve covered our asses and protected ourselves to the best of our ability in this new world where information is power and we are one.

  9. Yesterday I mailed an objection to the clerk of the bankruptcy court and cc: copy to Maggie Magee. However I was careful in my wording not to really mention the tonage of crimes committed by the gansters known as the Ng’s because of Equitatus’ warning in a previous post…I became scared since it seems that the victims will become more victimized by our judicial system. Just look at the “representation” we our getting from the compromised Tracy Green…all she wants is payday. Bankrutcy attorneys are parasites.

    A percentage of nothing, is nothing. Walter & Sons are criminals. They hid their assets, paid off their special friends, gave away our notes and first deeds of trust which, if any worthless investment were to sell in this depressed market would go to WFF, Mackinac Partners, James Weissenborn and to pay off Walter’s high priced criminal lawyers.

    The only justice would be if the Federal Government would do its job and bring a case against the entire Ng operation, convict them, send them to prison where hopefully they will stay until they all die.

    You, me, all of us will never see one dime of our hard earned money…there will be plenty of attorneys that will and entire forests will be felled for all the boxes of paperwork that will fill orange crates stuffed into closets for their heirs to toss out.

  10. One helpful item in Tracy’s website is blank copies of the current (04/10) version of the Proof of Claim form, in blank. But with no tips on how to complete it. Can someone advise us what specific term to use in #2, Basis for Claim? Also, as noted above, Tracy advised one of us that we “necessarily need to assert why Walter is personally liable for a claim on RE Loans. How have you folks completed this item -assume it is a separate attachment, but what did you actually state? And, as others have noted – are we, or are we not, claiming our stating that our interests are secured. Thanks to all willing to help with this. Maybe there should be a thread for Document Filing so all the info is one one place.

    Thanks again

  11. Another question is whether or not, based upon the guarantee signed by Walter and Barney that we received, those of us who invested directly into Walters’ RE Reno should file as ‘secured’.

    • I have been trying to reconstruct the R.E. Reno story.

      The deed of trust securing the $50,000,000 loan from R.E. Reno
      to One South Lake Street, LLC, was executed on August 22, 2001,
      and recorded on August 24, 2001. This was a $10,000,000 increase
      over the June 1999 and April 2000 loans, each for $20,000,000.
      In essence, R.E. Reno was formed to assume the earlier $40,000,000
      and like a rewrite, to add another $10,000,000.

      In December 2003, Walter Ng sent a letter to the investors stating that
      the $50,000,000 was due but that he was giving an extension to January
      2007. In that letter, Walter Ng said that part of the deal for the extension
      was a personal guarantee signed by Walter, Kelly and Barney Ng.

      The guarantee, dated January 12, 2004, was signed by Walter and
      Barney Ng.

      The extension expired in January 2007 and Walter Ng gave another
      extension, this one for an additional 5 years . There was no personal
      guarantee for this extension.

      Am I right so far?

  12. I received one ‘guarantee’, dated Jan. 12, 2004. I received and know nothing about any others.

    Provide your email address and I’ll send the .pdf file to you.

    I have more than three dozen documents showing how convoluted this loan was.

      • To finish my reconstruction of the R.E. Reno story,
        I need a copy of the Prospectus or Offering Circular
        or any document that might be considered a
        Prospectus or Offering Circular for R.E. Reno, and
        a copy of the Operating Agreement for R.E. Reno.

        At this point, I cannot find an investor who has
        either of these documents.

        In the absence of an Offering Circular and an Operating
        Agreement, I would like to see any document, even just a
        letter explaining the investment. In other words, just what
        did you think you were investing in – a promissory note, a
        deed of trust, a limited liability company, or something else.

        Thanks for any assistance you might provide.
        I can be reached at combatlit@aol.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s