August 23 Bankruptcy Hearing

 

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10 thoughts on “August 23 Bankruptcy Hearing

  1. Another compelling “must read” from Brower, and Brown. I appreciate the research that went into hunting down the details of that “gift”. Brower’s report supports what my first impression, (and probably many other readers,) was about the real reasons behind the “donation”.

    Also another fine cartoon! Sure, let’s hold the hearing at the Silver Dragon, and send Walter the bill. In the last report, he only used a few hundred of the $1800 dollars per month estimated for his food needs, so he can afford to treat his creditors to a meal. Maybe Kelly will bring red roses.

  2. Maybe this one should read: “Judge we are working hard to get the Culture 2 Culter “gift” back, its the only way our firms will ever get paid.”

    Truth is sadder than fiction.

  3. Given the new information shared in Brower’s report, along with the stack of complaints and extensions recently filed, that should be an interesting hearing next week.

    How many chances and lies revealed does someone get before the court turns down their bankruptcy protection request and files bankruptcy fraud charges?? If a debtor cannot offer a believable and coherent explanation for omissions and misinformation in their filing, it seems like a big injustice to the creditors if the court allows them protection while mocking the court. In Walter’s case, he was already admonished in the June meeting of creditors to get his paperwork filled out correctly and completely, so he’s had a second chance.

    • The paper trail on jewelry might be tougher to find than the accounts. Most likely there was a shredding part when moving out of the old house.

      But all of this (so far) is small potatoes, relative to the millions of missing dollars. It’s heartening to see any progress, especially if it confirms everyone’s suspicions that investors have been lied to for years by Walter Ng and his cronies. But it would be even better if someone found a few hundred million dollars tucked away somewhere.

  4. Not sure of the best place on the blog to post this information and I don’t know how to start a new thread, so I’m hoping Equitatus will convey the information appropriately or set up a new topic. I have been communicating Dan Noyes of ABC News via email (dan.noyes@abc.com) today, giving him our thoughts on the investor dinners and thanking him for his most welcome investigation into this complicated matter with the aim of exposing it to the public. In his response, he asked for names or contact information for some of the investors with the most poignant stories to tell. If you are one of those investors, and don’t mind explaining your circumstances, please contact Dan directly. As so many investors do not use computers or even know about this forum, maybe someone can get in touch with the investor and ask if they would be willing to respond. Dan Noye left his phone number in the message he posted yesterday.

  5. It is a small world, indeed. I was searching the various links posted on this message board yesterday and ran across the link to a different case that has been referred to on this blog.

    One of the responses on that blog entry was an inquiry from an attorney acquaintance of ours, so I sent her an email remarking on the coincidence. She responded that she has been prosecuting a real estate fraud case related to the one mentioned above for the last 13 years. Here are some of her thoughts, which she has authorized me to post here:

    “Indeed a coincidence that you saw this. I heard something vague about Walter Ng. He is apparently another fraudster? I hope you didn’t put too much in. I see that Tracy Green is representing unsecured creditors and should be filing a nondischargeability complaint in the BK. I don’t think a civil state class action will do it…”

    “BK is extremely generous to business debtors. I am dealing with it also. Bottom line – BK is a nightmare for creditors. The BK system is very slanted to debtors…”

    “My recommendation is to bring as much public pressure to bear as possible via media and packing the courtroom in dealing with Ng. Judges are human and they will not be as cavilier as they might otherwise be. But be prepared for losses and for Ng to emerge fairly intact with personal wealth.”

    “[The defendants] were set for sentencing in late 2010 which has now been continued five times into October 2011. There is a real lack of speedy justice. Then at the end, a few years at a club fed. If you sense I am totally disgusted with the system – I am.”

    The defendant in her case “has hired a hotshot appellate firm in LA for his appeal. He has also stashed most of his assets in a profit sharing plan characterized as a private retirement plan. These are totally exempt in California, which is also very favorable to judgment debtors. He has his multimillion dollar house in a Qualified Personal Residence Trust which goes irrevocably to his children. So whether I can collect is doubtful. He gets to keep his millions.”

    “I could write a book on how unfair the system is to creditors and how easy it is for real estate fraud to be committed with impunity in California. After 13 years of chasing [these people], I am unpaid and getting discouraged.”

    Based on this advice, I hope the courtroom is jammed at the hearing on Tuesday, and get in touch with Dan Noyez with our stories.

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