Today’s Hearing

Use this thread to talk about the hearing.

—> The Dan Noyes 8/23/11 story can be see here


29 thoughts on “Today’s Hearing

  1. Is Ng’s attorney Kaplan still editing his replies, while Walter, Bel and kelly sat in the audience during the 1st status conference in bankruptcy court? I think it showed the Ngs are disrespectful, acting like they’re above the law, by not standing with their attorneys as other debtors did before the honorable judge.

    • Walter and Maribel had to sit with their attorney today because the audience seats were full, with spillover in the hallway. Kaplan wasn’t editing his replies, because he didn’t have many answers. He stammered a lot and didn’t really seem to know the answer to almost everything the judge asked. If I were paying hundreds of dollars an hour, I’d expect… oh wait, I AM paying hundreds of dollars an hour for Kaplan, we all are… but back to my point, Kaplan appeared pretty clueless in not knowing the answers to some very basic questions, which I’m pretty sure almost anyone in the audience could have answered. Maybe he should read this blog more, to get informed!

      Kelly didn’t appear today. Perhaps he’s busy taking checks from other investors in his new company Lend, Inc. So much money, so little time!

      There were a LOT of attorneys there today. Walter had 2-3 on his side, plus Tracy Green, Richard Brown, a couple more from other investors, and an attorney for Culture to Culture, who seem to be fighting the return of the “donation”, for some generic reasons, as well as others that Kaplan wouldn’t state.

      I find it curious that this “charitable organization” is spending so much money on a pricey law firm to fight the return of the “donation”. Considering that in recent years they have taken in around $40,000 a year, spent less than half, (all around giving away one $2500 scholarship,) and saved the rest, so as of their last tax return they had over $400,000 saved. Sure it would be a disappointment to lose a large “donation”, but since they save more than they spend each year, I would have hoped that they might show more compassion to the thousands of people who have lost their life savings, and not want the bad karma of this questionable “donation”. Perhaps in some future report, Dan Noyes will visit Chia-Chia Chien.

        • Speaking of stalling, Walter has yet to turn in a monthly report to the court on time, and has gotten the date to present a plan to the court pushed back to late October.

          We learned some interesting bits and pieces of info. Tracy Green reported that some of the property Walter owns was gained through foreclosure, where he evicted the people and did not allow them to recover their personal belongings. Then he has people living there without paying rent, possibly growing illegal substances. Nice guy! This came up in her discussion about wanting to liquidate assets, which led to the judge asking about who the other partners were in the companies Walter owns part of, because he’s looking at liquidation possibilities, but Walter and Kaplan refused to state things as simple as who owns the other portions of companies Walter is part owner of.

          Tracy Green also mentioned some questionable charges on Walter’s monthly reports and has sent a letter to Kaplan about those, but we didn’t get to hear what the issues were.

          Attorney Brown had some conversation with the judge, where it was pointed out that Walter does have the option of waiving all discharges. If he really feels he’s judgment proof, what has he got to lose? But Walter won’t even answer simple questions, so I don’t think anyone believes he will waive discharging his debts. Claims the fifth and wants to discharge everything. What’s he hiding? The judge was willing to use the rest of the court day (until 4:30 pm) to question Kaplan/Walter, but he took the 5th on every single question, no matter how simple, so the judge concluded it would just waste everyone’s time to try and continue, so court ended around 4pm. It will be worth the listen when the recording is posted in a couple of days.

          In a perfect display of his true character, rather than leave through the front door of the court room, which is how he arrived, Walter slithered out of a back door to the garage with his attorneys, to avoid seeing the people still in the hall, and Dan Noyes waiting outside the door. That is why Dan’s report tonight shows him walking along Walter in the garage, with attorney’s trying to block the camera.

          So it seems Walter is not just a liar, but a coward as well.

      • Culture to Culture’s attorneys told me that
        they are handling the case, pro bono. The
        firm has a good reputation for its pro bono
        efforts and I don’t think that there is any
        reason to disbelieve them.

  2. Thanks so much to Dan and KGO for exposing what we have been dealing with… Anyone who can help Dan to understand more clearly the egregious behavior that has occurred would be appreciated.. I know he has been “gotten up to speed” with many investors, and Richard Brown and Robert Brower’s help.. So many thanks to them.. we all owe them all so much!!

    I also realized today that there are many investors (elderly) who do not have e-mail knowledge and are “suffering in silence”!! Please reach out to anyone you know who has not heard from the Mortgage 08 folks to join in the suit they are doing, or to other investors who have not been included so far..

    We all need to band together.. let us not have splinter groups who fight against other investors.. (let’s not do the divide and conquer thing!!) …if there are other suits going forward, let’s be sure we are not working against each other.. I understand that there are actions (for RE loans and Mortgage Fund 08) moving forward in the next few days that will include all.. let us all unite to move forward …trying to get our money back!! aar

  3. Excellent reply again. I glimpsed on TV this evening that Walter looked afraid going into the court, then smirked in walking through the garage. He’s slick, didn’t even have to face the public gauntlet he deserves. A body guard for him? It’s his and their attorneys emotional, elder abuse per testimonials of physical suffering by his arrogant theft causing us harm. I don’t like being the victim, our time and money being used. Where is the class action suit info, besides the excellent one to extend the time for complaints against dischargeability of debt being asked for by the corrupt Ngs?

    • Excellent responses all. I concur with Arlyss.

      One point. It is curious if the “charity” is fighting this. And who is paying for their attorneys?
      The fighting causes me to wonder what they might be hiding. I believe we know of one donation.
      What else might there be? Or kickbacks?

  4. I’m interested in exploring the statements made in court by Mr. Kaplan on Aug. 23rd regarding RE Reno, LLC and the ‘guarantee’ that was issued by Walter and Barney to the investors into that now defunct loan.

    I’m surprised that this $50 million fiasco isn’t receiving more press.

    Would it be possible to start a new topic regarding RE Reno, LLC and the various other Ng entities associated with it? (One South Lake Street, Wild Game Ng, etc.)

  5. I agree..REReno was hardly even mentioned, they act like its a done deal and we should just forget it…But Where is the 50 million supposedly spent on the casino that they bought for 2 million.??. I had a double loss on that since I did not know when I invested that Walter put RELoans money into that property. thats the only thing that made it a 50 million property… It may be just pocket change to them…but its my life savings.and there are still questions..I also have personal gurantees..

    • If memory serves (and someone please correct me if I’m mistaken) the split was approx. $26 million from private investors and $24 million from RE Loans (give or take a half million either way).

      Does anyone else realize that WALTER owns RE Reno, LLC and that he is/was the Managing Partner of RE Loans? (RE Reno borrowed from RE Loans)

      Does anyone else realize that BARNEY was the owner of the Siena and all of the other various shell LLCs (except RE Loans) associated with it, and BARNEY was the President of Bar-K and that BOTH of them are partners in B-4 Partners? (Barney was President of Bar-K which was “servicing’ RE Loans which loaned money to Walter to loan to Barney).


      From the Bar-K website:
      # Bar-K Inc. – Originator and servicer of loans
      # R.E. Loans LLC – first funding source for loans done by Bar-K Inc.
      # B-4 Partners LLC – the management arm for investments originated by Bar-K Inc and funded by R.E. Loans LLC

      Walter personally borrowed money from RE Loans, plus more from individual investors, formed RE Reno, and then loaned the money to his son (who, as President of Bar-K was supposed to be ‘servicing’ RE Loans)? Then, when the son defaulted on the loan to his father, the father defaulted on the loan he took from RE Loans and from the private investors, and then he refused to follow through with the foreclosure proceedings of the son as he had the fiduciary duty and responsibility to do to protect OUR money.

      Repetitive and confusing? Absolutely!

      Honorable? Not one shred of honor in the whole thing.

      Why am I harping on RE Reno and the Siena Hotel loan? Because it’s the only loan on which we have/had a tangible guarantee on a specific property . . . and no one’s seriously talking about it in the halls of justice!

      • Please Clarify Re: Deadline for filling our Bankruptcy papers/claim

        Someone told me the deadline for our filing was extended to October….end? middle?
        I was also told the deadline is September 6th……

        Thank you,

    • Is it really crying uncle with the caveat that he’ll agree only for non-dischargeability on judgments as long as they aren’t based on a “factual finding” of fraud, false statements, breach of fiduciary duty, or related charges? If my non-lawyer brain is following the script correctly, Walter Ng would like to avoid a legally defined “factual finding” of anything resembling fraud, etc.

      So if people don’t agree and the cases go forward, and Walter loses, and there are judgments based on fraud, false statements, breach of fiduciary duty, or related charge, Walter won’t agree to non-dischargeability? Did anyone file a complaint based on anything not related to fraud, false statements, breach of fiduciary duty, or related charge?

      This feels like a word puzzle.

    • I suspect the point is that, with his reported assets, Walter can’t afford the legal cost of defending 19 complaints and wants people to cut him a break. I guess when he was plotting his bankruptcy, he didn’t expect so many people to push back.

      Maybe he could get a loan from some of those special friends who cashed out their accounts in 2007-2008? He could write them a promissory note!

      Otherwise, it seems like Jabberwocky. But most likely, at least one of his lawyers probably billed him (us) to write that.

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