Proof of Claim Forms

Okay, we’re up against a deadline everyone. If you haven’t yet sent your proof of claim form, today is the day to focus on this important task.

Don’t forget to factor in the interest you are due and any other costs or fees you can reasonably validate. Our math shows that interest payments ceased on November 1, 2008 and should be calculated through 05/12/11, the date sweet Walter filed for Chapter 11.

Bankruptcy Claim Form fillable – blank

Gordon Noble and others have posted examples. We have not received legal guidance on this, so your guess is as good as mine as to how to properly fill these out and what documentation you will want to send. Regardless, the best option is to simply get it done and send it in.

If anyone has suggestions, please share them ASAP.

No lines - If you filed your Proof of Claim form, you didn't have to wait

Advertisements

29 thoughts on “Proof of Claim Forms

  1. We mailed ours, certified, on Monday and received the receipt and acknowledged copy in yesterday’s mail. Thanks to all for the helpful advice.

  2. Forgot to mention that we included a copy of the statement from re loans and our promissory note, stating on the form that the investment was fraudulently induced by Walter, as evidence that the claim is applicable to Walter’s bankruptcy, which Tracy Jensen said would be necessary.

  3. I called the Bankruptcy Court, twice yesterday. You will GET NO ANSWER unless you dial a zero when they answer or right before. Was informed by the bankruptcy person that they had to have the documents in their hands on the 6th of September and not simply postmarked. I missed overnight service by fifteen minutes at Post Office and so my documents were driven in to Oakland to be hand delivered by a relative with one copy “filed” returned to me. Just another inconvenience slapped on us by the Ng monsters. When they filed bankruptcy they probably planned that our deadline would fall one day after the Labor Day weekend and Monday court closure. MONSTERS. Don’t forget to attach supporting documentation and keep copies for yourself. Not everyone has copy machines in their home…another inconvenience running to Kinko or such…monsters, monsters, monsters. Vicious, lying, cheating Monsters . Happy golf, happy basketball, happy airplane you lying sacks of rotting excuse for humans.

  4. By all means get the form filed – I presented my papers in person the desk clerk made no comment and filed my papers yesterday.

  5. Although I think everyone should include “interest” in their claim it may not ultimately be recoverable. Maybe someone brighter than me can find a web site that helps you calculate this figure.

    The court of appeal in the Madoff case issed a ruling which upheld a formula that limits investor claims to the actual cash that they had lost in the scheme, not the fictional profits they believed had accumulated in their accounts over the years of the fraud.

    http://topics.nytimes.com/top/reference/timestopics/people/m/bernard_l_madoff/index.html

      • I did not include Re Reno (is that Siena or whatever name of the month they called it)…the one that Barney Bankrupted and fire sold for 3.8M…the same one that we still have not gotten any paperwork so we can begin to take our losses? I did not realize that could be attached to our Proof of Claim and thought it was a separate issue that we victims needed to address. I personally lost in that fiasco $251,000.00 plus whatever the percentage THEY used from the Re Loans fund. ..what a mess, what a crime.

        Has anyone pondered the possibility of Walter’s bankruptcy attorneys & Walter orchestrating the deadline of Proof of Claim to be on the first day of a long holiday weekend. No court, Sat., Sun., Monday and the dears at the court house say the documents must be in their hands on September 6, 2011…not envelope dated.

        • I appreciate all the suggestions for interest. I hadn’t originally factored that in, so I was able to calculate some before filing. But then I read some of your other suggestions, which were posted after I filed, and found that with more accurate interest calculating it would raise a couple more thousand dollars.

          So now I’m debating if I should refile. Time wise, it’s just a few minutes to fill the forms and I can get to the court in less than an hour, so if it were really going to recover a couple thousand dollars, it would be well worth an hour of my life. But then it occurs to me that this might all be academic, and if any recovery were to happen it would probably be a different case, and even then I’d be unlikely to recover my full principal, let alone interest.

          So hard to predict the future!

          • Again, everyone should file. Look at my posting below which shows that not even half of the $700 million dollars invested have yet to be filed for.

            You can amend your claim. Look at the claim form in the left margin you can file a second claim for and relate it back to the first one.

            Will the dollar amount matter? Probably not. As stated earlier, all of the Walter Ng investors, and those with written “guarantees” will have priority and suck up what little milk is in the bowel.

  6. In calculating interest owed to you it seems to me that you should calculate 2% of your balance on September 30, 2008, add that to the balance to get your balance on December 31, 2008; then add 2% of that to get the interest for the first quarter of 2009 and keep doing this for each quarter through March 31, 2011 (an overall total of 10 quarters). Then calculate the interest from April 1st 2011 through May 12, 2011 as follows: that’s 41 days out of the 90 days in a quarter (the promissory notes says all calculations are based on a 90 day quarter) times 2% for the quarter which equals 0.91% (41/90 times 2%) . Multiply your March 31st balance by 0.91% to get the interest due for April 1st through May 12, 2011. Add this to the March 31st balance to get your final total balance owed.

    The calculation takes into account the fact that interest earned in a quarter then earns interest in the next quarter. And don’t be put off; the calculation is not as tedious as it sounds and is more correct than simply calculating 8% for each year and the final balance is indeed significantly larger. OK, we may not get this money but if we did wouldn’t it be worth having spent 15 minutes to do the calculation correctly?

  7. Seems like a lot of people have not filed their claims.

    Claims Register Summary

    Case Name: Walter J Ng and Maribel Ng
    Case Number: 11-45175
    Chapter: 11
    Date Filed: 05/12/2011
    Total Number Of Claims: 1349

    Total Amount Claimed Total Amount Allowed

    Unsecured $255,538,668.75
    Secured $67,020,342.50
    Priority $21,055,132.56
    Unknown $10,024,820.13

    Total $353,638,963.94 $0.00

    • I’ll bet these figures rise today, Sept. 6th.

      I turned in my claim(s) against Walter Ng today and there were others doing so as well.

  8. we already sent in our claim of proof, but without calculating interest from 11/2008 to 05/2011. will we be able to send in amended claim of proof at a later date?

  9. As of 10pm September 6, 2011 here is the total claims. Well short of the $700,000.000.00 figure.

    Claims Register Summary
    Case Name: Walter J Ng and Maribel Ng
    Case Number: 11-45175
    Chapter: 11
    Date Filed: 05/12/2011
    Total Number Of Claims: 1392

    Total Amount Claimed Total Amount Allowed
    Unsecured $264042391.43
    Secured $69740651.18
    Priority $21167065.56
    Unknown $10024820.13
    Administrative
    Total $364974928.30 $0.00

    • Thanks! I was hoping you’d post a total.

      That’s almost half the estimated loss and number of investors. (Not sure how many had interest calculated in there.) When you factor in that a lot of people had multiple accounts (investments, retirement, different funds, etc.) and there were individual trust accounts for different family members, and their kids, (dollar amounts of those unknown?) who probably wouldn’t file, that’s not a bad turn-out.

      Without this blog and the recent media attention, it probably would have been a lot lower. Thanks to everyone who helped us with advice and encouragement to file.

      • That may not be the total.

        Scanning takes time and it may take a week
        or more for the Court’s staff to scan all the
        claims.

  10. I think that the low turnout may be indicative of several factors, i.e. that a large percentage of the investors are older (many elderly) and not computer literate, that after almost three years many have moved, that there was no great effort made to locate us other than mailing out lots of legal documents to last known addresses, that the legal documents scared the hell out of many people who have already resigned themselves to the fact that their money is gone and who no longer have the financial resources to fight ‘Bar-K’, AND that many may have seen that submitting a claim against Walter Ng personally may do no good because it was the LLCs in which we invested our money.

    The fact that Walter named every single investor in these LLCs as a Creditor was a very expensive, very confusing, very cunning tactic, one I’m sure which was taken after a great deal of forethought.

    Like someone else said though, it was probably better to file a claim than to take a chance and not file one. I sure hope doing so doesn’t end up somehow biting us in our respective behinds.

    It’ll be interesting to see how the BK court handles the claims. Perhaps we should start a pool to see how many are simply dismissed because Walters’ bankruptcy application is ‘personal’ and Walter isn’t the LLC(s).

    • Further exploitation of the investors and slap in the face. There should be a law against this type of offense. That website is a total waste of money and has not provided a speck of help to the investors. It is a sham.

  11. This may have already been posted here, in which case I’ve missed it.

    Here’s another website that is supposed to also provide us information:
    http://www.NgBankruptcyCase.com
    It answered a number of my questions.

    Under the FAQ section (http://omnimgt.com/cmsvol/cmsdocs/pub_40971/269043_faq.pdf) I found

    “What will happen if I do not file a Proof of Claim?
    If you are an investor in a fund managed by Walter Ng, such as RE Loans, that fund
    remains liable to you and nothing that happens in this case will limit that fund’s liability
    to you. However, if you think the Debtors owe you money in addition to the fund in
    which you invested, you should file a Proof of Claim. If you do not file a Proof of Claim
    in this estate and there are assets in this case, you will not share in that distribution.”

  12. Don’t know where else to post this. Perhaps John Robie will move it to a new topic.

    Received today;

    NOTICE OF HEARING ON DEBTORS’ MOTION FOR ORDER PURSUANT TO BANKRUPTCY CODE SECTION 1121(d) EXTENDING THEIR EXCLUSIVE PERIODS FOR FILING AND SOLICITING ACCEPTANCE OF CHAPTER 11 PLAN

    to Dec 8, 2011 and Feb. 6, 2012.

    Hearing date Oct. 25, 2011 @ 3:00 p.m..

    This thing is going to go on FOREVER and Walter is still going to spend 50% more per month for food than I have to live on!

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 )

Twitter picture

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

Facebook photo

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

Google+ photo

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

Connecting to %s