The Great Debate

Let’s talk RE Loans bankruptcy venue.  Texas?

Share your thoughts and opinions here.

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9 thoughts on “The Great Debate

  1. DAN NOYES,

    What’s going on?

    This story gets bigger and bigger by the day yet we’re hearing nothing from you.

    Why isn’t there any real media attention being given to “possibly the biggest securities fraud in the history of California”?

    Is it possible that there are political influences being exerted to keep this financial disaster from becoming more public?

  2. Please, someone explain WHY IN TEXAS? What is the FBI waiting for? Where are the pond scum Ng’s now? Are they still conducting business? Can we attend Kelly’s molestation trial? Is Walter still playing golf?How is Barney’s airplane? Are the fruit of Walter’s loins still residing in mansions? Help, I think I’m going crazy!

  3. 1) Please, someone explain WHY IN TEXAS?

    Theories tossed about in other threads. Most plausible I’ve heard so far: Weissenborn has the advantage if he can control the theater. No pesky creditors clogging up the security line to the court room.

    2) What is the FBI waiting for?

    It does take time to build a good solid case. Considering the reputation of expensive criminal law firm Walter has hired, they will pick apart and challenge every filing, charge, motion and notification they can, looking for technical flaws in the case and loopholes to get their client off.

    3) Where are the pond scum Ng’s now?

    Now that Kelly can’t coach volleyball, and considering the child molestation lawsuit, he’s probably persona non grata to even attend games. That must free up a lot of afternoon to evening time and weekends for him. Since that the state department of corporations has given him a desist and refrain order for his businesses, and supposedly nobody is answering the phones at the office anymore, I guess Kelly’s just hanging around the house, practicing his dance moves, and maybe planning some garage sales. That would be practical to raise some cash and whittle down his personal effects, in case he has to go away for awhile.

    Barney keeps a lower profile. He’s had years to hone his retiree lifestyle. Now that all of his and Lexi’s daughters are grown, they probably rattle around the mansion and watch a nanny play with their grand kids. If he was prudent with his sizable income from his years at Bar K, then he might not need to work again. Well, unless some government division decided those were ill gotten gains and seized them.

    Walter and Maribel we can follow the adventures of through their monthly bankruptcy filings.

    4) Are they still conducting business?

    Good question. If the department of corporations has clout, then it would seem any business would be illegal, as of August 11.

    5) Can we attend Kelly’s molestation trial?

    He will probably settle, to avoid a trial.

    6) Is Walter still playing golf?

    According to recent statements submitted in bankruptcy court, evidently yes.

    7) How is Barney’s airplane?

    Unknown, but if he still has it, was that a personal plane or company property?

    8 ) Are the fruit of Walter’s loins still residing in mansions?

    For now.

    • “4) Are they still conducting business? Good question. If the department of corporations has clout, then it would seem any business would be illegal, as of August 11.”

      LEND, INC (Kelly Ng) appears to have dodged all legal bullets thus far.

      As for Barney, he’s been wrangling deals on his own, apart from the ‘Bar-K group’, for years.

  4. Answer to why R.E. Loans filed bankruptcy in Texas. The case was filed in Texas to provide a venue far away from the bulk of the creditors (R.E. Loans Note Holders). The only way to get the case to California is for creditors to file a motion for a change of venue. Given the facts surrounding this case, it has a very good chance of success. A motion should also be filed seeking the immediate appointment of a trustee to oversee the bankruptcy instead of the Debtor in Possession (which is the Ngs and their various management entities). R.E. Loans noteholders must band together….and quickly to retain a Texas lawyer to represent their interests. Otherwise the Ngs will be able to cram down a reorganization plan that effectively extinguishes the claims of the Noteholders.

    R.E. Loans Noteholders that filed a Proof of Claim in Barney Ng’s bankruptcy case should also contact the lawyer representing the Creditors Committee and request that she will file a change of venue motion to protect the interests of Barney’s creditors as it pertains to the assets of R.E. Loans.

    As a R.E. Loans Noteholder and former lawyer, I am happy to coordinate this process at no charge. If you would like to contribute to retain counsel please contact me at cohenbs@sbcglobal.net.

    I look forward to hearing from you. Brian Cohen

  5. Filing a Proof of Claim in Barney Ng’s bankruptcy? Do you mean his bankruptcy for Siena Hotel? I did not know we could do this….never notified? I had a personal note on that fiasco and whatever my portion share that they ripped off and out of re: loans? What about you other people….HAVE YOU OR DID YOU FILE A PROOF OF CLAIM AGAINST BARNEY’S BANKRUPTCY?

  6. We couldn’t file a claim against the Siena bankruptcy.

    Barney Ng, One South Lake Street, Wild Game Ng, etc. borrowed $50 million from RE Reno, LLC.

    Re Reno, LLC (Walter Ng) borrowed a combined total of $50 million from individual investors and RE Loans, LLC.

    Barney’s bankruptcy left his father (RE Reno, LLC) holding the bag.

    Walter has filed personal bankruptcy. RE Reno, LLC hasn’t filed bankruptcy.

    Many of us here filed claims against Walter in his personal bankruptcy because he (and Barney) signed (possibly fraudulent) “guarantees” to us to induce our investments into RE Reno, LLC and because Walter listed every investor in RE Loans and RE Reno on the creditors list for his personal bankruptcy.

    As I see it, until Walter (or someone else) puts RE Reno, LLC into bankruptcy there’s no claim to be filed specifically for our losses resulting from the failure of the Siena.

    • Your fraud claims in relation to Walter’s actions in RE Reno may be discharged in his bankruptcy. The creditors committee, nor anyone else filed and adversary complaint on this theory.

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