Don’t Miss the Tracy Green Show!
November 2, 2011 2:00 p.m. Courtroom 201 1300 Clay Street Oakland, California.
Come one, come all to hear Ms. Green’s motion on behalf of the esteemed creditor’s committee to move the Walter Ng Bankruptcy to Chapter 7. Didn’t Judge Efremsky already suggest this a while back. . .?
As usual, get there early because seating is limited. Let’s be nice and try to save a few seats for the FBI, SEC and Dept of Labor.
Also, if you could not make it to the October 25th Walter Ng Status Conference, here’s an update:
Tuesday, October 25th Status Conference, Oakland, California – Walter & Maribel Ng Bankruptcy
The courtroom was somewhat empty today, probably due to the downtown Oakland area being under intense lockdown. The attorneys present included Tracy Green, Maggie McGee, Gary Kaplan, the Culture2Culture attorney and an assistant and Kathleen Black, representing an RE Loans investor. There were approximately 4 RE Loans investors in attendance.
The pre-conference banter between Green, McGee and Kaplan was uncomfortable. They are quite friendly with each other. Tracy, Maggie and Gary seemed more like two sisters and their brother. It definitely did not feel opposing attorneys, getting ready to defend the interests of clients. Perhaps, all of their invoices had just been paid and they were feeling good about the remaining gravy.
Walter entered the courtroom with Edward Swanson his criminal attorney and they took the usual spot in the front row. Walter was dressed in a black and blue tweed jacket and dark slacks. He look rested, well fed and was all smiles as he did not have to do the walk of shame thru angry investors and former friends. Maribel took a seat in the first row away from the action. Maribel wore a leather jacket with silver metal studs, white blouse and black pants. Kelly Ng entered the courtroom with the Ng family body guard and they sat in the back row. The bodyguard was a young, rotund chap, somewhat resembling of low budget version of “Oddjob” in Goldfinger. Upon Kelly’s instruction the bodyguard moved up to a seat next to Maribel, just in case there was trouble.
Kaplan spoke briefly. He was more at ease than in previous conferences, his partners at Farella, Braun & Martel have likely advised him scale down the coffee and Red Bull regimen. There was an issue about payment of $7,000 in employment taxes needed for the caretaker of Maribel. While Maribel clearly does not need a caretaker, it likely gives Walter the “me time” he needs for his golf game. The Culture2Culture donation (aka payoff) issue is still under mediation and has not been resolved. Kaplan had no plan for Chapter 11 and no objection to Tracy Green’s motion for Chapter 7. He stated that only 1 of the adversary complaints had agreed to Walter’s stipulation and Walter will not be presenting any legal opposition to the complaints.
Tracy Green and Maggie McGee were then given a chance to follow up. Nothing. No followup. No statements of concern for investors. No plan for how a trustee needs to urgently start clawing back assets. No questions for the Judge. They must be saving all their cards for the Chapter 7 Hearing (11/2), where Kaplan will likely roll over and Judge Efremsky will move Walter Ng’s bankruptcy on to the next phase. Conference lasted approximately 5 minutes and Judge Efremsky tentatively scheduled a Status Conference for 11/22.
Kelly Ng quickly left the courtroom and assumed his new role, family driver. The phones are pretty quiet at Lend, Inc. and he is no longer a part of the Cal Berkeley volleyball scene, so Kelly has plenty of time to support mom and dad. The bodyguard shuffled Walter and Maribel into a black SUV driven by Kelly Ng.
(This post was written by someone who cares)