The Trustee Strikes Back

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Could Walter’s days of sipping coffee on this Rossmoor terrace be limited?

On behalf of Trustee Fred Hjelmeset, attorney Tracy Green has filed an objection to Walter’s many exemptions in his personal bankruptcy case, including challenging the exemption of his new digs in Rossmoor, because it exceeds the $146,450 cap he’s allowed for a homestead.

While the investors have spent countless hours digging through old files in search of documents to support your claims and filings with the FBI and bankruptcy courts, take heart that Walter will now be digging through his files to prove the the source of funds in his bank accounts.

Those who have lost your IRA accounts to the Ng family could soon find Walter in your club, since the trustee is objecting to Walter’s exemption claim to keep his IRA “because the account was involved in prohibited transactions.”

Will Walter’s droid attorney challenge any of this? He’s already racked up over a quarter of a million dollars in legal fees, without being able to answer almost any question the judge asked, or making even an attempt at a repayment plan for chapter 11. What’s it going to cost us if Kaplan actually has to write or file something?

Looks like Walter might finally get some sense of the financial squeeze he’s put so many others in. But even if the trustee succeeds on every objection, Walter will still be living better than many of the people who trusted him with their life savings or retirement funds. Maybe Kelly will let them stay in a room at his 6441 square foot house, unless a future trustee lays claim to that too, along with Barney and Bruce’s McMansions. We can hope.

Read the whole filing here.

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16 thoughts on “The Trustee Strikes Back

  1. “When the gods wish to punish wicked men for their crimes, they often allow them for a time a more than usual prosperity…so that they will suffer all the more bitterly when their fortunes are eventually reversed.”

    from Julius Caesar’s war commentaries (i think)

    I guess it took Trustee Fred Hjelmeset to point Tracy Green in the right direction?

  2. I inherited a money from my great grand mother that was eventually put into this fund by an Attorney managing her trust. Now that I am of age to receive my money I instead was given a bunch of bankruptcy papers that I can’t make any sense out of. Is there anything that I need to do to try and claim the money that I have invested in Mortgage Fund 08? Any help help or guidance would be much appreciated.

  3. I received notice that no funds available from Ng but “maybe some dividends” which require another
    pile of monumental papers for us to send in. Is anyone doing so? I’m a bit exhausted but perhaps
    that’s the objective?

    • “Applicant did not submit his application until he understood the magnitude of the assets immediately available for sale. Applicant decided to wait until the nature and extent of the assets involved was determined. … This application will be retroactive to December 12, 2011, which was the date Bendix first inspected the estate’s assets at the Debtors’ home.”

      Sounds like Walter and Maribel got a home visit before the holidays and the trustee is arranging to sell off a few trinkets which exceed the dollar amount they are allowed to own, as stipulated in the bankruptcy. Did Kaplan neglect to mention this possibility when providing a quarter of a million dollars in legal work? Since Walter and Maribel signed legal documents saying that they didn’t own more than allowed, does this mean we can look forward to possible perjury charges?

      Who is paying for Walter’s private security. I don’t recall seeing that in his financial statements, did anyone else see it? I hope that’s not billed as part of the legal services, which Kaplan will be looking to collect on before we might ever see a penny. Walter’s security is not our problem and shouldn’t be something we pay for.

      Thank you Equitatus!

  4. Yes, thank you very much Equitatus for all the updates. And, thank you too Kmum. It is greatly appreciated.

    Walter and his family have had the luxury of being allowed months to stash, hide or sell the estate assets. It feels like the system is fixed to aid the perp and further harm the victims.

    WHEN WILL THE FBI BRING CHARGES.

    It is a disgrace.

  5. I truly believe that Walter Ng was ripped off by his son Barney. And while Walter is culpable Barney should have his butt go to jail. I worked 22 years on the job saving my money only to lose 180,000 of it to Barney’s scams. I’m retired now and living on a small fixed income and will not be able to do the things I wanted to do when I retired. I hope Barney in burns in hell.

    • Maybe so but don’t kid yourself, Walter was aware of what was going on. These guys knew everything that went on day to day. I don’t feel sorry for any of them, only the investors who believed in them, trusted them, and gave them their hard earned dollars to invest with the insurance that it was all safe, safe, safe.. They got to big and greedy for the money. In the meantime, their CRO company will now reap the money. I can also feel your pain of being swindled, it really hurts and I will take this one to my grave.

        • CRO= Chief Restructuring Officer = James Weissenborn, of Mackinac Partners. It’s who Kelly and Walter hired to “restructure” although it seems like we’re just getting deeper and deeper in debt to Wells Fargo, while Weissenborn bills millions of dollars for the service.

  6. I don’t claim to be right or wrong, the numbers that have been posted speak for themselves. They had to know how much was being billed out.

    • I think it was the McGrane documents that included copies of the hiring agreements, with the several hundred dollars an hour rate, signed by some of the Ng gang. According to one attorney who quit the creditors committee, Weissenborn has given him self a couple of raises in the year or two since. (I think it was 2-3 raises.) I think he now bills us about $550 an hour to drain our accounts of any last value they might have had.

      I believe you are correct Another Bar-K Victim, that the Ng’s knew all along how much the CRO was costing, because they hired them. But since it wasn’t their money, they probably didn’t give a ****. Which is why, if Walter Ng, Barney Ng, Kelly Ng and Maribel Ng all die slow and painful deaths, hopefully while in prison, I won’t won’t give a ****.

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