What’s the latest?

Who has some news or insight to share?

Advertisements

135 thoughts on “What’s the latest?

  1. @John…while I’m not an investor, sure, but it will mean a lot MORE if everyone sends off an e-mail, one lonely voice is not enough to get the assignment desk or editor off the chair, but if they see several trying to request the same thing over and over, it will turn ears and open eyes again…..

    The news people need new stories all the time, but it can take a collective effort from everyone here!

    • The challenge, and I’ve said this, unfortunately for years, is that we have an angry yet scared group of investors who are either unable or unwilling to rally behind this idea. Calls to action haven’t yielded results and there are a select few who have achieved some real results. This is not a knock on the investors, it’s just our current reality.
      Sent on the Sprint® Now Network from my BlackBerry®

    • There is much about the media coverage that doesn’t get posted to the public forum. But if anyone has contacts, additional effort is always appreciated. There is the old adage, “if it bleeds, it leads.” So far no bloodshed in this story and financial crimes spanning 30 years which have no criminal charges filed aren’t the hottest story on the network.

  2. I’d be great if I knew of someone who’s good at shooting or making a video and post it on Youtube, if it can garner a nice worldwide viral explosion for everyone to see. Maybe it might even draw the right attention once it hits the national news (which I am really super surprised), it’s only gotten “local” attention.

    I can tell you as big as Los Angeles is not a single soul knows about it here. I was speaking to some friends down in San Diego, zero knowledge, that this is the largest investment fraud in CA, one guy says it’s probably a “hoax”. I reassured him it’s NO joke and lots of people are suffering both financially and mentally from getting beaten up in the courts and the bad guys may just get away with it.

    Surely, some of the investors must have older children, teenage grandkids that can put something together and post it on Youtube! It only takes one person to do and if it’s a real good video, you might get the exposure needed.

    Like I said, the only people who knows about CA’s largest financial and investment all live in a protective bubble of about a 20 miles radius of Oakland, CA, if that big.

  3. Some of you folks have some GREAT and funny color postings of the bad guys, the pictures of the “clowns”, etc…..you just need to put some of this together in a video format and post it on Youtube, it’s FREE! Keep posting up new ones daily, weekly, it will draw the attention needed.

    Half of your pictures is right within this blog site, just put it into a video format.

    Use real investors to voice what’s been happening, just don’t let it drag too long, the viewing audience wants it to the point and being told in a straight forward manner.

    Surely, someone must have a video camera and 1-2 younger kids that could put this together, pronto!

    There are people here that post up some funny stories and captions, use those! There’s no need to re-invent the wheel or this project.

  4. Hey, I just thought of something! I don’t know how to start a separate new subject heading here, but maybe someone can post up something like: The Youtube project or the Big CA Scam or ??? but the subject should remain for more ideas to share about the direction of the Youtube video.

    What should be on it, what should NOT be on it, etc.

    Bounce ideas, post up more pictures strictly for someone to use for the video. Start up a story board or story line and stick to that.

    I think if the video goes viral, it will draw more attention to the Ng’s having to show their faces around.

    I’ll start, how about pics of their mansions worked into showing the U.S. Mint or one of those cat figurines waving at people like the ones you see in Chinese restaurants, but the cat’s arm is showing money flowing into the Ng’s bank account. Show a map that has arrows going out from the Bay Area to offshore countries bank accounts or into a fat piggy bank.

    Well, just my $0.02 worth for the day…..

    • I just sent an email to KGO/ABC news asking to get Dan Noyes back on the story. Here is the link to the ABC Investigative team site: Http:abclocal.go.com/feature?section=news/items&id=5831958

      Maybe more of you could do the same. One of our investors is married to Wendy Tokuda, I have heard. Is she still reporting?

  5. i my opinion the press will do nothing until the Ngs are charged. But it worth a try.

    I was hoping there would be a logical discussion on the Plan’s pros and cons. Anybody out there?

    • I would like to see this, too. I just don’t think I have the understanding of the ramifications of the alternatives yet. Will peruse the documents you have provided this weekend, but hope someone with more legal experience will join in. One of my concerns is that there are relatively few investors who are aware of this forum, so feel a bit pre-defeated. I assume unless we do a mail or other campaign, the majority will assume that the creditors’ committee will have our best interests at heart

      • The documents I posted may be different than what is mailed to you. The debtor just filed a new set of exhibits which I will post at the end of the last post. Just below the disappearing Cheshire Cat.

  6. I really do feel that a good Youtube video to better explain “our side”:will help the overall and great cause.

    Okay, so I’m thinking, we have no money to pay anyone to produce a valid and understanding video. We don’t have the expertise to make such a video. We don’t have our own kids to help out.

    So how do we get this done??!!

    Craigslist!!!

    Can someone or a small group put up a small FREE Craigslist ad in your local area, asking for help! You can disclose that there’s NO money involved, NO equipment to be lent, borrowed, purchased or stolen (pardon the pun, shades of Ng, lol).

    I don’t know which section is the proper place to put the ad in, but I’m sure there’s got to be one student, one aspiring producer, one film maker, one sociology student, one pre-law major, one helpful student willing to take on such a project.

    I don’t know if you have seen the Youtube video of the kid in Los Angeles who made his own amusement games and arcades all out of “cardboard”, some filmmaker heard of it and this video went viral and it also got this young kid over $100,000 from donations. Again, we’re not in for the money in the sense the way this kid’s viral video did, but the kid NEVER asked for a dime other than if you wanted to play in his arcade. This is the power of the internet and Youtube.

    Anyways, let it open so that any person’s interested in helping out can contact you directly. I would set up a separate e-mail address just for this as the one bad thing about Craigslist is that you will get your e-mail stuffed full of scams and junk e-mails.

    Even if this Youtube video goes nowhere for whatever reason, at least you can get the satisfaction of “okay, we tried” that’s much better than saying “we should have, we could have, we might have” feelings and then, it’s too late.

    True, it’s maybe a better timing to wait for the Ng’s to be charged, but I say, why for? We need to inform all of CA, all of the country of this terrible crime. This may even jog the minds of others who have been in contact with the Ng’s one way or another and help the criminal case.

    Maybe someone will have seen the Ng’s in the Bermuda’s, at some golf course in Virgin Islands and can shed light. Maybe this will give some assistance to those looking for assets of places they could have hidden them in.

    It’s worth a try!

    • A Prayer for An Investor

      An R.E. Loans investor that we know committed suicide this week.

      We are sad and angry.

      If you have a moment today and are so inclined, please join us by offering a short prayer that she finds herself in a more secure place with her soul on its heavenly journey.

      • This has changed the lives of so many people. My faith never allowed me to accept this but under these circumstances, I understand how someone can do this now. When everything you have worked for is taken away from you by no means of your own, you feel all of the emotions. I have experienced this myself. Such a tragedy.

      • So sorry to hear this. I hope that she found peace.

        Walter and Maribel will still be dining at country clubs, while Barney Ng and Kelly Ng are sitting in their mansions, all paid for with our money. None of them will lose a wink of sleep over the passing of this woman, or the thousands of other disenfranchised people who trusted them with their life savings.

        The Ngs and Bruce Horwitz are pigs, and one day when we hear of their deaths, I think more people will probably celebrate than grieve. Hopefully they will have long jail terms and die in prison.

    • Could someone explain in layperson’s terms how MF08 is handled under the plan? Does its claim get paid before REL investors?

      • Not exactly layperson’s terms, but my opinion in simple English.

        As you probably know, Walter Ng, Kelly Ng and Bruce Horwitz used “new” investments in MF ’08 to make distributions of principal and interest to “old” investors in R. E. Loans, a Ponzi-like scheme. This fact gives MF ’08 a $66,000,000 claim against R.E. Loans to get that money back. MF ’08, however, did receive some notes and deeds of trust from R.E. Loans, mostly secured by nonperforming properties. So MF’08 has a $66,000,000 claim reduced by the value of those notes and deeds of trust.

        R.E. Loans and MF ’08 settled. In the proposed plan, MF ’08 gets approximately $5,000,000 up front, after Wells Fargo and before the R.E. Loans investors. MF ’08 also gets a claim for $66,000,000 reduced by the value of those notes and deeds of trust that will be paid alongside the claims of the R.E. Loans investors. MF ’08 gets a seat at the table for selecting the liquidating trustee. In return, MF ’08 gives up the right to sue any R.E. Loans investor who received MF ’08 money. For example, today I mentioned on the Equitatus blog that Gifford Fong transferred $1,000,000 from an R.E. Loans account to MF ’08 and then immediately withdrew $1,000,000 from MF ’08, a scheme devised by Walter Ng to cash out preferred R.E. Loans investors with “new” money from MF ’08. MF ’08 had the right to sue Gifford Fong to get that $1,000,000 back, but it is giving up that right in the proposed plan. If the plan is approved, Gifford Fong keeps the $1,000,000.

  7. Thank you.
    So, only the first $5MM of the MF08 claim has priority over REL and the balance of the MF08 claim will be paid concurrent with us? (my fear is that if the entire MF08 claim gets paid before us, we will get nothing for sure).
    You mentioned the Fong family, have you looked to see the other committee members’ investments in MF08?

    • Wells Fargo goes first, MF ’08 goes second, then R.E. Loans concurrent with MF ’08, as I understand the proposed plan.

      You will get 5 cents on the dollar in 2015 or 2016, maybe. Not a very good plan, in my judgment.

      No, in the Equitatus post, I was just testing the data in the DSI chart. I did not look for R.E. Loans Committee members’ investments in MF ’08, other than to trace the unreported $1,000,000 from the Gifford Fong account.

  8. What happens to RE Loans note holders if there indeed are enough votes to reject the plan? Is there a procedure to replace the members of the creditors’ committee who have a conflict of interest, and what would we have to do to prove that? It seems obvious to me that there are conflicts, if the information we have received is accurate. Is a judgement against Wells Fargo our only hope of a meaningful return? What happens if the plan is approved (or disapproved, for that matter) and the FBI/SEC get involved, before or after funds have been distributed? I like to think that we should operate on principle, but if the reality is that we can only hope for $.05 on the dollar, is it worth it to spend money to pursue?

    • If the investors vote “for” the proposed plan, then there will be much more money spent on achieving the $.05 on the dollar recovery. And because of that cost, the recovery may be less than $.05 on the dollar.

      The United States Trustee in Dallas has the power to remove Committee members who have a conflict of interest. As I understand it, the Trustee has been asked to take action, but the Trustee has refused.

      In a May 17 post on the Equitatus blog, Equitatus asked:

      “Why has the Noteholders Committee given up pursuing the creditor’s rights against Wells Fargo? Didn’t their special litigation counsel Diamond McCarthy recommend suing Wells Fargo?”

      If this is correct, and we can assume that it is true because Equitatus has been on the investors’ side from the start, then the Committee decided not to pursue Wells Fargo in the bankruptcy proceeding. That case could have wiped out the Wells Fargo position in the bankruptcy and put the investors first. This Committee decision, if true, means that the only case against Wells Fargo is the Alameda County Class Action led by Andrew Friedman and his team. That is a contingency fee case and your only hope of a meaningful recovery.

      Finally, don’t give up on the FBI and the SEC. They are an important part of the resolution of this nightmare for the investors. Leave them alone and let them do their job.

        • Due to certain rules against solicitation without Court approval, this is all that I can say:

          I am an attorney licensed to practice law in California. I represent several R.E. Loans and Mortgage Fund ’08 investors. I am familiar with the operation of R.E. Loans and Mortgage Fund ’08. I have reconstructed the Ponzi-like transactions between the two funds. I have read the proposed plan of reorganization and the accompanying documents. I have tested Exhibit B, the net cash out transfers after the Exchange Agreement, and determined that, in my opinion, it is not accurate, not reliable and misleading. In my judgment, based upon all of the above, the proposed plan of reorganization does not provide investors in the two funds treatment consistent with their legal entitlement. I further believe that rejection of the proposed plan would most likely lead to a result more favorable to the investors as a whole. I am therefore urging all of my clients to reject the proposed plan.

          • Thank you for the explanation, Mr. Brower. We all appreciate all the time and effort you spend helping us navigate the uncharted waters in which we investors find ourselves.

  9. Lets see if I have the history right on this. The Official l Committee of Noteholders hires Diamond McCarthy to review whether they have a good claim against Wells Fargo.Diamond McCarthy say’s they do, and writes a bang up factual complaint and presents it to the Committee and recommends legal action against Wells Fargo.

    Wells Fargo then offers $3 million dollars for a release from such a claim in one of the earlier “Plans”
    This is rejected and yet the Official Committee of Noteholders lets this claim go for nothing against the advise of counsel?

    What the hell is going on here?

    • Yes, please read that blog post before you vote for or against the proposed plan.

      If you know any other investors, please encourage them to read that blog post as well.

      • Yes, will do and thank you for news of the tragic suicide and thanks to both you and Equitatus for you both are our only compass. Have emailed several investors…most people don’t know about either web sites…have given up. We are being asked to vote on something that is factually wrong…just like everything Ng touches. The original “committee” was hand picked by the offender…what a deal.

    • Thanks to you Equitatus and Robert for your most valued guidance… I received the package and immediately came to the site to see what folks thought… I am so appreciative that it is available. I do think we all are dispirited, but I personally had felt that it is in the hands of the class action suits at this point… Happy to rally if there is something to be done?? Arlyss

  10. I was so saddened to read that someone committed suicide, I did offer my own thoughts in prayers to her and her family. To commit such an act is just not the right way to end one’s precious life and must have been so painful for her.

    I really hope now that this will encourage those to step up to the podium and help speak on her behalf in a video. Please don’t let this death go in vain! Use your anger and frustrations to channel all the negative energy into contacting a filmaker or two. I hope that one can use her death in the video.

    I hope that the Ng’s and any of their cohorts gets to see what this has become…nothing pure evil and greed. Something that can pin down her death into their sense of conscience, if they have one and will let them know that their own spirits will not get a chance to rest in peace.

  11. Equitatus and Mr. Brower, thank you for your insights on the ballot. I found the reading to be extremely difficult. After the way great friends (now enemies) Walter and Bruce treated our status as REL investors like human excrement, making the deal with Wells Fargo and then encouraging us to sign our rights away and I worry about signing my name to anything. The letter from the Committee, crafted by Michael Cooley made me nauseous. Did anyone else feel this? I knew it was a bad deal on page 4 of the letter, “…The sole manager of Reorganized RE Loans will be Mackinac Partners, which will be responsible for managing and selling the Notes Receivable and REO Property”. Really? Are you kidding me? Jimmy and his band of $250-600/hour vampires will certainly take care things. Wells Fargo is obviously calling the shots. I am voting NO and encouraging all friends and family members to do the same. I urge everyone following this blog to do the same.

    • The Bankruptcy Court has the authority and duty to work towards a just resolution of the Estate but you still have a right to free speech.Exercise it. Don’t give it up. Don’t be cowed.

      Lets all be respectful of our right to disagree without being disagreeable.

      Unfortunately this is all taking place thousands of miles from here in Texas, ( Advantage Ng’s, WFF et al)

      But the match is not over yet!

      “To be truly radical is to make hope possible rather than despair convincing”
      ― Raymond Williams

      To the ramparts!

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