This is the best we can do?

Just accept the plan.  It’s the best we can do.  Wells Fargo didn’t do anything wrong.  We’re not in cahoots with the Ngs.  We weren’t chosen by the Ngs.  Our counsel wasn’t chosen by the Ngs.  We’re independent.  We’re looking out for you.  We have your best interests at heart.  We know more than you.  You don’t understand.  You’re not smart enough.  You should trust us.

Sick and tired of hearing these insulting types of comments made by members of the creditor’s committee and Walter and Kelly’s friends?  Vote to REJECT the plan.

When Robert Brower, Dixon Collins and many, many others who have fought tirelessly on behalf of the 99% are telling us to REJECT THE PLAN, throwing up your hands and siding with insiders (the 1%) who are covering their own asses is the wrong solution.  Reject the plan.  Reject the notion that you can be duped AGAIN.

Fool me once shame on you.  Fool me twice shame on me.



17 thoughts on “This is the best we can do?

  1. Hi John,
    I understand you asked for the entire mailing list of the investors…..and you outlined what would need to be done to reach them, ie mass mailing, and volunteer time and some money to pay expenses.

    May I ask the status of that mailing? We, at least many of us on the blog, are the choir.

    The majority, the vast majority, are not aware of this dialogue.

    How are they being reached?


    • So, since it is legal to send out truthful solictation materials seeking “no” votes, how about the few members of the 99% who are reading this blog sending out a mailing that goes something like this:

      Dear REL Class 8 Creditor:
      The Noteholders Committee has recommended you vote yes on the Plan. Its members do not disclose their self-interest in avoiding repayment of millions of dollars they received from the Debtors in the year after the November 1, 2007 transaction by which all REL Class 8 Creditors became such. To avoid personal liability they have sacrificed not less than $120,000,000 in assets that belong to the Debtors.
      In addition, if the Plan is confirmed, Wells Fargo Capital Finance cannot be sued. If you vote no and the Plan is not confirmed that will not be the case, and instead Wells Fargo Capital Finance may possibly be brought to justice for what they did wrong by lending to the Debtors in the first place and then helping the Ng family cover-up the MF 08 Ponzi scheme.
      Finally, if the Plan is not confirmed as a result of your “no” vote, then Greenberg Traurig and/or Stutman Treister & Glatt may also be brought to justice for their work on behalf of the Debtors. Otherwise, while neither Greenberg Traurig nor Stutman Treister & Glatt are legally released under the Plan, the continued presence of Mackinac Partners in a management role post-confirmation of the Plan makes it unlikely either Greenberg Traurig or Stutman Treister & Glatt will ever be brought to justice.
      The 99%

      A lawyer like Robert Brower should check the accuracy of the facts and legal conclusions set forth above, but you get the idea. As long as it is true you can say it, and you can also say it in writing. To everybody who will read what you say to them. See my entry under “so it begins . . .” on the rights of commercial free speech that exist under well-established bankruptcy law principles.

      • Just so there is no confusion here.

        As I understand this blog, you don’t have to be an investor to post and you don’t have to reveal your real name or what interest, if any, you have in this matter either.

        Thus, and FYI, the names “Bob Blank” and “a former naval person” are no more real than “serveitcold” or “bluemoonagency” or “equitatus”.

        Anyone of us could be Walter Ng for all anybody would know.

        Take what you read or leave it.

        For what it’s worth on its face.

        Not for who wrote it.



        Who is now entirely done posting.

        Best of luck in coming to good decisions, Mr. Robie.

    • Keep in mind many folks may have voted yes without full information from your 99% side when they got the solicitation package and they may now think they cannot still change their votes. You not only need to make the point they can submit a second ballot anytime up to June 18, you also probably need to send everyone you write another form of blank ballot so as to facilitate their voting twice if that’s what they need to do.

  2. Just accept the plan.


    It’s the best we can do.

    For yourselves.

    Wells Fargo didn’t do anything wrong.

    AH HA HA HA HA. Good one!

    We’re not in cahoots with the Ngs.

    Of course not. Proof positive by how you distance yourselves from them in public.

    We weren’t chosen by the Ngs.

    Actually, you were. Chosen to get early payouts of OUR MONEY, and send us a ridiculous “Plan,” foolishly thinking we would vote to allow you to keep a death grip on OUR MONEY.

    Our counsel wasn’t chosen by the Ngs.

    Right. They just happened to be unbusy at the time and were out soliciting work.

    We’re independent.

    So are we. Independent enough to push you off your pedestals.

    We’re looking out for you.

    Shame the devil and tell the truth.

    We have your best interests at heart.

    Wrong again! You have no hearts.

    We know more than you.

    Let’s compare notes in a couple weeks…

    You don’t understand.

    Oh but we do, with unabashed clarity.

    You’re not smart enough.

    Surprise surprise—you have educated us very quickly! We’ve “evolved!” Go back to the beginning and read this blog word for word. And you even got a big head start.

    You should trust us.

    We do. As much as we trust the Ngs.

    Sick and tired of hearing these insulting types of comments made by members of the creditor’s committee and Walter and Kelly’s friends?


    Vote to REJECT the plan.

    Fool me once shame on you. Fool me twice shame on me.


    Let’s give a big round of applause for our righteous Creditors Committee. While we are at it. let’s also give them some free publicity for the bang up job they have done protecting the rest of us investors from the scammers. They deserve recognition!

    Ironic, this is the same network that airs American Greed.

  3. Fellow investors,

    Asking others, including those with acute professional perspective, who might have a similar dilemma, for your insight…

    I have an equal amount retirement funds invested in REL and MF ’08, plus a lesser amount of my wife’s r/f’s in MF ’08.

    After receiving notice from the suspicious “Official Committee” urging a Yes vote on the plan, and reading many blogs from respectable sources calling for a No vote, I have nine toes on the Yes side of the fence, but the last toe is snagged.

    Can anyone with holdings in both funds comment, please. It appears like there’s added risk for recovery on both sides in this unique case…the proverbial ” damned if I do…damned if I don’t”.

    My heart goes out to the family of the investor making the ultimate decision to end life caused by the pond-scum forcing terrible life-altering events.

    Thank you.


    • By writing this I do not imply anything about who I am or what my interest, if any, in this matter is. See above entry on the subject of anonymity under the rules applicable to this website. Take what is written below for what it is worth, not who wrote it. Best thing to do for anyone here is get a sensible lawyer.

      MF 08 is a creditor of REL. Logically anything that hurts Debtors’ ability to bring money into the REL estate hurts MF 08 (an REL Class 5 creditor) as well as the other REL creditors in the other classes (such as REL Class 8 [the noteholders who sponsor this blog].)
      In fact, because REL Class 5 is a higher priority creditor than REL Class 8 (as the numbers suggest) under the Plan, the give-away of $120,000,000 in what are sometimes called claw backs, the release of Wells Fargo Financial Company, and leaving Mackinac Partners in as part of post-confirmation management have more potential to cost MF 08 money than the noteholders, though at $66 million vs. $800 million, MF 08 has less to lose to begin with.

      The Plan is not designed to help anyone except for three interest groups (often called constituencies): (i) Wells Fargo Financial Company, which escapes a dangerous law suit, (ii) the members of the Official Committee of Noteholders, the majority of whom (not Dixon Collins) collectively have millions of personal liability for claw backs, and, (iii) big surprise the estate professionals. That means the bankruptcy lawyers for Debtors (Stutman Treister & Glatt) and for the Official Committee of Noteholders (Akin Gump). The first of these (Stutman) doesn’t want to be sued in a malpractice suit of its own (avoided by keeping Mackinac on the job, at least maybe) and neither of which (Stutman or Akin) will likely be paid for their post-petition services by the bankruptcy court if the Plan is not confirmed.

      • The investors have already lost. .05 maybe on the dollar. If indeed what has been stated above and ongoing through this blog is true then why accept this. If there is a possibilty or opportunity to pursue those responsible, what is there left to loose. Scared, the fear is over folks reality has set in. This will all come out sooner or later and if indeed there is wrong doing, that could be an option for some recovery. Better that .05 on the dollar………..Even then, the FBI, SEC, Dept. of J will drive that bus and we can hold on for the ride. But no free pass as long as I have a vote.

  4. I just spoke with my elderly mother (a significant REL investor). Mom received a large-size postcard in the mail today that outlined the case for voting to reject the plan. Bravo to the good folks who stepped up to the plate to make the mailing happen.

  5. Thank you Diablo for sending, and a big shout out to Equitatus for posting!!

    Terrific, Fantastic, Super, Outstanding, Incredible, Marvelous, Exceptional, Wonderful, Fabulous, Extraordinary, Magnificent, Superb, Excellent, Phenomenal, and most importantly:

    THE TRUTH!!!!!!

      • There are at least two things wrong with the card.

        1. Where is BARNEY NG?

        2. ‘We’, the investors (now noteholders) did not “accept” the Nov. 2007 ‘reorganization plan’. We had no choice in the matter.

        As has been pointed out here, it Was Walter and Kelly Ng who put the ‘plan’ into action.

        BUT, it was BARNEY NG who orchestrated the WFF line of credit loan, so he knew about the ‘plan’ AND he got paid (What, a couple of million dollars?) for doing so.

        Now, since BARNEY NG is so prominent by his absence on the card, take a look at the lawsuits that DON’T name him and in short order you’ll narrow down the field of the individual(s) who sent it.

        I intend to vote ‘NO’ on the plan currently proposed by the ‘Committee’. I’m going to do so, even though I doubt I’ll ever see any of my investment again, solely to tell them that THEY DO NOT REPRESENT ME!


        I had no say whatsoever in selecting the members of the ‘Committee’ and, with few exceptions, believe them to be involved in an active conspiracy to protect their own asses.


        I hope that the ‘plan’ fails, throws a monkey wrench into the mess, just to keep this open long enough to expose them for who and what they really are.

        • REPOST

          It may be a good idea to make copies of your “NO” ballots BEFORE you mail them, in case we have to have a recount, or some of them get lost, or, you know…. A certified letter receipt is just that; proof they received it. It DOES NOT prove how you voted. There is much at stake here, and they have not been known for their honesty.

          Rose Mary
          May 29, 2012 at 9:03 am

          P.S. There are all kinds of fraud out there in the criminal world, not excluding VOTER FRAUD.

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