Don’t Give Up

“Heads we win, tails they lose”

— fictitious statement by Walter Ng

We, the noteholders, hold empty notes and empty votes.  Those elected to serve and protect our interests served and protected their own interests as well as the interests of large, billion dollar corporations.  This is the story of David vs. Goliath.  Yes, we’re David.

The Landslide Tally Can Be Viewed Here

Thanks to Equitatus for delivering the not-so-rosy news.

Thanks to the Official Creditors Committee for their dishonesty and deceit.  Congratulations to the favored noteholders who cashed out.  Congratulations to Wells Fargo.  Congratulations to Akin Gump.  Everyone who doesn’t need it gets paid.  Everyone who needs it gets zippo.

Despite the fact that this is depressing news, there will be many other important battles to fight.  And fight we will. Get your slingshots ready.  It’s time to slay the oppressive giant.

 

 

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33 thoughts on “Don’t Give Up

  1. Confirmation, but no surprise in the outcome of the beautifully rigged and executed swindle by the Ng machine and their relatives, insiders, bromancers and friends with benefits.

  2. Wasn’t it rigged to where people who didn’t vote default into a yes? If so, do we know how many people actually filled out a yes ballot, vs the over 500 no ballots?

    Now we can keep paying Wells Fargo, Akin group, and James Weissenborn millions of dollars for another year. And when Weissenborn hasn’t sold off enough to satisfy Well’s Fargo and lower that debt by Sept 2013, we can spend more money on some other charade, until there is nothing left to pick from the bones.

    For those who voted yes under some illusion that they might get some money out of this, Walter, Kelly and Barney probably have a bridge to sell you. Of course it’s probably too short to run over the swamps they already spent your money on.

    • So WFF gets a free pass, which is exactly what the Ngs and company appear to have always expected. Walk away from the path of destruction relatively unscathed. That crazy notion of fiduciary responsibility, why hold them to it. After all, it was only your money. Now if you’re lucky, the noteholders might get a few crumbs that are left. Except for the ones who cashed out early.

      Next hope – the long arm of the law, including perp walks, shackles, freezing of assets, house arrest, guilty verdicts, prison sentences, hefty fines,…. Oh, I’m sorry, I got carried away with the idea that perpetrators of evil should be held responsible for their actions.

      • Diamond McCarthy had a solid lawsuit against Wells Fargo. The Creditors Committee hired Diamond for hundreds of thousands of $$$ to prepare this lawsuit—to which Diamond STRONGLY urged the Creditors Committee to sue W.F. The Creditors Committee CHOSE to ignore Diamond and stack the deck against us, in the most repulsive manner possible. That was a deliberate choice, as it saved them of any clawbacks. The Creditors Committee’s loyalty is only to themselves—to keep their early payout dollars, KNOWING many hundreds of other investors are starving and will continue to starve. Fiduciary duty never crossed their minds. Neither did protecting ALL the investors as a whole, which they swore under oath to do.

        • Do the investors have any grounds for legal action against the creditor’s committee for their lack of fiduciary responsibility? Another class action perhaps? Or do they get to waste our money on legal advice they choose to disregard in their own self interests?

        • Would love to see a class action against the Creditors Committee. Even on the single issue of conflict of interest, there couldn’t be the merest supposition or expectation of objectivity.

          • The Creditors Committee is probably out celebrating with the Ngs, toasting themselves. In public, of course. Too bad there were no legal ramifications before the vote; a conflict of interest ruling would have changed things dramatically. That impudent, double-crossing Plan would have never passed. The investors may have had a chance of a beneficial outcome.

            The Creditors Committee abused their powers by stalling and hiding behind Akin Gump. The investors found out what they were/were not doing for us AFTER the fact; exactly like the Ngs.

        • I have been watching this travesty play out in all of its backbiting paranoia on the Equitatus website and here for some time.

          Really, the sheer ignorance/incompetence of you Ng victims astounds me.

          First you folks lose $1 Billion to the Ngs..

          Then, instead of hiring real lawyers who have some the legal pedigrees/practice backgrounds/intelligence to represent you, you choose to mainly rely on folks like Richard Brown aka Equitatus (who is, in real life, just a hack personal injury lawyer/ham radio operator), and Robert Brower (who is in real life just a former high school math teacher/former HVAC contractor) for all your bankruptcy advice.

          Both these men went to entirely marginal law schools (JFK and Lincoln respectively) and neither knows anything about corporate bankruptcy law, having never worked on a case remotely like RE Loans in their whole sorry careers. They were up against very expensive, sophisticated bankruptcy lawyers who had them for lunch.

          Don’t blame them, though. After all you only used them because they work for free. Well, like everything else in life, you get what you pay for.

          Now let me tell you what a real bankruptcy lawyer would have had you do to stop the Committee from running right over you in this last election like it did.

          A real bankruptcy lawyer would have had one or more of you 99% Class 8 claimants object in writing under Section 502(d) to all the Class 8 claims of the persons and entities who got any part of that $120 million.

          Section 502(d), that real bankruptcy lawyer would have explained, disallows claims where the claimant owes a bankruptcy estate money to begin with, unless and until the claimant voluntarily pays all the money back.

          Any Section 502(d) objection, just by virtue of being filed, would have instantly disqualified all clawback folks from voting unless the clawbackers could subsequently convince the judge they didn’t owe the $120 million back to the REL estate to begin with. A very difficult sell for them.

          NOTE: Even counting all of the votes the Committee got from clawbackers who received some part of the $120 million, still all the votes the Committee managed to get cast in their favor only totalled 68% of the all the votes cast, measured by dollar amount. They had to have 66 2/3% of the votes cast, measured by dollar amount, to win Class 8.

          That was a margin of victory of less than 2% (or about $12 million in total claims) which you needed to disqualify to win Class 8 and beat the Plan (or have any hope of beating the Plan, I should say).

          So, if Brown and Brower had any brains, (which they don’t [they are real cartoonists and real bloggers, but sadly for you they are not real bankruptcy lawyers]) you could have perhaps beaten this Plan.

          But, no, you wanted to pay your lawyers nothing.

          So all you got for lawyers was Brown and Brower.

          Two men who didn’t have either the knowledge or ability to give you good advice.

          So you lost to the Ngs. Again.

          And, really, you have no one to blame but yourselves..

          • People who have barely enough to live and/or are bankrupt cannot afford high-priced legal talent. You missed that fact in your analysis. And I’m not assuming that would have bought them better legal representation. Look how well all that Tier 1 B school talent has done at managing the country’s large financial institutions. Your analysis also seems to have missed the length of time it took to collect information and for the investors to find each other. If you have nothing constructive to offer a situation that has already seen enough misery and violation, really, shut it.

          • Who are you, monster? Why did you not come out before you heartless beast.

          • Obviously Blaming hasn’t been following the WHOLE case, or they would know that Robert Brower entered the picture with the McGuire case for breach of fiduciary duty and some other odds and ends, which he won. You can read the jury vote results on all counts here: http://equitatus.files.wordpress.com/2011/06/special_verdict_6-28-2011.pdf That was originally filed against Walter and Bruce, which is what prompted Walter to file his personal bankruptcy, thinking he would ease through that process, although it didn’t go quite as smoothly as he expected. Evidently the former math teacher lawyer trumps the hack lawyer Bruce Horwitz had, because so far, this is the only case in this whole mess that has gone to trial, and the investor’s won it.

            At the time, with no bankruptcies yet filed, other than Barney’s pet project in Reno, why would any investors be hiring a bankruptcy attorney? Brown has filed a class action lawsuit, again, before the bankruptcies were filed, and completely unrelated to bankruptcy. All of the class action lawsuits seem to utilize some of Brower’s research, but Brower has said more than once in these blogs that he’s not a bankruptcy attorney.

            By the way, you arrogant troll, it’s not a billion dollars. Maybe more like $750,000,000. And don’t forget the criminal investigations. Will the Ng’s be feeling so victorious if they die in prison?

          • I too have beenwatching this “travesty” play out on the aforementioned blogs AND in real life. I think you have missed the “real life” part.

            One has to wonder where all your profound wisdom was a year ago?

            You ex post facto revelations are of little use other than to further demoralize these people. If that was your intent, you should be ashamed of yourself.

            It is a pitiful person indeed whose ego requires debasing other inorder to appear to be smarter than anyone else in the room.

            Many of these people have been left destitute by the Ng crimes. They are already being fleeced to the tune of thousands of dollars per hour, with the blessings of the Creditor’s Committee charged with protecting their interests. You either have an incredible amount of chutzpah or lack the intelligence to understand that there’s nothing left with which to pay another shyster or these victims would have “lawyered up” a long time ago”.

            In my view, Mr. Brower and Mr. Brown are the “knights in shining armor” here. At least they are trying to help these people out. The fact that they didn’t graduate from an ivy league school has little relevance here. They stand as the “real men” in the room.

            If you really have “all the smarts”, then why don’t you have the decency to help these people out? Or, are you only interested in proselytizing for “ivy league” bankruptcy firms?

            You know, the idea of “pay it forward” is worth more than all the legal fees in the world and makes for “great press”. And, if you’re not part of the solution, you’re exacerbating the problems of people that have already been beaten enough.

    • Wanna be lawyer or not, the Section 502(d) legal analysis is both entirely simple and entirely correct.

      The reasons you folks didn’t discover it/impliment it all relate to the fact you were always too cheap to hire real bankruptcy lawyers.

      The fact you apparently think Brown/Brower knew/know what they were doing in the RE Loans bankruptcy case just proves how impossible it was/is for anyone sensible to help you.

      The previous post was made to show you that you have previously put your trust in the wrong people and you should now stop being gulled by them.

      Not that any of you will listen to anyone who knows what they are talking about.

      Ever.

      • Are you an Ng or just a mean, stupid apologist for the Ng Crime Family. Many victims live in their car now and do not have money to hire attorneys… one investor committed suicide . Colette had it right, shut it or attach it to the Ng’s backsides you beast.

      • So far you have not provided any evidence of your legal training, experience with bankruptcy law, or in fact, any qualifications to deliver a legal opinion on anything. For all practical purposes, you are simply blowing hot air and have not one tiny bit of credibility. One might think you are angry because you have lost your inheritance, but that would suggest that if you did have any worthwhile suggestions, they would have been passed on to protect the family assets.

      • Mr. Blaming the Victims,
        I have a question for you. While reading §502(d) of the Bankruptcy Code at your behest, I continued down the page and saw §502(j):

        (j) A claim that has been allowed or disallowed may be reconsidered for cause. A reconsidered claim may be allowed or disallowed according to the equities of the case. Reconsideration of a claim under this subsection does not affect the validity of any payment or transfer from the estate made to a holder of an allowed claim on account of such allowed claim that is not reconsidered, but if a reconsidered claim is allowed and is of the same class as such holder’s claim, such holder may not receive any additional payment or transfer from the estate on account of such holder’s allowed claim until the holder of such reconsidered and allowed claim receives payment on account of such claim proportionate in value to that already received by such other holder. This subsection does not alter or modify the trustee’s right to recover from a creditor any excess payment or transfer made to such creditor.

        Would this make it possible for any of the allowed claims by the clawbackers to be reconsidered or for the trustee to recover from any of these vultures any excess payment or transfer made to them?

        Obviously you are well versed in bankruptcy law and have the ability to answer this simple question that could help us–the ignorant, cheap, misguided victims of the Ngs.

        • Let me try and answer your question for you, Monagesque.

          The Plan is res judicata, meaning it bars reconsideration of the Plan Compromise, which Plan Compromise directly compromised the rights of the RE Loans’ bankruptcy estate against the clawbackers basically for nothing of any value. There is no going back now and even Section 502(j) does not/cannot trump the specific provisions of a confirmed Plan containing a Plan Compromise like this one. In effect, Section 502(j) is waived by the Plan.

          As far as your being “ignorant, cheap or misguided,” let’s not get carried away.

          I think all Mr. Blaming etc. is telling you is that Brown aka Equitatus and Brower were never qualified to help you in your time of need and those of you who had any money left should instead have paid that money to hire better lawyers rather than have relied on people like Brown/Brower who, while perhaps well-intentioned, were simply not up to the job of representing you.

          Which is why they were so cheap to hire, i.e., free. Unfortunately, you get what you pay for in this world.

          All of the insults now being hurled at Mr. Blaming etc. don’t really change what he is saying: Brown aka Equitatus and Brower both blew it.

          Better you know at least that much than be further deluded into thinking either of those two unqualified lawyers are reliable in the future.

          Unpleasant advice, I am sure, but delivering that advice is simply not the hateful behavior it is being portrayed as.

          • Even if you (a former naval person) are 100% correct, I think the insults towards Mr. Blaming have been mild and restrained, after s/he introduced themselves here by calling the bilked investors incompetent and ignorant, and pretending to hold all of the answers, but not a peep until after the vote cleared. Then suddenly they’ve shown up to what… gloat? Like a person who perhaps came out ahead by NOT helping the investors, and just dropped by to kick them in the ribs while their down.

            Many of us have posted unfortunate news here, and there are more graceful ways to do so. This person is just an ass who obviously enjoys any opportunity to make themselves seem smarter, no matter what the carnage

            Most of the bilked investors are senior citizens, many of who can barely use the internet and have no money or fight left to lawyer up. It’s takes a special kind of troll to get such a thrill out of making a bunch of grandparents feel worse for their situation. Too bad their own parents or grandparents didn’t teach them better. I’d disown that one, if they were my relation.

            And for whatever it’s worth, having observed a lot, online and in real life, I don’t think Equitatus and Richard Brown are the same person as Mr. Know It All seems to think. Talk about some paranoia! And why flog the investors for the attorneys who try to help, but a pass for Bruce Horwitz’s lawyer-picking skills? I think there are some clues in what hasn’t been said.

          • You, a “former naval person” and “blaming the victim are the same person or separated at birth. And, navy guy, you are WRONG…it and you are hateful. Pox on your house.

          • Mr. Naval,

            Mr. Blames posts were condescending, derogatory and just plain rude. Your post was just one step above. I find it interesting how the “smart people” come on after the situation has occured. To apply both Mr. Blames and your theories, you both came on here advising that we had cheap and free “unqualified” representation. Therefore, since you both posted lengthy legal advice—cheap, for free, and we haven’t paid you, then your advice must also be “unqualified.” I am curious though, WHY did you both wait until AFTER the vote to offer your ‘professional’ opinions. Since you are both so wise as to the mistakes we were making, why, as decent human beings, did you not step in and offer your advice BEFORE the vote? It is sad that neither of you were man enough to do that, but chose to wait and then come back and criticize us. That was not the appropriate thing to do and you both know it. If you truly have such legal knowledge, and cannot offer your help, then please keep your opinions to yourself. I’m sorry that you both live in such a black and white world. Go back up and read Wiklund’s post. Maybe that will make some sense to you. Someday when this is all over, those who committed the crimes, those who got rich taking advantage of another’s misfortune, who shafted who, those who had the capabilities to reach out a hand to help someone in need and chose not too, etc., we will all stand in front of our Maker, and He will be the true Judge and Jury. His decision will be final; no appeals.

    • From the notice posted on Senator Boxer’s website;

      “I am pleased to inform you that a member of my staff will be holding office hours on Wednesday, June 27th from 11 a.m. to 1 p.m. at the 3rd Floor Conference Room of Walnut Creek City Hall, located at 1666 N. Main Street in Walnut Creek.”

      If there’s to be a demonstration of some sort, has anyone considered alerting the media?

      Boxer herself will not be there. Would the media normally be there when she’s not?

  3. Well, let us pray and hope that the FBI, FTB, SEC and other agencies can see thru the facade and put the Ng’s and any one of their cohorts into their rooms at the concrete Ritz-Carlton (aka San Quentin or Folsom prison). Then, toss the key in the river.

  4. Yes, Mr. Blaming and “Mr. Navy” person (what a shame this person is trying to use some credible moniker name) are both phonies to me. Coming in now to give this another twist…..probably some legal eagles on the other scammer side and closely connected to the Ng’s and Horowitz people to toss in some doubts.

    Too well written and SCRIPTED!

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