Payday!

 

US_One_Cent_Obv

Finally something has come in from all the legal action, but those Greenberg Traurig settlement checks are pretty slim.  Very few pennies on the dollar for your life savings.

Is this the end, or will we see any more small change from other legal actions?

What are the Ng’s up to these days?

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Ng’s Keep the Judicial System Busy

It’s been awhile since we’ve all gathered in a courtroom, but on Tuesday, August 28, 2012 there are two legal proceedings happening the same day in two different court systems, both in Oakland. Attorney Robert Brower has provided the tentative ruling for the Wells Fargo consolidated class action suits, which denies Wells Fargo’s request for demurrer. Seems likely that Wells Fargo will throw lots of legal fees at trying to change the judge’s mind, so Attorney Brower recommends checking back here Monday night for an update. If court is happening, it will be at:

Alameda County Administration Building
1221 Oak Street
Oakland, CA 94612
Judge Steven A. Brick, Dept 17
3:00 pm Tuesday August 28

** Note correction on the name of the building**

Small courtroom, first come seating, leave time for security. You all know the drill by now. But this would be our first opportunity to meet the class actions attorneys, and show some support for our own cause.

If you’re in town early, several blocks away at our familiar haunt; the courtroom of Judge Efremsky at the US Bankruptcy Court, the bidding on Walter and Maribel Ng’s rugs and household goods resumes at 11:00 am.

U.S. Bankruptcy Court
1300 Clay St. Room 201
Oakland, CA

Walter and Maribel lied on their personal bankruptcy filing, and these are the goods which are in excess of what they claimed and are legally allowed to own. This meeting will be where Kelly Ng uses money he got from us to bid on the items seized from Walter Ng and Maribel Ng, which they bought over the years with money they got from us. But it’s not like we got nothing out of the deal–there was dinner at the Silver Dragon.

At the price range these are bidding in, it will hardly make a dent in the legal bills, so we’re unlikely to see a penny out of it. But if the recording from the last meeting is any indication, there will probably be plenty of eye-rolling and heavy sighing entertainment from the family drama queen, Kelly Ng.

Scrutinizing The Burn Rate

Equitatus has posted the first series of receipts being billed to the RE Loans portfolio. You can visit the documents here: http://equitatus.wordpress.com/2012/03/06/burn-rate-super-texas-size/

There are hundreds of pages, so it may take awhile to absorb, but since it’s all being billed to us investors, and  nobody else seems to be questioning the obscene spending habits of James Wiessenborn and his merry band of contractors, feel free to use this thread to post and discuss any charges which you find questionable.

For example, I found that Rick Dishnica took Kelly Ng to lunch on 11/30/2011 and sent us the tab.

11/30/2011 Dishnica, Rick 1.5 hours at $410 per hour =  $615
Comment: Lunch with Kelly Ng to update on business activities for loan servicer.
11/30/2011 Dishnica, Rick Lunch- R. Dishnica, Kelly Ng $64
Billing us a total of $679.

Did James Weissenborn, Judge Barbara J. Houser or anybody on our Creditor’s Committee think this might be poor judgement to be billing us for Kelly Ng’s lunch??

Let’s not forget that Kelly Ng and Rick Dishnica go back many years, while working with the $25,000 a year (range) private Bentley school that Kelly sent his kids to, and Kelly coached their volleyball team.

Rick Dishnica is reportedly who referred James Weissenborn/Mackinac Partners to the Ng’s.

Ng’s hire Mackinac Partners, paying James Weissenborn $560 an hour. Weissenborn hires Rick Dishnica at $410 an hour. Now Dishnica bills us $679 to have lunch with his old pal Kelly Ng.

Many more gems like this will probably turn up when we start scrutinizing these bills.

Liar, Liar, Pants of Fire!

Probably not news to the hundreds of investors who crowded into the first creditor’s meeting last June, but the slow wheels of justice are finally catching up to Walter Ng, with this complaint that the trustee filed which charges Walter with:

  1.  Intent to Hinder, Delay or Defraud a Creditor
  2.  False Oath or Account
  3. Failure To Satisfactorily Explain Loss or Deficiency of Assets

Think he’s feeling the heat now?

Thanks to Equitatus for posting the full complaint which outlines the specific lies he’s charged with and all sorts of other interesting information.

Trustee is asking the court to

  1. Deny Defendants’ discharge
  2. Bar them from re-filing under any chapter of the Bankruptcy Code for a period of 8 years, and
  3. “For such other and further relief as the Court deems just and proper.”

Guess Walter lucked out, since we no longer have hanging judges.

What happens next isn’t quite clear; Will it be a race to sue Walter for whatever you can find, or will the government try to do some organized liquidation? If they pursue the criminal charges, these are federal crimes,  the IRS would do the investigating and the department of justice prosecutes.

In the meantime, the trustee has removed a few trinkets for an early quick sale; a diamond ring and jade bangle, and three cars. Lexus or Corvette anyone?

Details on that auction can be found here

These items are expected to bring around $40,000. which hardly dents the attorney fees, so it’s not like we’ll be seeing any money back, but it’s a start.

At least we’ve got the moral victory.

Showdown In Oaktown

Wednesday, January 25, 2011
2:00 PM
1300 Clay Street, Room 201
Oakland, CA 94612
Hon. Roger L. Efremsky

Multiple motions are being heard, including DSI’s attorney William McGrane’s:

Motion to move the RE Loans Bankruptcy from Texas to California. Other attornies involved in the case have written letters of support for the move. Presumabley Mackinac Partner’s attorney Jeffrey Krause will fly in from Los Angeles to defend James Weissenborn’s seat on the RE Loans gravy train, and bill investors thousands of dollars for the effort.

Motion to strike Walter Ng’s declaration, unless Walter will agree to testify at hearing and be cross examined on his statements. Since Walter has plead the fifth in most questions, McGrane argues that if Walter’s declaration is admitted, he should be compelled testify at the hearing where he can be cross-examined.

Could this be checkmate?

With so many lawyers involved, this hearing may boast one of the highest costs-per-minute  in legal fee  we’ve seen yet.

Click here to read some of the arguments and filings.

Get there early to get a seat and let the judge see that we do care about being involved in the process, as the lawyers supporting the move have written in their arguments.

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.

Walter Ng Bankruptcy Status Conference Tuesday Afternoon

Honorable Roger L. Efremsky
U.S. Bankruptcy Court
1300 Clay St. Room 201
Oakland Room 201 Oakland, CA 94612

1:30 pm Tuesday, December 13, 2011

The 18 complaints have been combined to be dealt with at once.  For specific details on the plaintiffs, case numbers, who has which attorney, etc.  Some people filed without an attorney.

http://www.canb.uscourts.gov/files/12-13-11@130.pdf