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RE LOANS FILES FOR BANKRUPTCY PROTECTION

RE Loans filed for bankruptcy.  While this was inevitable, no doubt, it’s still a shock to the system.  Despite the fact that it’s our money, our lives and our futures, the real bankrupt entity is the Ng Family Dynasty.  They’re morally bankrupt.  They’re ethically bankrupt.  Yet they’re still out there doing business and tricking more suckers like us out of their hard-earned savings.

Maybe Led Zepplin said it best in “When the levee breaks”

If it keeps on rainin’, levee’s goin’ to break,
When The Levee Breaks I’ll have no place to stay.
Mean old levee taught me to weep and moan,
Got what it takes to make a mountain man leave his home

Equitatus posted the following a few minutes ago: Continue reading

Is Anyone Surprised?

We thought the Tumwater story was over and that we could close the book on at least one awful Ng investment.  Turns out we were wrong.  Two newspapers, the Olympian and the Tacoma News Tribune, report that the folks who purchased the brewery property through their LLC (“It’s the Water LLC”) are suing you-know-who.  It’s the Water seeks to void their $12 million purchase of the agreement and seeks a return of their $360,000 deposit. Continue reading

Tumwater Brewery Water Teaser #3

On Wednesday, October 10, 2007 at 4:24 p.m., Mark Northrup, Larry Smith’s colleague at Graham & Dunn, wrote the following to the representatives for Olympia, Tumwater and Lacey:

I attach the Trustee’s responses to the motions.  He supports our tolling motion but qualifies his support for granting us relief from stay to proceed with our condemnation action.  He opposes Ng’s motion on the grounds that CBRE has valued the AABW property as being worth $58 million (!).

Yes, the exclamation point is part of the quote.

Olympia Water Documents – Teaser…

On 04/15/08 Larry Smith, an attorney with Graham & Dunn in Washington State, wrote the following in an email to officials from Tumwater, Lacey and Olympia as well as their outside counsel.  Smith and his team served as the condemnation attorneys regarding the water at the Olympia Tumwater Brewery, also known in REL circles as All American Bottled Water.

Instead, Barney wants to meet with “the decision makers.”  I resisted such a meeting and told him that we would not take our appraisal backed value into a negotiation with an owner whose only authority on value was his own opinion.  I think meeting with Barney is fine, if it is going to be something more than Barney pitching us with wild ideas and proposals, expecting his charm to carry the day.

There’s a lot more, folks.  Some useful information, some not.

Ready for more?

This Deserves It’s Own Thread

From Equitatus:

Jim Weissenborn has a new letter on the RE Loans web site. http://reloansllc.com/pdf/cro.pdf Comments please.

Tumwater Brewery Update

Updated Story – Click HERE