Walter gets sentenced to 5 years of probation.
Kelly sentenced to 18 months in prison.
Walter gets sentenced to 5 years of probation.
Kelly sentenced to 18 months in prison.
If you thought Michael Cooley of Akin Gump was on your side, think again. Cooley was a regular visitor to this site when he was pimping for a yes vote on the reorganization plan. He got what he wanted and hasn’t been back since. Sadly, that doesn’t mean he hasn’t continued his manipulative ways.
John Robies – (hmmm, just how many of us are there?) everywhere are doing their best to stay civil after your latest shenanigan. Trust us, it ain’t easy.
If you care to click on this link (000981), you’ll see that Cooley is spending OUR money pursuing the true identity of Equitatus. Why? Well, Cooley works at the bequest of
Walter and Kelly the Creditor’s Committee, who purportedly report to us. I’m sure this is a truly pressing matter for them. Rather than focus on recovering our hard earned life savings, they feel the need to file an emergency motion to lift Equitatus’ veil.
Who’s next? John Robie and everyone who has ever posted a comment on a REL-related blog? Stop screwing around and get us our pennies on the dollar before we die.
Shame on you, Michael Cooley. Shame on the entire Creditor’s Committee. You’re a farce and a disgrace.
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.
Has anyone ever played the carnival game Whack-A-Mole?
Now is the time to test your hand at the game. As you know, Ng apologists are popping up out of the woodwork everywhere. We’ve seen it on this blog, we’ve seen it on the Google group and we’ve heard rumors of
Walter Ng Pearl Tom gearing up to send hand-written letters to investors in an effort to persuade them to accept the plan we should outright reject.
Over the next few weeks, Elliott Abrams and Ms. Tom will be joined by other shills, ambushing us with misinformation about the impending vote. Members of the Ng hand-selected creditor’s committee represented by Ng-selected attorneys will tell you to vote for the plan. Don’t be bamboozled by their shenanigans. Simply pick up the mallet and take a theoretical whack at the mole.
Then send your ballot to AlixPartners. Vote to “REJECT” the Plan.
We (and by “we” I mean those of us who aren’t in on the scam) can make this easy on ourselves. We really can. Vote no. Reject the plan. I’m voting to REJECT THE PLAN. All you really need to know is one simple item. When your packet arrives in the mail, you’ll find a nine (9) page letter from the Official Committee of Note Holders of R.E. Loans, LLC, et al. Search for the BIG BOLD CAPS. Focus on this sentence:
THE COMMITTEE RECOMMENDS THAT YOU VOTE TO ACCEPT THE PLAN
Interestingly, the letter from the “committee” “elected” to represent us doesn’t actually list their names. It doesn’t matter. Here’s the math:
Any Committee Member = Walter Ng
The very people
recommending urging us to trust them and approve their plan are the same people who been accused of taking distributions when the rest of us got NOTHING. They’re the same people who were purportedly spotted dining with Walter and Bel and they’re the same people who will, without a doubt, screw us over to protect themselves and their friends.
The nine page tome suggests five times that we accept the plan. I suggest six times that we REJECT the plan.
The last time we “voted” on a plan, our ballots ended up floating in the proverbial Bay. Our votes didn’t matter because once Walter and Kelly cast their votes, it was over. The process is slightly different this time around.
The Class of Noteholders will have accepted the Plan if at least two-thirds in dollar amount and more than one-half in number of the Allowed Noteholder Claims that are actually voted are cast in favor of the Plan.
Walter can line up the two-thirds in dollar amount votes. Can he line up MORE than 50% of the entire votes that will be cast? I don’t think so. Many of our busiest traffic nights on this very blog saw over 1,800 unique views. We’re out there. We can “win” (Yes, I’m using the term “win” rather loosely). We can beat Walter at his own shell game. We need to vote. Every one of us for each and every account we hold.
A few other notable items from the expensive packet of crap they sent us:
Mackinac Partners and Jim Weissenborn would remain in charge to liquidate our assets. They’ve done such an absolutely shitty job to-date that we should not allow them many more years of revenue on our backs.
Page five (5) item B discusses the “Plan Compromise”. The Committee got this right in that you should read this in detail. My reading says this is such a blatant cover your ass and screw the majority it’s not even funny. It’s sad. And it should be criminal (is ANYONE at the FBI or SEC actually listening?). The only compromise we’d be making is to our own detriment. Read this:
The Plan Compromise resolves potential objections to, or grounds for subordination of, the Noteholders’ Claims, and further eliminates the risk that Noteholders could be subject to future litigation over the recovery of distributions paid to Noteholders between November 2007 and the Petition Date.
Do you know what this means? It’s a GET OUT OF JAIL FREE CARD in a legal sense for Walter, Kelly, Barney, Bruce and everyone who got money when the rest of us couldn’t. It glosses over the fact that the exchange agreement was potentially illegal, but who cares when the committee elected to represent us doesn’t actually represent us?
If you’re worried about the sweet little bank with the stagecoach, don’t. Wells Fargo will be just fine under this plan, because if the plan is accepted, we will be giving them a full release.
The document also warns us about the downside of rejecting the plan. This downside would be a Chapter 7. While Pearl, Gene, Allen Cone, Sherrat Reicher and their cronies warn us about the ominous nature of a 7, I believe there are many, myself included, who would welcome a 7. This gives a Chapter 7 Trustee supreme power. Walter would be instructed to bend over and cough while we inserted the Hubble telescope up his anus.
Finally, our friends on the committee estimate a distribution of approximately $34-$63.6 million for Distribution to Holders of Allowed Claims, including Noteholders”. INCLUDING Noteholders? We’re still second fiddle, but this time we’re likely taking a back seat to the attorneys at Akin Gump and all the other firms eating our cake. Do the math on the low number and we’re looking at a glass that isn’t just half-empty, it’s entirely empty.
I urge you to VOTE NO. REJECT THE PLAN.
I’m John Robie and I approve this message.
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
Lunacy is defined as “Insanity, especially insanity relieved intermittently by periods of clear-mindedness.” What’s missing at the Bar-K office is the part about intermittent clear-mindedness, as evidenced by their statement below. They certainly have the remainder of the definition covered.
Thank you to Dixon Collins for the following: Continue reading
It has come to our attention that RE Loans may have allowed some of its investors the ability and/or option to “park” money in the fund. “Parking” is a term used to describe money that is deposited into a fund, but not necessarily invested in the fund. Rumor has it that R.E. Loans offered a parking service for some of its preferred investors who wished to place their money somewhere on a temporary basis. The interest earned may or may not be reported to the IRS, some have speculated.
For example, it seems possible that the $5,000,000 returned to J. Robert (“Eddie”) Orton, III, on March 30, 2007, just a day or two before the “freeze” letter was mailed to investors, was money that had been “parked.” Same with Len “Austin Val Verde” Epstein’s return, perhaps? Continue reading
Three cheers for Mr. Jim McKenna’s letter to Walter & Kelly, linked here and copy and pasted below.
February 4, 20111
To: Kelly & Walter NG
From: Jim McKenna
Re: MF08 & RELoans
Just know that the Siena story isn’t simply history. It is a story that is constantly evolving and unfolding right before our very eyes. It is an amazingly instructive story that can only help us if we pay attention. Continue reading
When will Mr. Weissenborn live up to his promise to give the noteholders an update around the end of the year?
Our guess is March 4, 2011 (three months into the year).
Why? Well, the current forbearance agreement expires on February 28, 2011. We can’t realistically expect Mr. Weissenborn to pen an update on the 28th, so we’re giving him four days of leeway. Does this seem fair? Tell us when you think we’ll hear from our cherished CRO.
On May 14, 2009 Barney Ng wrote the following to RE Reno investors:
Barney’s commitment to paying off the loan should be lauded. His follow-through, however, is laughable (so is yours, Walter – you, too, signed the personal guarantee). Barney continues… Continue reading
We believe THIS DOCUMENT is very important. We posted it on the old site. Researcher and AnotherNgVictim batted it back-and-forth. We’ve posted it on this site. Now we’re posting it again. Why? Because we believe this is the single most important document we have discovered to date. Do you think it’s important? If so, why? Please share your thoughts.
Thanks to bluemoonagency for the heads-up. After eight days of silence, Team Weissenborn finally found the time to give the peons an update. Why is the update dated December 6th, yet posted two days later? Bigger questions exist, however. While Weissenborn’s memo is short, it says a lot and leaves us pondering the following:
Anyway, mark your calendars for February 28, 2011!
At close of business today, Jim Weissenborn will know whether or not WFF has decided to grant an extension of the forbearance agreement. Per the November 18, 2010 newsletter:
“The current forbearance agreement ends November 30, 2010. Mackinac Partners is cautiously optimistic that if additional progress is made, Wells Fargo is likely to extend this period. There is, however, a risk that Wells Fargo will not grant a further extension or that other litigation will force R.E. Loans to seek chapter 11 protection.” Continue reading
Thank you Equitatus for bringing up one of our “favorite” REL investments, Canyon Club aka Snake River Sporting Club. If you like documents, this post is for you. Per Equitatus:
Q: Whats RE Loans biggest investment?A: C0390 Canyon Club 61,146,348 9% of RE Loans (EDITOR’S NOTE – While technically true, if you add up Loan #s P0097 Georgetown/LochenHeath at $90M, Canyon Club is the second largest loan).
What does valuation expert Mary Ann say about it, “We are estimating that the loan will be paid in full seven years after the due date which is 1/7/2016, with several interim payments along the way beginning in 2011. As shown in the table, the estimated fair market value of the note is $16,821,364 or$16,800,000 rounded which is $28 per $100 of face value.”
Q: How did we end up in this mess? Continue reading
Jim Weissenborn has a new letter on the RE Loans web site. http://reloansllc.com/pdf/cro.pdf Comments please.
Walter’s letter to RE Reno investors, dated November 11, 2010, states that the sale of the Siena “has not closed as of November 15, 2010.” That’s just the beginning of the absurdity contained within Walter’s letter, found HERE.
Walter states that “it appears likely that the aggregate distribution to R.E. Reno from the sale proceeds will be in the range of $2 million to $2.5 million.” Is Walter so senile as to actually believe that RER will command over half of the sale price when companies like IGT, Konami Gaming and the various city and state agencies are all vying for the proceeds? This is just another case of half-truths and nonsensical blue sky B.S.
Rage faded to disappointment overnight, but returned with a vengeance this morning. The realization (or was it a reminder?) that the valuations provided by the NG family aren’t simply inflated, but greatly exaggerated, hit like a ton of bricks. Weissenborn and his high-priced team have been noticeably quiet. They apparently don’t have time to update us on anything, let alone the great financial loss we sustained yesterday. Arent Fox made money. Stephanie & Matthew Kelly made a few bucks. So did Innovation Capital, to the tune of $300,000 plus consulting fees of $10,000 per month. We, however, lost everything unless, of course, you believe in divine intervention.