Sadly, the Courthouse News Service looks like the only outlet interested in covering this $64 million issue. Then see this document (page 6 Box 13). You’ll notice that the total amount sold is actually $84,868,977 according to Coach K, everyone’s favorite volleyball coach/fund manager, brother of Barney and, of course, son of Walter.
This post deals specifically with the Siena Hotel and Casino in Reno, NV. Close your eyes and cover your ears if you’re scared to read scary things. It’s like Halloween in August.
Check out the various entities involved in the development, financing and ownership of the Siena:
One South Lake Street, Inc.
Barney Ng, Managing Member
*Gold Mountain Financial Institution, Inc.
Barney Ng, President
Maribel Ng, Vice President
Walter Ng, Agent for Service of Process (per CA Secretary of State)
Five Way Development, LP
Barney Ng, General Partner
Frank Yuen, General Partner
Hi-Five Enterprises
Barney Ng, Managing Member
Wild Game Ng
Barney Ng, Manager
RE Reno
Walter Ng, Manager
RE Loans
Walter Ng, Managing Partner
Bar-K
Barney Ng, President
Kelly Ng, Vice-President
B-4 Partners
Walter Ng, Partner
Bruce Horwitz, Partner
Barney Ng, Partner
Kelly Ng, Partner
*Annual Rate of Interest on this $20 million “Note” is 11%. That’s the best financing that could be lined up in 2001? Unlikely. The real story is that it appears as if Barney is borrowing from Barney and paying Barney the interest.
Moving along, the interest rate promised to RE Reno investors = 9%. How much interest was Barney (One South) paying Walter (RE Reno)? How much interest was Walter (RE Reno) paying Walter (RE Loans)? We know Walter (Re Loans) was paying his RE Loans investors 8%.
I’m confused. Are you? Interestingly, it all boils down to a game of pin the tail on the donkey. Who’s the donkey here?
This is pretty interesting…
Hi-Five Enterprises filed for BK. It’s only creditor is none other than Barney Ng in the amount of $75,000 for “services.”
Want to guess who is the Managing Member of Hi-Five Enterprises? Bingo. Barney Ng.
One South Lake filed for BK the same day as Hi-Five. One South also has one creditor. RE Reno in the amount of $106 MILLION. That includes anyone who invested in RE Reno. Are there any of you out there?
Then there’s Wild Game Ng, Barney’s LLC. Wild Game Ng also filed for BK, believe it or not! There are over 400 pages of creditors. Scanning the Top 20 creditors list, two really stand out:
1. Barney Ng for $36.5 MILLION for “Rent Payments”
2. Walter Ng for $450,000 listed as a “Loan”
The takeaway, you ask? Barney bankrupts his company, then lists himself and his dad as the biggest creditors.
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This isn’t getting better.
http://barkinvestors.blogspot.com/2010/08/more-trouble-at-siena_16.html
Looks like our good friends at the Siena have been dipping into their employee’s paychecks, charging them for their health care benefits, but not passing the funds along to the insurance company. That’s not good, right?
Bar-K Investors 