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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

RE Loans # C0390 – Canyon Club (9% of REL portfolio)

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