With the exception of Dan Noyes, where have you been and what took you so long? This is a big story and deserves your attention.
The Robie Family
With the exception of Dan Noyes, where have you been and what took you so long? This is a big story and deserves your attention.
The Robie Family
Didn’t have time to post this earlier today. In a move that surprised absolutely nobody, Walter & Kelly’s attorneys filed this document in an attempt to gag us lowly investors.
Heaven forbid someone actually told the court the truth about these slimeballs 😉
Here’s a link to the filing:
Walter gets sentenced to 5 years of probation.
Kelly sentenced to 18 months in prison.
Well, today the Robie household received its USDOJ Victim Notification System letter that we discussed on this site just a few days ago.
Here’s the gist:
“The government has [charged] defendants Walter Ng and Kelly Ng with the crime of Structuring Transactions for the Purpose of Evading a Reporting Requirement.”
“The defendants are scheduled for arraignment on November 6, 2013, at 9:30 AM, before Magistrate Judge Kandis Westmore in Courtroom 4, 3rd Floor, 1301 Clay Street, Oakland, CA.”
“The government and defense counsel for the Ngs have reached a resolution to these charges and anticipate that the defendants will plead guilty on November 6, 2013, at 1:30 PM, before District Judge Phyllis Hamilton in Courtroom 3, 3rd Floor, 1301 Clay Street, Oakland, CA.”
“The government provides this notice to you because you may have been an investor in RE Loans, LLC and/or Mortgage Fund 08, LLC. Victims of all crimes under federal investigation are entitled to service under the Victims’ Rights and Restitution Act (VRRA), including notification of court events. However, because you were not directly and proximately harmed as a result of the structuring-related conduct charged in the filed criminal Information, you are not covered under the Crime Victims’ Rights Act.
“With regard to restitution, the government does not expect to recover any loss amounts in this case.”
“In any event, we will continue to provide you with notifications and services unless you tell us not to.”
“Because of the Court’s schedule, hearing dates could change on very short notice. If you plan on attending, you may want to call the Victim Notification System (VNS) Call Center or check the website to confirm the date and time. Please note, there is a 24-hour delay in information transferred to the website.”
“Separate from the charges filed by the U.S. Attorney’s Office; please note that the Securities and Exchange Commission has charged Walter and Kelly Ng by Complaint with fraud-related securities violations for their activities involving RE Loans and Mortgage Fund 08.”
Where’s Mackinac These Days?
Certainly not “navigating companies to financial success.” It’s astounding that Jim Weissenborn would publicize his association/relationship with RE Loans on his website:
As co-founder and Managing Partner, Jim leads or co-leads numerous Mackinac Partners practice areas, including Financial Restructuring, Transaction Advisory, and Specialty Real Estate, which includes advisory engagements with national and regional homebuilders, sub-prime mortgage lenders, Resort and timeshare operators and housing-related manufacturers. Jim has served as Chief Restructuring Officer for several of the firm’s hospitality and real estate-related clients, including…RE Loans, LLC.
My dog could have achieved similar results for far less pay.
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.
We’ve been graced by the presence of Michael Cooley from Akin Gump lately. Here’s the likely reality of the situation. He’ll get paid. We won’t. Cooley doesn’t care about our plight. He’s been spreading half-truths in an effort to sign onto his plan. Cooley will undoubtedly cut and run the second he’s done with this case, leaving us behind to shoo the next group of maggots looking to pick the remaining flesh off our rottNG carcass. You think this is too severe? Vote to accept the plan and that’s the very situation we will all be facing.
All editorializing aside, should you have questions or comments that you would like to pose to the group, our trusted experts, or the outsider Cooley, please post them here.
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.
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:
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
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?
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.
Don’t Miss the Tracy Green Show!
November 2, 2011 2:00 p.m. Courtroom 201 1300 Clay Street Oakland, California.
Come one, come all to hear Ms. Green’s motion on behalf of the esteemed creditor’s committee to move the Walter Ng Bankruptcy to Chapter 7. Didn’t Judge Efremsky already suggest this a while back. . .?
As usual, get there early because seating is limited. Let’s be nice and try to save a few seats for the FBI, SEC and Dept of Labor.
Also, if you could not make it to the October 25th Walter Ng Status Conference, here’s an update:
Here is a link provided by a diligent reader/contributor on involuntary bankruptcy (HERE).
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
Great story tonight, link to be posted shortly. In the meantime, you can read more here:
Read this document -> Brower Status Statement 8_16_11-1 <- and decide for yourself.
Reposting the following comment from monagesque, who makes a VERY good point. For the record, Maggie McGee’s email address is: email@example.com. We suggest copying her boss, August B. Landis at firstname.lastname@example.org. Anyway, onto monagesque’s comment:
I think this is really scary. Tracy and her team are clearly moving at breakneck speed in getting us cut out of receiving any useful information. Unfortunately, the “creditors’ committee” that has been chosen to represent us has agreed that:
The Committee shall not be required to disseminate to any entity, …(i) confidential, or proprietary information concerning the Debtors or the Committee, including, without limitation, with respect to the acts, conduct, assets, liabilities and financial condition of the Debtors, the operations of the Debtors’ business and the desirability of the continuance of such business, or any other matter relevant to this case or to the formulation of a Chapter 11 plan, whether provided by or on behalf of the Debtors or by any third party or prepared by or for the Committee, or (ii) any other information if the effect of such disclosure would constitute a general or subject matter waiver of the attorney- client, work-product, or other applicable privilege possessed by the Committee.
I am concerned that Ms. McGee has not added any other investor (not picked by Walter) to the creditors’ committee. I recall that after the June 2 hearing both she and Tracy G stated that additional creditors would be added to the committee. I think that McGee needs to receive as many phone calls and emails as we can make to demand that additional creditors be added. Clearly, Tracy G is not working for us.
Well, people, monagesque is onto something. We’re getting a raw deal and we need to scream and shout from the rooftops. Send an email. Make a phone call. Send a letter. But REALLY, people, REALLY – do it now. I’m in. Are you?
Audio File of Hearing on Kaplan’s Application to Represent Walter Posted on June 10, 2011 by equitatus
This is a link to the pdf document which contains an imbedded audio file of the June 8 hearing. Audio File Hearing 6-8-11 You need to open the document and click on the paper clip image on the bottom left of you pdf reader screen. It should then automatically load to your audio player. If you can’t get it to load get one of your children to help you!
Tracy Green, a name some of us are familiar with (and some have even met with in regard to our conundrum), has applied to be named counsel to the unsecured creditors’ committee. The link below will lead you to her application.
The documents on Equitatus’ blog are worth reviewing. In the end, Kaplan and his firm will likely be representing Maribel & Walter. While it costs us money (that we don’t have) every time papers are filed and court appearances occur, we gain a deeper insight into the affairs of the entities and the individuals, which is highly beneficial. Transparency benefits us.
UPDATE: Forgot to mention that a mailing arrived yesterday from Kaplan. Yesterday was, of course, June 7, 2011. The Continue reading
Please read the following update from Equitatus (with one caveat -Tracy Green from Wendel, Rosen Black & Dean has a history with REL investors – a blast from the past, if you will):
The bankruptcy court this afternoon approved Walter’s modification of notice requirement.
Everyone will get a one- time notification in response to which they can either opt (in) to receive all notices or not (opt out).
There will also possibly be a web site where the Creditors Committee will post information about the case.
It’s rather interesting to peruse the financial exhibits provided by Walter’s attorneys. Who knew that Bar-K was worth a grand total of $0? Have you ever heard of LOWN, LLC? We always thought Barney was the creative force behind the naming of the LLC’s, but we were wrong!
You can find the documents by clicking on THIS LINK.
Thanks to super sleuth Equitatus for their hard work in tracking down these documents.
Here’s the latest from the good folks from Bar-K, RE Loans, MF ’08, Lend, Inc., Mackinac Partners, etc. etc. etc.
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.
The following comes from Robert Brower:
Walter Ng filed for Chapter 11 bankruptcy protectionon Thursday afternoon. Just before Friday’s hearing,I filed a dismissal of Walter Ng, without prejudice.This removed Walter Ng from the case and preservedthe McGuire’s rights to go after Walter in bankruptcycourt.
Thank you to Dixon Collins for the following: Continue reading
Maribel & Walter Ng filed for bankruptcy protection yesterday, listing their estimated assets at $500,000,001 to, get this, $1 billion. The judge assigned to the case is the Honorable Roger L. Efremsky.
Walter checked the box that says, “Debtor estimates that funds will be available for distribution to unsecured creditors.”
Please do us a favor and click the links below to learn more (and to see your name listed as a creditor). Continue reading
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
The Siena saga is nearly over, but info keeps landing in our laps. Therefore, we present another document with the following reader comment:
3 Page Notice that all claims close 15 April, then 26 pages of creditors. Wouldn’t you love to know how much American Document Destruction is owed, and exactly what their services were? It takes some major cajones to stiff your shredding company.
Click here for the document: Creditors Doc 265
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
While the future of RE Loans/Mortgage Fund ’08/RE Reno appears bleak, not all is lost. There are some good things happening in our little world.
If you like documents, you’ll love this posting.
We don’t want to sensationalize this posting, however. Some documents are informative, many are not. It has taken many months to cobble together these documents. All-in-all, there are too many people to thank for assembling this information, but you know who you are and hopefully that’s thanks enough.
File management proved to be a severe challenge, so consider this more of a document dump than an orderly, numerical library. Feel free to save the documents in a file on your computer and peruse them at your own speed. Use this posting to discuss your findings and perhaps this will lead us all back to our inner “Researcher” by potentially helping us figure out who got the water money and why (and then where it went!).
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’ve had a lot of action here today. Why not end the day on a positive (unless your name is Barney Ng). An obscure blogger sent the following to us today:
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
Is there something more to the expeditious sale of the Siena than meets the eye?
Read this: Zive To Retire
Then ask yourself which firm represents the new owners of the (Grand) Siena.