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.
Dear Fellow Investor,
I have received numerous telephone calls concerning the proposed
Chapter 11 reorganization plan for R.E. Loans. Most callers want to
know how I intend to vote on the plan.
I have not received a ballot but when I do I intend to reject the plan. Here
are some things that I have considered. You can make up your own
First, page 4 of Exhibit B in your ballot packet of documents states
that I received a distribution of $152,297.11 after the Exchange
Agreement and that I would be subject to claw back if the plan fails.
Exhibit B is totally false. I did not receive one single penny from
R.E. Loans after the Exchange Agreement or at any other time. I have
lost $497,991.46, my entire life savings. If the plan passes, unlike
some other investors, I will not benefit from the compromise on claw
Second, please read Robert Brower’s analysis of Exhibit B on the
Equitatus blog. You can download it and read it at your leisure. I
have read his post and I agree that Exhibit B is not accurate, not
reliable, and very misleading.
Equitatus Blog: http://equitatus.wordpress.com/
Third, please read Robert Brower’s post on the Bar-K blog about the
Wells Fargo lawsuit and how it would be “a go” if the plan is rejected
and the case goes into Chapter 7.
Robert Brower Comment: https://barkinvestors.wordpress.com/2012/05/21/no-means-no/comment-page-1/#comment-2904
Fourth, although I am not a lawyer, in my judgment the proposed plan
of reorganization does not provide the investors treatment consistent
with their legal entitlement. I further believe that rejection of the
proposed plan would most likely lead to a result more favorable to the
investors as a whole.
Finally, those of you who know me know that I have always been a
champion of all the investors, not a select few.
I am not a member of or a friend of anyone in the Ng family. When the
Department of Corporations tried its case against Barney Ng, I
testified for the Department and against Barney Ng.
To be 100% clear, I intend to Reject The Plan.
Why You Should Reject The Reorganization 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
Sweet Tracy Green seems to be having her way with us so far. Well, we’re hoping this all changes after the judge gets a look at the scathing filing by Robert Brower on behalf of his client, Dixon Collins. Brower alleges a conflict of interest. Nice job, guys!
Note to Ms. Green: Go AWAY!
Follow-up note to Ms. Green: Your argument is weak and unsubstantiated. You want us, but we don’t want you. That, Ms. Green, cannot be disputed. Beat it.
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