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 #A0109

We dug this information up today and thought we would give those in the know a chance to chime in.  The Loan Summary sheet dated November 5, 2009 lists the following information on page two:

This property is located in Salt Lake County, Utah. It consists of 496 acres of which 260 are entitled for
187 residential lots, 60 condos and a commercial component. Original appraisal $23,000,000, current
$12,000,000. Loan $5,616,478. Foreclosure process has begun.

The current holder of the foreclosed upon loan is not identified by the REL folks.

According to the  this October 2009 posting, however, “the current beneficiary of the Trust Deed as of the date of this notice is: Barney J. Ng., An Individual.”

Is this a head scratcher that we don’t understand or is it yet another example of Barney’s ability to use our cash for his benefit?

Perhaps Jim Weissenborn will explain this to us in his upcoming newsletter.  In the meantime, can anyone take a stab at explaining this?

The Long Trail Of Lies Continues

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.

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The ‘Mourning’ After

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.

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How To Play A Shell Game — A Tutorial

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

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?