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
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.
The RGJ takes a superficial look at the Siena. Barney speaks, but continues to blame the Siena’s failure on the slot machines. You can read the article here: Siena Doomed To Fail?
The paper also runs a companion article. This one is kind of fun given the title on the RGJ headline about Barney: “He’s An Egomaniac”.
76 year old Joe Villareal of San Leandro put $160k into RE Reno and half a million into RE Loans. We’re not sure who Mr. Villareal is or how Ray Hagar tracked him down, but we’re thrilled to see an RE Reno investor speaking publicly about the issue.
Ron Langenbahn, 78, apparently put $600k into “Bar-K”. I wonder if that means RE Loans, Mortgage Fund ’08, RE Reno or, perhaps, some combination of the funds.
We need to push for further investigation into the deals the Bar-K people put together. We need disclosure on what the deals look like. We need to be able to follow the money, which may lead us, the investors, or some sort of government entity to action and help us recover our investment dollars.