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
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!).
Finally a bit of press coverage on something important to us. Unfortunately, Rolf Boone, the author, got it wrong at the end, as Capital Salvage, as we all know, is Barney’s entity. RE Loans recently “won” the property back at auction, essentially recovering the note for no money down. Get an NG out, replace that NG with another NG. That’s the theory here.
If, in months or years past, “the brewhouse was listed for $2 million and the two parking lots were listed for $1 million,” then RE Loans (or Capital Salvage, if you will), isn’t taking home a lot of cash, which means the WFF LOC isn’t going to dwindle much, if at all due to this potential sale. Also, what’s with the NG propaganda machine touting potential sales? It’s all horse manure until there is something concrete to tell us.
After the article, in the comments section, my favorite newly found, highly informed commenter, AnotherNgVictim, pops up again and points out the following rock-solid information:
“A bit more research would have shown that Capital Salvage, Inc., a California Corporation, is owned and managed by Barney Ng. (of Siena Hotel, Reno, NV infamy.) RE Loans, LLC, the entity which recently had the winning bid, is owned and managed by Walter and Kelly Ng, Barney’s father and brother. All three of them have held ‘ownership’ of the property for some time through one corporation or another. They’re the ones who loaned the original money to All American Bottled Water Company. The “cast of characters” is listed at http://www.reloansllc.com/partners.htm
The list of corporations owned by these three is too long to post here. Be aware that with any sale of the Tumwater property, even if papers are signed and money has changed hands, the Ngs will still be involved, wheelin’ and dealin’, and that we poor saps who invested the better part of a billion dollars with them won’t get one red cent of this or any other money.”
Technology is really amazing these days. Back when I invested in RE Loans, the internet wasn’t what it is today. Now, a simple Google search turns up some really incredible information.
Read this story about Michael Ohayon & David Papera. Then scroll down to the comments section and check out the posting made by my favorite internet poster of the month, AnotherNgVictim. If you check the 2009 (de)valuation document written by Mary Ann Lerch, you’ll spot Loan Number T0467. Loan Number T0467, as Lerch states, is “REO. Property is owned by R.E. LOANS, LLC (3XS, LLC).” 3XS, LLC is a registered business in the state of California. The Agent For Service Of Process is none other than Michael Ohayon. The comments made by AnotherNgVictim do a great job of pointing out the NGs history of doing questionable deals with crooks (see All American Bottled Water in Tumwater, WA).
AnotherNgVictim does us another favor by walking us through some of the history regarding the NG reign of terror.
Finally, AnotherNgVictim draws attention to some happenings in the Aloha State (click here for some pretty jaw-dropping information) that certainly confirm what many already presume to be true, i.e. that Barney loaned money solely to collect fees and points from every side of the deal, that this whole thing is a shell game being played to enrich a select few and, of course, that we’ve been snookered because none of these investments are the “safe” investments promised to us by Walter and Bruce.
I will continue my search for information and, more importantly, truth. It’s about time people actually realized who the NGs are and what they’ve done to us. They owe each and every one of us a staggering amount of money that we’ll likely never see in this lifetime.