Armanino McKenna Suit Settled

Per this link, Armanino has agreed to settle for $3.325 million.

Don’t be too excited, though.  This won’t even begin to make anyone whole.  Expect a check for very little and let it serve as a reminder of just how badly we were fleeced.

It’s not a goose egg, but the check coming back to the Robie household probably won’t even cover the cost of our Thanksgiving turkey.

This is in no way diminishes the outstanding efforts of Theodore H.D. Jones, Jeanie Kayser-Jones, and Robert Frost, who fought this battle on our behalf.

Please comment if/when you receive a check.

And in the meantime, “Be passionate about your profession.”

armanino

Breaking News

Walter gets sentenced to 5 years of probation.

Kelly sentenced to 18 months in prison.

Sound off.

Ng’s Keep the Judicial System Busy

It’s been awhile since we’ve all gathered in a courtroom, but on Tuesday, August 28, 2012 there are two legal proceedings happening the same day in two different court systems, both in Oakland. Attorney Robert Brower has provided the tentative ruling for the Wells Fargo consolidated class action suits, which denies Wells Fargo’s request for demurrer. Seems likely that Wells Fargo will throw lots of legal fees at trying to change the judge’s mind, so Attorney Brower recommends checking back here Monday night for an update. If court is happening, it will be at:

Alameda County Administration Building
1221 Oak Street
Oakland, CA 94612
Judge Steven A. Brick, Dept 17
3:00 pm Tuesday August 28

** Note correction on the name of the building**

Small courtroom, first come seating, leave time for security. You all know the drill by now. But this would be our first opportunity to meet the class actions attorneys, and show some support for our own cause.

If you’re in town early, several blocks away at our familiar haunt; the courtroom of Judge Efremsky at the US Bankruptcy Court, the bidding on Walter and Maribel Ng’s rugs and household goods resumes at 11:00 am.

U.S. Bankruptcy Court
1300 Clay St. Room 201
Oakland, CA

Walter and Maribel lied on their personal bankruptcy filing, and these are the goods which are in excess of what they claimed and are legally allowed to own. This meeting will be where Kelly Ng uses money he got from us to bid on the items seized from Walter Ng and Maribel Ng, which they bought over the years with money they got from us. But it’s not like we got nothing out of the deal–there was dinner at the Silver Dragon.

At the price range these are bidding in, it will hardly make a dent in the legal bills, so we’re unlikely to see a penny out of it. But if the recording from the last meeting is any indication, there will probably be plenty of eye-rolling and heavy sighing entertainment from the family drama queen, Kelly Ng.

RE LOANS FILES FOR BANKRUPTCY PROTECTION

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

Walter’s Financials

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.

This Is Insulting

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.

REL Statement

Please Attend The Creditors Meeting – June 6th

Thank you to Dixon Collins for the following: Continue reading

BREAKING NEWS!

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

Guest Guesser

When will Mr. Weissenborn live up to his promise to give the noteholders an update around the end of the year?

Our guess is March 4, 2011 (three months into the year).

Why?  Well, the current forbearance agreement expires on February 28, 2011.  We can’t realistically expect Mr. Weissenborn to pen an update on the 28th, so we’re giving him four days of leeway.  Does this seem fair?  Tell us when you think we’ll hear from our cherished CRO.

Paging Mr. Weissenborn

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

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.

Continue reading

An open letter to our savior

On July 15th, James Weissenborn (“Jimmy“), the Chief Restructuring Officer of RE Loans and the Managing Partner of Mackinac Partners wrote a letter to RE Loans noteholders.  If you haven’t seen the letter, check out the RE Loans website (recent news section) and look under Mackinac Correspondence.  Click on the link for “Message from Chief Restructuring Officer (CRO)”.   Now, onto the response…

Dear Jimmy,

Thank you for reaching out (over a month ago).  It feels good to hear from someone at the C level.  Quite a title bestowed upon you.  I bet Barney is pissed.  He never got such a fancy title, did he?  Anyway, let’s move on to the reason I’m writing you…your most recent communication with the noteholders of RE Loans.  You mention in your letter of July 15, 2010 that RE Loans is “operating under a series of forbearance agreements with Wells Fargo.”  You go on to state that the “note matures” at the end of July.

Today happens to be August 26th, about a month after the maturation of the note.  We haven’t heard a peep from you, so should we presume all’s well with Wells Fargo Foothill (“WFF”) or should we presume the worst?  Did you extend “the facility” or are you preparing to file for Chapter 11?

Inquiring minds want to know.

It’s actually pretty inconsiderate to tell everyone that the world could blow up at the end of July – if it hasn’t blown up already – and then fail to communicate at month’s end.

You also mention a business plan.  It’s probably the first time RE Loans has had an actual business plan.  I can only suspect that a business plan might affect us (the subordinated, former investors turned noteholders).  It would be really cool to actually see the document.  Given the fact that there has been very little exchange of actual information since we watched our investments disappear like a poor magic trick performed by a B level magician booked to perform at the Siena Hotel & Casino, it sure would be refreshing for someone like you to share with us just exactly WHAT is going on.

I have a few questions for you, Jimmy, as follows:

What does this statement mean?

“Provide for the significant liquidity and infrastructure we need to support these assets.”

I take it to mean you are running an operation with a monstrous overhead.  Between your monthly nut, The Dishnica Group’s retainer, Walter, Kelly and the office staff salaries (Susie Parker, et al), that sounds pretty significant to me.  How much are we talking here?

You go on to state that, “As details emerge, I will update you on our progress with respect to these discussions and other matters of significance.”  It must be safe to assume that no details have emerged and nothing significant has happened for over a month.  Am I right?

You write, “In my last two communications we discussed the critical need for liquidity.”  I understand how you feel, Jimmy.  I too have a critical need for liquidity.  Help me out here if you could.  Do you have any idea how critical liquidity is for the noteholders, many of whom have relied upon interest payments to fund their retirement?

It would be truly magical to see the asset status reports your people are putting together.  What do you say, Jimmy?  Feel like sharing?  How about the title/lien and loan documentation papers, too, while you’re at it?

Thanks, Jimmy.  I appreciate your time and your responsiveness.  Thank you for your tireless pursuits on behalf of WFF, B-4 Partners and yourself the RE Loans noteholders.  We’ll never forget what you’ve done for us.

Sincerely,

Your Constituent

Kelly NG. Volleyball Coach / Fund Manager. WHAT WERE WE THINKING?