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

Revolving Door Policy

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.” 

Here’s the link to the article:

Plans solidify for brewhouse – Business – The Olympian By Rolf Boone

The Press, The Government and Disappointment

There are a few issues that have caught the attention of Bar-K investors lately.  You know what they are, right?  The Olympia Brewery in Tumwater, WA and the Siena Hotel and Casino in Reno, NV.

I’ve been disappointed by the lack of media coverage on these two issues, with the exception of the Channel 4 in Reno and an obscure blog.  When the local TV station  and a blog upstage the local newspaper, something is wrong, especially when it comes to investigative journalism.  The Reno Gazette-Journal (“RGJ”) writes a story here and there on the Siena, but, ultimately, they are just skimming the surface, which does less harm to the local economy.  I get it.  I really do.  There are jobs at stake here.  This has a profound effect on lives, relationships and families.

I’m sure rank-and-file employees are not thrilled with the the way its members have been treated.  We’ve seen Channel 4 report on paychecks falling short of minimum wage requirements, on paycheck deductions for medical insurance that was going straight into the corporate coffers while letting the insurance coverage lapse and we saw one brave (former) Siena employee get fired for telling the truth.  Meanwhile, the RGJ, through their silence, seems to be telling people to look the other way.  Maybe they would feel differently if their company were one of the creditors – the 430 pages of creditors – listed in the bankruptcy filing.

In Tumwater, a picturesque city located 2.5 miles south of Olympia, the capitol of Washington State, there has been little coverage there, as well.  The local paper, The Olympian, has run some stories, touching on the All-American Bottled Water debacle, the foreclosure and the “auction”, but they, too, have not cared enough to delve too deeply into the specifics.  The AP has picked up the paragraph on the “auction”, which then ran in the Seattle Times, the Tacoma News Tribune and, strangely, the San Jose Mercury News, but that’s about it.

Meanwhile, the SEC is nowhere to be found, having only taken a cursory glance at the RE Loans issue, presumably choosing to hide behind the Exchange Agreement per a December 3, 2009 letter from Michael S. Dicke, Associate Regional Director of the SEC.  No information was given as to the scope of the SEC’s investigation.  Maybe Dicke and his associates are too busy surfing the net for porn to conduct a thorough investigation.  We’ll have to trust they did everything they could.  Tax dollars well spent, no doubt.  While the SEC was browsing erotic materials online, the CA Department of Corporations chose to discontinue their investigation into wrongdoing as well.

Finally, our elected officials have let us down.  From the Attorneys General of California and Nevada (and probably a dozen other states as well) to the other various local, state and federal officials elected to represent us, there’s not a single one who appears to care.

Tumwater needs united front in brewery redevelopment – Editorials – The Olympian – Olympia, Washington

Tumwater needs united front in brewery redevelopment – Editorials – The Olympian – Olympia, Washington

There has been very little public discourse about the Olympia Brewery in Tumwater, WA (Loan #A00977 if you’re scoring at home). This is a weird one. The property is a hot potato. First All American Bottled Water owned the property. Then they defaulted. Who scooped it up? One of Barney’s companies, Well Be Ng — or was it Capital Salvage? — anyhow, it now looks like RE Loans has claimed title on the defunct brewery. There are a ton of unanswered questions, but I’ll pose just one today:
Who received the 3 x $1.76M from the cities of Lacey, Olympia & Tumwater? Was it Well Be Ng, All American Bottled Water, RE Loans or one of the B-4 individuals?

Does anyone know?