Just accept the plan. It’s the best we can do. Wells Fargo didn’t do anything wrong. We’re not in cahoots with the Ngs. We weren’t chosen by the Ngs. Our counsel wasn’t chosen by the Ngs. We’re independent. We’re looking out for you. We have your best interests at heart. We know more than you. You don’t understand. You’re not smart enough. You should trust us.
Sick and tired of hearing these insulting types of comments made by members of the creditor’s committee and Walter and Kelly’s friends? Vote to REJECT the plan.
When Robert Brower, Dixon Collins and many, many others who have fought tirelessly on behalf of the 99% are telling us to REJECT THE PLAN, throwing up your hands and siding with insiders (the 1%) who are covering their own asses is the wrong solution. Reject the plan. Reject the notion that you can be duped AGAIN.
Fool me once shame on you. Fool me twice shame on me.
Has anyone ever played the carnival game Whack-A-Mole?
Now is the time to test your hand at the game. As you know, Ng apologists are popping up out of the woodwork everywhere. We’ve seen it on this blog, we’ve seen it on the Google group and we’ve heard rumors of
Walter Ng Pearl Tom gearing up to send hand-written letters to investors in an effort to persuade them to accept the plan we should outright reject.
Over the next few weeks, Elliott Abrams and Ms. Tom will be joined by other shills, ambushing us with misinformation about the impending vote. Members of the Ng hand-selected creditor’s committee represented by Ng-selected attorneys will tell you to vote for the plan. Don’t be bamboozled by their shenanigans. Simply pick up the mallet and take a theoretical whack at the mole.
Then send your ballot to AlixPartners. Vote to “REJECT” the Plan.
Why You Should Reject The Reorganization Plan
We (and by “we” I mean those of us who aren’t in on the scam) can make this easy on ourselves. We really can. Vote no. Reject the plan. I’m voting to REJECT THE PLAN. All you really need to know is one simple item. When your packet arrives in the mail, you’ll find a nine (9) page letter from the Official Committee of Note Holders of R.E. Loans, LLC, et al. Search for the BIG BOLD CAPS. Focus on this sentence:
THE COMMITTEE RECOMMENDS THAT YOU VOTE TO ACCEPT THE PLAN
Interestingly, the letter from the “committee” “elected” to represent us doesn’t actually list their names. It doesn’t matter. Here’s the math:
Any Committee Member = Walter Ng
The very people
recommending urging us to trust them and approve their plan are the same people who been accused of taking distributions when the rest of us got NOTHING. They’re the same people who were purportedly spotted dining with Walter and Bel and they’re the same people who will, without a doubt, screw us over to protect themselves and their friends.
The nine page tome suggests five times that we accept the plan. I suggest six times that we REJECT the plan.
The last time we “voted” on a plan, our ballots ended up floating in the proverbial Bay. Our votes didn’t matter because once Walter and Kelly cast their votes, it was over. The process is slightly different this time around.
The Class of Noteholders will have accepted the Plan if at least two-thirds in dollar amount and more than one-half in number of the Allowed Noteholder Claims that are actually voted are cast in favor of the Plan.
Walter can line up the two-thirds in dollar amount votes. Can he line up MORE than 50% of the entire votes that will be cast? I don’t think so. Many of our busiest traffic nights on this very blog saw over 1,800 unique views. We’re out there. We can “win” (Yes, I’m using the term “win” rather loosely). We can beat Walter at his own shell game. We need to vote. Every one of us for each and every account we hold.
A few other notable items from the expensive packet of crap they sent us:
Mackinac Partners and Jim Weissenborn would remain in charge to liquidate our assets. They’ve done such an absolutely shitty job to-date that we should not allow them many more years of revenue on our backs.
Page five (5) item B discusses the “Plan Compromise”. The Committee got this right in that you should read this in detail. My reading says this is such a blatant cover your ass and screw the majority it’s not even funny. It’s sad. And it should be criminal (is ANYONE at the FBI or SEC actually listening?). The only compromise we’d be making is to our own detriment. Read this:
The Plan Compromise resolves potential objections to, or grounds for subordination of, the Noteholders’ Claims, and further eliminates the risk that Noteholders could be subject to future litigation over the recovery of distributions paid to Noteholders between November 2007 and the Petition Date.
Do you know what this means? It’s a GET OUT OF JAIL FREE CARD in a legal sense for Walter, Kelly, Barney, Bruce and everyone who got money when the rest of us couldn’t. It glosses over the fact that the exchange agreement was potentially illegal, but who cares when the committee elected to represent us doesn’t actually represent us?
If you’re worried about the sweet little bank with the stagecoach, don’t. Wells Fargo will be just fine under this plan, because if the plan is accepted, we will be giving them a full release.
The document also warns us about the downside of rejecting the plan. This downside would be a Chapter 7. While Pearl, Gene, Allen Cone, Sherrat Reicher and their cronies warn us about the ominous nature of a 7, I believe there are many, myself included, who would welcome a 7. This gives a Chapter 7 Trustee supreme power. Walter would be instructed to bend over and cough while we inserted the Hubble telescope up his anus.
Finally, our friends on the committee estimate a distribution of approximately $34-$63.6 million for Distribution to Holders of Allowed Claims, including Noteholders”. INCLUDING Noteholders? We’re still second fiddle, but this time we’re likely taking a back seat to the attorneys at Akin Gump and all the other firms eating our cake. Do the math on the low number and we’re looking at a glass that isn’t just half-empty, it’s entirely empty.
I urge you to VOTE NO. REJECT THE PLAN.
I’m John Robie and I approve this message.
I found this to be a fascinating read and believe the U.S Trustee did a smashup job of recounting Walter’s various missteps and lies. Please spend a few minutes reading this:
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
Thanks to bluemoonagency for the heads-up. After eight days of silence, Team Weissenborn finally found the time to give the peons an update. Why is the update dated December 6th, yet posted two days later? Bigger questions exist, however. While Weissenborn’s memo is short, it says a lot and leaves us pondering the following:
- How much existing debt remains outstanding?
- What is the existing interest rate?
- New advances? For what? Please explain.
- New advances “accrue interest at a 4% higher rate”. Higher than what? The existing interest rate?
- We are being conditioned to accept the fact that Weissenborn and his cronies will take out a new loan in an effort to pay off the WFF LOC, again subordinating noteholders to junior status. We know what a new line of credit means. It means our money is gone and Weissenborn, Lend, Inc. and all the others eating and drinking from the Bar-K trough are getting fat and happy at our expense, laughing all the way to the (offshore) bank.
Anyway, mark your calendars for February 28, 2011!