Faces of Failure

Where’s Mackinac These Days?

Faces of Failure

Faces of Failure       Jim Weissenborn

Certainly not “navigating companies to financial success.”  It’s astounding that Jim Weissenborn would publicize his association/relationship with RE Loans on his website:

As co-founder and Managing Partner, Jim leads or co-leads numerous Mackinac Partners practice areas, including Financial Restructuring, Transaction Advisory, and Specialty Real Estate, which includes advisory engagements with national and regional homebuilders, sub-prime mortgage lenders, Resort and timeshare operators and housing-related manufacturers. Jim has served as Chief Restructuring Officer for several of the firm’s hospitality and real estate-related clients, including…RE Loans, LLC.

My dog could have achieved similar results for far less pay.

 

 

Advertisements

“Freedom Lies In Being Bold”

The title is a quote from the author Robert Frost, which is certainly apropos as we’ve just unearthed this “COMPLAINT FOR AIDING AND ABETTING BREACH OF FIDUCIARY DUTY”.

It was filed against Armanino McKenna in the names of three brave investors who have taken on the burden of leading the charge for the greater good of the whole.

Thank you to Theodore Jones, Jeanie Kayser-Jones and (not the author) Robert Frost.

Link to Lawsuit

Sound off below and let us know your thoughts.

The Tax Man Cometh

He’ll be here soon.

Many need to figure out their strategy.  Write off your losses, some of your losses or do nothing?

It’s been relatively quiet here lately after the MF ’08 news dropped and someone decided to fling some insults at me.  It’s okay, it’s all part of the game.  I’m just glad there’s something happening at the government level.  I wish MORE were happening (hint, hint FBI), but this is a good start.  I’m not sure anything can trigger a recovery of more than a few pennies on the dollar and I don’t think we’ll see 100 cents on the dollar – ever – but we’ll all take what we can get given the injustice that has been dropped on us like a pigeon from an overhead wire.

May the good graces of luck deliver good news for us and horrible news for the Ngs.

Cross your fingers and keep dialing the FBI.  They’ll listen one of these days.

p.s. What do you think Phil Tagami and Len Epstein are up to right now?  They got their money out.  So did Eddie Orton (some of it at least).  So did the McGah Family Trust.  The rich get richer, apparently, and they get away with it.

SEC Sues Walter, Kelly and Bruce for Fraud

By now, you’ve all likely heard the great news.  Stories are everywhere.

Here

Here

Here

and

Here (my personal favorite as it calls them “fraudsters”)

So…

What’s it mean for Mortgage Fund ’08 investors?

What’s it mean for RE Loans investors?

Does it mean anything for RE Reno investors?

Weigh in….

An Update From The Field

Don’t Miss the Tracy Green Show!

November 2, 2011 2:00 p.m. Courtroom 201 1300 Clay Street Oakland, California.

Come one, come all to hear Ms. Green’s motion on behalf of the esteemed creditor’s committee to move the Walter Ng Bankruptcy to Chapter 7. Didn’t Judge Efremsky already suggest this a while back. . .?

As usual, get there early because seating is limited. Let’s be nice and try to save a few seats for the FBI, SEC and Dept of Labor.

Also, if you could not make it to the October 25th Walter Ng Status Conference, here’s an update:

Continue reading

FBI Update

By now, many of you have received a letter from the FBI notifying you of the the fact that we may be a “victim of a federal crime”.  The letter also included an “Investor Questionnaire” asking for some pretty detailed information.  At first glance, the FBI is asking for a lot of information.  Don’t let this stress you out.

A friend of the blog was able to confirm that the most important documents are cancelled checks or wire transfer confirmations on deposits and withdrawals to REL/MF ’08 (missing from the questionnaire is RE Reno)and to whom the money was sent and/or given.

For example, did you hand the money to Bruce at a dinner, did you mail a check to Susie, did you wire money through your bank account?  Conversely, did Walter hand you a check, did Bruce arrange for a wire transfer, or did they hand you a bag of cash?   Some of these scenarios are more likely than others, of course.

Just do the best you can, even if the information is complete.

Thanks and please use this thread to discuss and/or comment.

We’re on our way, folks.  Where?  I don’t know.  But we’re going somewhere, and that’s positive in and of itself.

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