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

Ask and You Shall Receive?

It is now seems clear that we are not going to receive any information about the state of the funds from Walter’s Bankruptcy or from noted volleyball guru Kelly Ng (some doubt Kelly can even write a letter, let alone do simple arithmetic).

In reviewing the correspondence from Jim Weissenborn over the years he professes to be acting in a fiduciary capacity for the investors and note holders. Continue reading

Siena Update

Thanks again to the inscrutable blogging superstar behind REReno for the attached document and the willingness to provide their thoughts: Continue reading

Barney’s “Hobby” Revisited

The Siena saga is nearly over, but info keeps landing in our laps.  Therefore, we present another document with the following reader comment:

3 Page Notice that all claims close 15 April, then 26 pages of creditors.  Wouldn’t you love to know how much American Document Destruction is owed, and exactly what their services were?  It takes some major cajones to stiff your shredding company.

Click here for the document:  Creditors Doc 265

Do you see any creditors on the list that spark your curiosity?

 

What’s On The Horizon (a positive posting)

While the future of RE Loans/Mortgage Fund ’08/RE Reno appears bleak, not all is lost.  There are some good things happening in our little world.

Continue reading

Barney’s Failed Experiment – The Siena…where the fun never ends…

Interested in staying up-to-speed on the Siena?  Click on the two links below and let us know if you can find any items of interest:

Cash Flow July 2010

Cash Flow August 2010

RE Reno Seven Months Later…

On May 14, 2009 Barney Ng wrote the following to RE Reno investors:

I recognize and appreciate the trust that you as an investor have placed in me in originally providing this Loan to the Siena, and because of this I am committed to the pay-off of the loan.

Barney’s commitment to paying off the loan should be lauded.  His follow-through, however, is laughable (so is yours, Walter – you, too, signed the personal guarantee).  Barney continues… Continue reading