Walter gets sentenced to 5 years of probation.
Kelly sentenced to 18 months in prison.
Walter gets sentenced to 5 years of probation.
Kelly sentenced to 18 months in prison.
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.
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
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
We thought the Tumwater story was over and that we could close the book on at least one awful Ng investment. Turns out we were wrong. Two newspapers, the Olympian and the Tacoma News Tribune, report that the folks who purchased the brewery property through their LLC (“It’s the Water LLC”) are suing you-know-who. It’s the Water seeks to void their $12 million purchase of the agreement and seeks a return of their $360,000 deposit. Continue reading
It’s summer, and children across the country are having the time of their lives at camp. Maybe it’s art camp, perhaps it’s religious camp, or something more athletic like soccer camp. I figured the good readers of the Bar-K Investors website might want to join me at math camp.
As we all know, there are too many people who have had to end their retirements and go back to work. Some have had to stop watering their lawns, or scrap the remodeling of their homes. Others had to swallow their pride and move in with family members. Even worse, some of us have skipped medical treatments or been unable to pay our medical bills. I have heard stories about some unfortunate noteholders losing their homes to foreclosure. It’s far from uplifting.
We generally know how many people are part of the Ng coalition (Walter, Barney, Bruce, Kelly, etc), but how many people have been affected by the meltdown/dismantling of the funds directly or indirectly? There are roughly 2,000 RE Loans investors (rounding up for those nitpickers out there who have a tendency to be overly exacting). Let’s start doing some math. If there are 2,000 REL investors, how many are married? Half? Okay, so that’s another thousand people give or take. We’re up to 3,000. How many have kids? Half? Great, let’s be conservative here and say 1,000 people each have one child. That gives us 4,000. I know there are a lot of senior citizens invested, so there are some grandparents out there. Let’s say 25% of those with kids are grandparents and that each grandparent has one grandchild. That’s another 250 on the conservative side. So we’re up to 4,250. Add in the Mortgage Fund ’08 investors (anyone know the numbers? I’m not a MF’08-er) and the RE Reno investors (same here, help please!) and I’ll estimate that we’re looking at 7,500 PEOPLE directly or indirectly affected by this catastrophe. Multiply that number by 100,000, which could be the average investment into the Ng family of funds and you’ll arrive at about 750,000,000, which is the supposed amount, in dollars, of the value of the RE Loans fund.
Feel free to offer your own fuzzy math below in the comments section. I welcome your input and your creativity as well as your stories. You’ve finally got a place to share, to vent, to scream, to rant, to rave and to generally raise holy hell.
That is, of course, what math camp is all about.