Dear Fellow Investor,
I have received numerous telephone calls concerning the proposed
Chapter 11 reorganization plan for R.E. Loans. Most callers want to
know how I intend to vote on the plan.
I have not received a ballot but when I do I intend to reject the plan. Here
are some things that I have considered. You can make up your own
First, page 4 of Exhibit B in your ballot packet of documents states
that I received a distribution of $152,297.11 after the Exchange
Agreement and that I would be subject to claw back if the plan fails.
Exhibit B is totally false. I did not receive one single penny from
R.E. Loans after the Exchange Agreement or at any other time. I have
lost $497,991.46, my entire life savings. If the plan passes, unlike
some other investors, I will not benefit from the compromise on claw
Second, please read Robert Brower’s analysis of Exhibit B on the
Equitatus blog. You can download it and read it at your leisure. I
have read his post and I agree that Exhibit B is not accurate, not
reliable, and very misleading.
Equitatus Blog: http://equitatus.wordpress.com/
Third, please read Robert Brower’s post on the Bar-K blog about the
Wells Fargo lawsuit and how it would be “a go” if the plan is rejected
and the case goes into Chapter 7.
Robert Brower Comment: https://barkinvestors.wordpress.com/2012/05/21/no-means-no/comment-page-1/#comment-2904
Fourth, although I am not a lawyer, in my judgment the proposed plan
of reorganization does not provide the investors treatment consistent
with their legal entitlement. I further believe that rejection of the
proposed plan would most likely lead to a result more favorable to the
investors as a whole.
Finally, those of you who know me know that I have always been a
champion of all the investors, not a select few.
I am not a member of or a friend of anyone in the Ng family. When the
Department of Corporations tried its case against Barney Ng, I
testified for the Department and against Barney Ng.
To be 100% clear, I intend to Reject The Plan.