This is the best we can do?

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.

 

 

…and so it begins

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.

 

Guest Post: Dixon Collins – REJECT THE PLAN

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
mind.

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
back.

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.