Andy Armanino – Man of the Month

Bishop O’Dowd High School should be ashamed.  So should Andy Armanino.  His firm just copped to its role in fleecing investors out of nearly $1 billion in retirement funds.  But anyway…Armanino is Bishop O’Dowd’s November Alum of the Month!

Congrats Andy!

We’re awfully proud of you and what you’ve accomplished.

Says Andy:

“We look at our key systems and ask ourselves if we were starting from scratch today would we do things differently,” Andy said. “If the answer is yes, we better have a pretty good reason for not changing.”

Did he ask that question when all of our hard-earned money was being “ponzied” down the toilet?

And it’s interesting that Armanino McKenna changed it’s name to Armanino recently.  Why?  Well, likely because of the scrutiny it was receiving from lawyers, judges, press, senior citizens, the DOJ, the FBI and God knows who else.  They should have gone with a far more common last name.

Once again, we get screwed and those in charge of the wrongdoing get celebrated. Again, thanks to Bishop O’Dowd High School for recognizing what a great human being Armanino really is….

In Case You Missed It

ICYMI:

Per Equitatus, the SEC has slapped a few wrists very lightly.

We’ll never see any of the money the government will collect, but we did pay taxes on the money we “invested.”

Raise your hand if this makes you want to vomit.

Armanino McKenna Suit Settled

Per this link, Armanino has agreed to settle for $3.325 million.

Don’t be too excited, though.  This won’t even begin to make anyone whole.  Expect a check for very little and let it serve as a reminder of just how badly we were fleeced.

It’s not a goose egg, but the check coming back to the Robie household probably won’t even cover the cost of our Thanksgiving turkey.

This is in no way diminishes the outstanding efforts of Theodore H.D. Jones, Jeanie Kayser-Jones, and Robert Frost, who fought this battle on our behalf.

Please comment if/when you receive a check.

And in the meantime, “Be passionate about your profession.”

armanino

Coco Times Weighs In

Dear Media,

With the exception of Dan Noyes, where have you been and what took you so long?  This is a big story and deserves your attention.

Regards,

The Robie Family

STORY HERE:

http://www.contracostatimes.com/news/ci_26181046/local-investment-fund-accused-defrauding-investors-out-700

The Rich Get Richer

I need to vent.

Remember Len Epstein and Phil Tagami?

No?  They’re the guys who got a primo piece of property from Walter in exchange for $10.00.  The property was valued at $13,000,000.  That’s $13 million.

This post might jog your memory:

Austin Val Verde

Turns out Tagami is behind the blight you see while driving across the Bay Bridge.  And he’s making MILLIONS doing so.

http://www.sfchronicle.com/bayarea/article/Giant-Bay-Bridge-billboards-light-up-debate-in-5329284.php?t=de8c86e56a3c100abe#/0 

Thanks Walter.  Thanks for taking all of our money.  And thanks for making sure that the ultra-wealthy, people like Epstein and Phil Tagami, could have some of our money.

Thank you for listening.  I wish I felt better, but I don’t.

Do you?

KGO Story on Walter & Kelly’s Sentencing

LINK —> click HERE

Without Dan Noyes, we wouldn’t be on the map.

Ng’s Didn’t Want Us To Talk

Didn’t have time to post this earlier today.  In a move that surprised absolutely nobody, Walter & Kelly’s attorneys filed this document in an attempt to gag us lowly investors.

Heaven forbid someone actually told the court the truth about these slimeballs  😉

Here’s a link to the filing:

Defendant Walter Ng’s And Kelly Ng’s Statement Regarding Investor Testimony

Breaking News

Walter gets sentenced to 5 years of probation.

Kelly sentenced to 18 months in prison.

Sound off.

Another Failed Investment Gone Awry

I believe we discussed this one years ago…

For those who don’t read the Bonner County Daily Bee every day, check this out:

LINK

This summons lists Barney, Wells, MF ’08, Pensco Trust and RE Loans.

 

Who is Frank Largusa?

In the recent comments section, you’ll find a comment by Just Do It pasting a letter in support of Kelly by a guy named Frank Largusa.  Who is Mr. Largusa?

Well, he’s the President of a company named Semano in Hayward:

Semano Inc. was incorporated in May of 1993 and was primarily formed to serve the demanding needs of the semoconductor industry relating to technical anodizing.  The forming partners have over 30 years of collective experience in the anodizing processing and business relating to the semiconductor industry.

Semano Inc. has designed a facility that includes a dedicated line for anodizing, selective nickel plating and chemical cleaning components, gas distribution plates, and etch.

What’s his deal?

Maybe he’s a friend of Kelly’s.  Maybe Semano has some REL/B-4 money…who knows.  Why he’d want to associate with a criminal like Kelly is beyond our understanding.  But since he’s not with us, he’s against us.  Consider emailing or calling Bengie Barretto to request a meeting with Frank.

Semano Inc. 

31757 Knapp St.
Hayward, CA. 94544
Phone: 510-489-2360      Fax: 510-489-4247 

Name                                      Title                                                         Email 

Frank Largusa             President                           flargusa@semanoinc.com

Hans Sellge                VP/Engineering                     hsellge@semanoinc.com

Jose Dacorro               Production Mgr                     jdacorro@semanoinc.com

Harrison Pham            Q.A. Manager                      hpham@semanoinc.com

Bengie Barretto           Scheduling                         bbarretto@semanoinc.com

Maggie Jimenez          Shipping/Receiving                mjimenez@semanoinc.com

Sentencing for Walter and Kelly Ng — MARCH 5th at 2:30 PM in Oakland

Re:

United States v. Defendant(s) Case Number 2011R00248 and Court Docket Number 13-CR-00650   United Sates v. Defendants Walter Ng and Kelly Ng

There’s been some talk on this site about Walter & Kelly’s sentencing.  And we’re aware that it’s not just us victims reading this site anymore.  We have readers from the media as well as law enforcement/judicial.  There’s a lot to learn here about what these crooks did to us and how they stole our hard-earned money.

Life isn’t fair sometimes and we’ve received the short end of the stick in terms of this investment and the fallout that has ensued.  Here’s to the legal system dealing a knockout punch to the hucksters who robbed us blind.

The enclosed information is provided by the United States Department of Justice Victim Notification System (VNS). As a victim witness professional with the United States Attorney’s Office, my role is to assist you with information and services during the prosecution of this case. I am contacting you because you were identified by law enforcement as a victim during the investigation of the above criminal case.

The sentencing hearing for defendants Walter Ng and Kelly Ng has been set for March 5, 2014, 2:30 PM at Courtroom 1, 4th Floor, 1301 Clay Street, Oakland, CA before Judge Phyllis Hamilton. You are welcome to attend this proceeding; however, unless you have received a subpoena, your attendance is not required by the Court.
guilty

Department of Justice Letter Update and Commentary

Well, today the Robie household received its USDOJ Victim Notification System letter that we discussed on this site just a few days ago.

Here’s the gist:

“The government has [charged] defendants Walter Ng and Kelly Ng with the crime of Structuring Transactions for the Purpose of Evading a Reporting Requirement.”

  • That’s the best they could do?  Evading a reporting requirement?  This is nothing like tripping up Al Capone on an income tax issue.  This feels a lot more like giving Walter and Kelly a jaywalking ticket.

“The defendants are scheduled for arraignment on November 6, 2013, at 9:30 AM, before Magistrate Judge Kandis Westmore in Courtroom 4, 3rd Floor, 1301 Clay Street, Oakland, CA.”

  • Okay…tell us more….

The government and defense counsel for the Ngs have reached a resolution to these charges and anticipate that the defendants will plead guilty on November 6, 2013, at 1:30 PM, before District Judge Phyllis Hamilton in Courtroom 3, 3rd Floor, 1301 Clay Street, Oakland, CA.”

  • This doesn’t bode well for the investors.  A “resolution” has been reached.  Why let these guys off easy?  This has the aroma of a skunk’s rear end.

“The government provides this notice to you because you may have been an investor in RE Loans, LLC and/or Mortgage Fund 08, LLC.  Victims of all crimes under federal investigation are entitled to service under the Victims’ Rights and Restitution Act (VRRA), including notification of court events.  However, because you were not directly and proximately harmed as a result of the structuring-related conduct charged in the filed criminal Information, you are not covered under the Crime Victims’ Rights Act.

  • Huh?

“With regard to restitution, the government does not expect to recover any loss amounts in this case.”

Capture

  • The picture above about sums it up.  Et tu, Brute?  Would anyone else supposedly put in place to help us like to cave like a house of cards and do nothing to help those who need — and DESERVE — the help?

“In any event, we will continue to provide you with notifications and services unless you tell us not to.”

  • Gee, thanks.

“Because of the Court’s schedule, hearing dates could change on very short notice.  If you plan on attending, you may want to call the Victim Notification System (VNS) Call Center or check the website to confirm the date and time.  Please note, there is a 24-hour delay in information transferred to the website.”

  • The phone number to call is 1-866-365-4968
  • No, we cannot bill the call to the Ngs

“Separate from the charges filed by the U.S. Attorney’s Office; please note that the Securities and Exchange Commission has charged Walter and Kelly Ng by Complaint with fraud-related securities violations for their activities involving RE Loans and Mortgage Fund 08.”

  • Finally some good news in an otherwise bleak letter from the government.
  • It’s not our Victim Witness Specialist Yvette Baird’s fault that it seems like these thieves are getting off scott-free.  She’s just doing her job.  The real blame lies with the folks WAY up the food chain.
  • We matter.  There are A LOT of us.  We’ve all been stolen from, duped, lied to, taken advantage of and, in some cases, had our lives upended, detoured and even ruined.  All because of the Ngs and now they’re essentially getting away with it without ever having to pay the true piper.  This isn’t right.  This isn’t justice.  This is injustice, and it’s far from the American way.  Our government has failed us.  The DOJ, the SEC, the California Attorney General, the FBI.  Everyone.  It’s fucking preposterous and every official, whether elected or appointed, should be ashamed.

 

 

 

Department of Justice Email Update

Thank you to the dozen or so of you who forwarded the email you received from the Department of Justice.  It appears as though the intent of the DOJ email was to correct the phone number they had previously given to investors.

This notification is being sent to correct a typographical error of the phone number listed in the previous notification sent by mail. The correct office phone number is: 888-396-3270.

Looks as though we have a person assigned to our case, Yvette Baird, who is a ”
Victim Witness Specialist.”

Well, we’re victims.  That’s for sure.  Here’s to hoping she’s a specialist.

Here’s the case info:

Case Number 2011R00248  Court Docket Number 13-CR-00650
United States v. Defendants Walter Ng and Kelly Ng

Jail Time Coming for Walter & Kelly?

Dan Noyes on Ng’s Fate:

The charging document, “the United States of America versus Walter Ng and Kelly Ng,” says they, in effect, looted the funds by making repeated cash withdrawals. The Ng’s are charged with “structuring transactions for the purpose of evading a reporting requirement;” 11 counts for Walter, 20 for Kelly. Each count carries a possible 10 years in prison and a $500,000 fine.

Quick math:

  • Walter 11×10 = 110 years, $500,000 fine
  • Kelly 20×10 = 200 years, $500,000 fine

May they live that long to serve out their potential prison terms….

Where’s Bruce, we ask?

Courtesty KGO

Courtesty KGO

While many of us are beyond the age when a tax write off is helpful, it may provide solace for some.  John Robie’s message to everyone who got ripped off:  KEEP UP THE FIGHT.  Anyone who invested in RE Loans, RE Reno, or Mortgage Fund ’08 needs each and every one of you to stay strong and keep the pressure on.  Kudos to Brown and Bernard Wittenburg, amongst many others, for their efforts.

Finally, thanks to Dan Noyes for being the only reporter in the NATION who has stayed on top of this story.

http://abclocal.go.com/kgo/video?id=9273735&pid=9273730

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.

 

 

“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.

Ponzi A-Hole Scammer Sentenced – Ng’s Next?

James Koenig gets 42 years.  Good.

In other news, we wait for something to happen to Walter, Kelly & Bruce.

Reader Request

If the moderator or admin wants to starts a new thread (as I don’t know how to do a new posting header as a title, but I would recommend that everyone just put in their two cents (no pun intended) and fire away to file your thoughts, concerns, madness to Mr. Brian Ross, the ABC Investigative reporter, I bet he would have no problems going face-to-face with Walter and his boys and partner in crime, Horowitz.

Anyways, everyone post up to Brian Ross’s e-mail request, someone mention the suicide that took place due to the Ng’s activities. I’m not an investor nor know of anyone personally, I just happen to catch this website via the TV news.

Here you go, write to Mr. Ross: http://abcnews.go.com/Blotter/mailform?id=13942252

If you all took the few minutes to read my posting, please take another few minutes to voice yourself to Mr. Ross.

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….

Ng’s Keep the Judicial System Busy

It’s been awhile since we’ve all gathered in a courtroom, but on Tuesday, August 28, 2012 there are two legal proceedings happening the same day in two different court systems, both in Oakland. Attorney Robert Brower has provided the tentative ruling for the Wells Fargo consolidated class action suits, which denies Wells Fargo’s request for demurrer. Seems likely that Wells Fargo will throw lots of legal fees at trying to change the judge’s mind, so Attorney Brower recommends checking back here Monday night for an update. If court is happening, it will be at:

Alameda County Administration Building
1221 Oak Street
Oakland, CA 94612
Judge Steven A. Brick, Dept 17
3:00 pm Tuesday August 28

** Note correction on the name of the building**

Small courtroom, first come seating, leave time for security. You all know the drill by now. But this would be our first opportunity to meet the class actions attorneys, and show some support for our own cause.

If you’re in town early, several blocks away at our familiar haunt; the courtroom of Judge Efremsky at the US Bankruptcy Court, the bidding on Walter and Maribel Ng’s rugs and household goods resumes at 11:00 am.

U.S. Bankruptcy Court
1300 Clay St. Room 201
Oakland, CA

Walter and Maribel lied on their personal bankruptcy filing, and these are the goods which are in excess of what they claimed and are legally allowed to own. This meeting will be where Kelly Ng uses money he got from us to bid on the items seized from Walter Ng and Maribel Ng, which they bought over the years with money they got from us. But it’s not like we got nothing out of the deal–there was dinner at the Silver Dragon.

At the price range these are bidding in, it will hardly make a dent in the legal bills, so we’re unlikely to see a penny out of it. But if the recording from the last meeting is any indication, there will probably be plenty of eye-rolling and heavy sighing entertainment from the family drama queen, Kelly Ng.

WHO IS EQUITATUS AND WHY DOES MICHAEL COOLEY CARE?

If you thought Michael Cooley of Akin Gump was on your side, think again.  Cooley was a regular visitor to this site when he was pimping for a yes vote on the reorganization plan.  He got what he wanted and hasn’t been back since.  Sadly, that doesn’t mean he hasn’t continued his manipulative ways.

John Robies – (hmmm, just how many of us are there?) everywhere are doing their best to stay civil after your latest shenanigan.  Trust us, it ain’t easy.

If you care to click on this link (000981), you’ll see that Cooley is spending OUR money pursuing the true identity of Equitatus.  Why?  Well, Cooley works at the bequest of Walter and Kelly the Creditor’s Committee, who purportedly report to us.  I’m sure this is a truly pressing matter for them.  Rather than focus on recovering our hard earned life savings, they feel the need to file an emergency motion to lift Equitatus’ veil.

Who’s next?  John Robie and everyone who has ever posted a comment on a REL-related blog?  Stop screwing around and get us our pennies on the dollar before we die.

Shame on you, Michael Cooley.  Shame on the entire Creditor’s Committee.  You’re a farce and a disgrace.

Walter auctioning off his wares

It’s a Chapter 7 fire sale!

Ready for the “shocker”?  Kelly is buying all the art for the grand total of…..$8,000.

Yes, this is the art that our money purchased.  If it weren’t so sad, it’d be funny.

Notice – Art

Exh A – Art

Notice – Jewelry

Exh A – Jewelry

The goods can be viewed here:  http://hbendixauctioneers.com/category/northern-california

It should come as no surprise that Tracy Green is still involved in our lives.  She’s not our favorite, but at least she’s consistent.

How Did You Vote?

Please vote one time for every ballot you received.

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.

 

No Means No – REJECT THE PLAN

Why You Should Reject The Reorganization Plan

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.

Shipwrecked on Mackinac Island

GUEST POST….

Due to the rainy weather in the Bay Area and technical issues with surveillance feeds, the exposés on Walter Ng and Bruce Horwitz have been temporarily delayed. So, today we will focus our attention on Jim Weissenborn and the crew at Mackinac Partners.

Click on the graphic above to take a closer look. Money. BIG MONEY, you guessed it. That’s why these guys are smiling. Continue reading

Read This

I found this to be a fascinating read and believe the U.S Trustee did a smashup job of recounting Walter’s various missteps and lies.  Please spend a few minutes reading this:

Trustee vs Walter Ng

Liar, Liar, Pants of Fire!

Probably not news to the hundreds of investors who crowded into the first creditor’s meeting last June, but the slow wheels of justice are finally catching up to Walter Ng, with this complaint that the trustee filed which charges Walter with:

  1.  Intent to Hinder, Delay or Defraud a Creditor
  2.  False Oath or Account
  3. Failure To Satisfactorily Explain Loss or Deficiency of Assets

Think he’s feeling the heat now?

Thanks to Equitatus for posting the full complaint which outlines the specific lies he’s charged with and all sorts of other interesting information.

Trustee is asking the court to

  1. Deny Defendants’ discharge
  2. Bar them from re-filing under any chapter of the Bankruptcy Code for a period of 8 years, and
  3. “For such other and further relief as the Court deems just and proper.”

Guess Walter lucked out, since we no longer have hanging judges.

What happens next isn’t quite clear; Will it be a race to sue Walter for whatever you can find, or will the government try to do some organized liquidation? If they pursue the criminal charges, these are federal crimes,  the IRS would do the investigating and the department of justice prosecutes.

In the meantime, the trustee has removed a few trinkets for an early quick sale; a diamond ring and jade bangle, and three cars. Lexus or Corvette anyone?

Details on that auction can be found here

These items are expected to bring around $40,000. which hardly dents the attorney fees, so it’s not like we’ll be seeing any money back, but it’s a start.

At least we’ve got the moral victory.

Showdown In Oaktown

Wednesday, January 25, 2011
2:00 PM
1300 Clay Street, Room 201
Oakland, CA 94612
Hon. Roger L. Efremsky

Multiple motions are being heard, including DSI’s attorney William McGrane’s:

Motion to move the RE Loans Bankruptcy from Texas to California. Other attornies involved in the case have written letters of support for the move. Presumabley Mackinac Partner’s attorney Jeffrey Krause will fly in from Los Angeles to defend James Weissenborn’s seat on the RE Loans gravy train, and bill investors thousands of dollars for the effort.

Motion to strike Walter Ng’s declaration, unless Walter will agree to testify at hearing and be cross examined on his statements. Since Walter has plead the fifth in most questions, McGrane argues that if Walter’s declaration is admitted, he should be compelled testify at the hearing where he can be cross-examined.

Could this be checkmate?

With so many lawyers involved, this hearing may boast one of the highest costs-per-minute  in legal fee  we’ve seen yet.

Click here to read some of the arguments and filings.

Get there early to get a seat and let the judge see that we do care about being involved in the process, as the lawyers supporting the move have written in their arguments.

The Trustee Strikes Back

Image

Could Walter’s days of sipping coffee on this Rossmoor terrace be limited?

On behalf of Trustee Fred Hjelmeset, attorney Tracy Green has filed an objection to Walter’s many exemptions in his personal bankruptcy case, including challenging the exemption of his new digs in Rossmoor, because it exceeds the $146,450 cap he’s allowed for a homestead.

While the investors have spent countless hours digging through old files in search of documents to support your claims and filings with the FBI and bankruptcy courts, take heart that Walter will now be digging through his files to prove the the source of funds in his bank accounts.

Those who have lost your IRA accounts to the Ng family could soon find Walter in your club, since the trustee is objecting to Walter’s exemption claim to keep his IRA “because the account was involved in prohibited transactions.”

Will Walter’s droid attorney challenge any of this? He’s already racked up over a quarter of a million dollars in legal fees, without being able to answer almost any question the judge asked, or making even an attempt at a repayment plan for chapter 11. What’s it going to cost us if Kaplan actually has to write or file something?

Looks like Walter might finally get some sense of the financial squeeze he’s put so many others in. But even if the trustee succeeds on every objection, Walter will still be living better than many of the people who trusted him with their life savings or retirement funds. Maybe Kelly will let them stay in a room at his 6441 square foot house, unless a future trustee lays claim to that too, along with Barney and Bruce’s McMansions. We can hope.

Read the whole filing here.

Walter Ng Bankruptcy Status Conference Tuesday Afternoon

Honorable Roger L. Efremsky
U.S. Bankruptcy Court
1300 Clay St. Room 201
Oakland Room 201 Oakland, CA 94612

1:30 pm Tuesday, December 13, 2011

The 18 complaints have been combined to be dealt with at once.  For specific details on the plaintiffs, case numbers, who has which attorney, etc.  Some people filed without an attorney.

http://www.canb.uscourts.gov/files/12-13-11@130.pdf

The Hunt for Hidden Treasure

With Walter and Maribel Ng’s personal bankruptcy now in chapter 7, the search for assets is on. If you have any information about art, jewelry, property, or other assets of the Ng family, whether or not they were listed on the bankruptcy schedules, please send that information to:

Attorney Richard Brown, at rebrownlaw@aol.com, and
US Bankruptcy Court trustee Fred Hjelmeset, at fhtrustee@gmail.com

Also interested would be FBI Special Agent Christina Boules at Christina.Bouls@ic.fbi.gov, (415) 553-7400 or (510) 451-9782.

Any little piece of information, no matter how innocuous Continue reading

Yesterday’s Hearing

Please use this thread to further discuss what happened in court yesterday. Thank you to all the investors who attended and to Dan Noyes for his valiant efforts on our behalf. We are indebted to him.

Great line of questioning by Richard Brown regarding Maribel’s diamond ring, Al Coelho for flying in from out-of-state and to everyone who cares enough to read this and keep on fighting the good fight. We deserve our money back, we deserve to see the Ng family punished Continue reading

Ding Dong…

…is the witch almost dead?

 

You might want to give this whopper of a document a read:

2011-12-01_LETTER_from_W._McGrane_to_W._Neary

Holy smokes!

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.

Desist and Refrain Order

GREAT find by a friend – a short, but sweet read.  While this helps others in the future, is there any way this helps us today?

CLICK HERE for the DOCUMENT

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

When times were good…

The Federation of Chinese Golf Clubs

Results from the 2006 Tournament in Tucson

Eating a Loan – Weyrich article with REL/Walter mention

The more the merrier…

Proof of Claim Forms

Okay, we’re up against a deadline everyone. If you haven’t yet sent your proof of claim form, today is the day to focus on this important task.

Don’t forget to factor in the interest you are due and any other costs or fees you can reasonably validate. Our math shows that interest payments ceased on November 1, 2008 and should be calculated through 05/12/11, the date sweet Walter filed for Chapter 11.

Bankruptcy Claim Form fillable – blank

Gordon Noble and others have posted examples. We have not received legal guidance on this, so your guess is as good as mine as to how to properly fill these out and what documentation you will want to send. Regardless, the best option is to simply get it done and send it in.

If anyone has suggestions, please share them ASAP.

No lines - If you filed your Proof of Claim form, you didn't have to wait

These were shared with us

Many of us have seen the following, but for those who haven’t, please look at all the names and let us know if anything looks suspicious:


http://sf.blockshopper.com/search?classes=Sale&q=Kelly+Ng

http://sf.blockshopper.com/search?classes=Sale&q=walter+ng

Enjoy the Enjoyment

I-Team

Great story tonight, link to be posted shortly.  In the meantime, you can read more here:

http://iteamblog.abc7news.com/2011/08/i-team-investigates-ng-investments.html

Is Walter Guilty of Perjury?

Read this document -> Brower Status Statement 8_16_11-1  <- and decide for yourself.

August 23 Bankruptcy Hearing

 

Monday Funnies

Worthless New Website (Thank You For Spending Our Money, Tracy Green)

Thanks to Tracy Green, we can waste our time getting zero information on <a website> built at our expense, an expense, we might argue, that is far greater than the value provided by Ms. Green and the website combined.

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

Please Sign This Petition

It is time for us to band together as one and use our advantages to our advantage.  The following link leads you to a simple petition.  It has been set up to send a copy to the U.S. Trustee each time someone adds their name to the petition.  Please do so today and ask everyone you know who cares about you to do the same.  We are stronger when we speak with one voice and it’s about time people started taking us seriously.  As we stare down the barrel of the Bar-K attorney’s gun, now is the time to step up.

http://www.change.org/petitions/tell-the-us-trustee-to-hold-walter-ng-accountable-for-his-debts

The Old Tracy Green Snow Job – A Call To Action

Reposting the following comment from monagesque, who makes a VERY good point.  For the record, Maggie McGee’s email address is:  maggie.mcgee@usdoj.gov.  We suggest copying her boss, August B. Landis at augie.landis@usdoj.gov.  Anyway, onto monagesque’s comment:

I think this is really scary. Tracy and her team are clearly moving at breakneck speed in getting us cut out of receiving any useful information. Unfortunately, the “creditors’ committee” that has been chosen to represent us has agreed that:

The Committee shall not be required to disseminate to any entity, …(i) confidential, or proprietary information concerning the Debtors or the Committee, including, without limitation, with respect to the acts, conduct, assets, liabilities and financial condition of the Debtors, the operations of the Debtors’ business and the desirability of the continuance of such business, or any other matter relevant to this case or to the formulation of a Chapter 11 plan, whether provided by or on behalf of the Debtors or by any third party or prepared by or for the Committee, or (ii) any other information if the effect of such disclosure would constitute a general or subject matter waiver of the attorney- client, work-product, or other applicable privilege possessed by the Committee.

I am concerned that Ms. McGee has not added any other investor (not picked by Walter) to the creditors’ committee. I recall that after the June 2 hearing both she and Tracy G stated that additional creditors would be added to the committee. I think that McGee needs to receive as many phone calls and emails as we can make to demand that additional creditors be added. Clearly, Tracy G is not working for us.

Well, people, monagesque is onto something.  We’re getting a raw deal and we need to scream and shout from the rooftops.  Send an email.  Make a phone call.  Send a letter.  But REALLY, people, REALLY – do it now.  I’m in.  Are you?

Tracy Green of Wendel, Rosen, Black & Dean – Angel or Bottom Feeding Troll?

Tracy Green, a name some of us are familiar with (and some have even met with in regard to our conundrum), has applied to be named counsel to the unsecured creditors’ committee.  The link below will lead you to her application.

Continue reading

Fighting Kaplan

The documents on Equitatus’ blog are worth reviewing.  In the end, Kaplan and his firm will likely be representing Maribel & Walter.  While it costs us money (that we don’t have) every time papers are filed and court appearances occur, we gain a deeper insight into the affairs of the entities and the individuals, which is highly beneficial.  Transparency benefits us.

UPDATE:  Forgot to mention that a mailing arrived yesterday from Kaplan.  Yesterday was, of course, June 7, 2011.  The Continue reading

Kaplan’s Kapers (UPDATED to include BRAVO, BROWER)

Thanks Equitatus:  http://equitatus.files.wordpress.com/2011/06/us-trustee-objection-to-hiring-of-counsel.pdf

Thanks Again to Equitatus and especially to Robert Brower:  http://equitatus.files.wordpress.com/2011/06/r-brower-objection-re-walters-attny.pdf

yes…we are fans of alliteration here…

2nd Posting of the Evening – update on Wally’s BK

Please read the following update from Equitatus (with one caveat -Tracy Green from Wendel, Rosen Black & Dean has a history with REL investors – a blast from the past, if you will):

The bankruptcy court this afternoon approved Walter’s modification of notice requirement.

Everyone will get a one- time notification in response to which they can either opt (in) to receive all notices or not (opt out).

There will also possibly be a web site where the Creditors Committee will post information about the case.

Continue reading

Walter’s Financials

It’s rather interesting to peruse the financial exhibits provided by Walter’s attorneys.  Who knew that Bar-K was worth a grand total of $0?  Have you ever heard of LOWN, LLC?  We always thought Barney was the creative force behind the naming of the LLC’s, but we were wrong!

You can find the documents by clicking on THIS LINK.

Thanks to super sleuth Equitatus for their hard work in tracking down these documents.

Update From Bar-K’s Website

Here’s the latest from the good folks from Bar-K, RE Loans, MF ’08, Lend, Inc., Mackinac Partners, etc. etc. etc.

Take it for what it’s worth:  Click Here:  bk-additional-information

Siena Update

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

They’re Spoiling Us

This is the second communication from Weissenborn & Team this week.  What’s next?  Three communications next week?  Unlikely.   RE Reno investors might not enjoy reading that while Walter acknowledges his   commitment to RE Reno, his commitment is to the entity, not the individual noteholders.  That’s weak.  Anyhow, here’s the document:
  5-20-11 REL Statement (click here).

This Is Insulting

Lunacy is defined as “Insanity, especially insanity relieved intermittently by periods of clear-mindedness.”  What’s missing at the Bar-K office is the part about intermittent clear-mindedness, as evidenced by their statement below.  They certainly have the remainder of the definition covered.

REL Statement

McGuire v. Horwitz trial update thread

Trial minutes can be found on this thread and will be updated as available.

5-11-15 minutes

Walter Wants Access To His Bank Accounts

Get a load of this document, provided by old friend and superstar blogger REreno:

Walter Bank

Walter’s BK Discussion – What’s happening and what does it all mean?

The following comes from Robert Brower:

Walter Ng filed for Chapter 11 bankruptcy protection
on Thursday afternoon.  Just before Friday’s hearing,
I filed a dismissal of Walter Ng, without prejudice.
This removed Walter Ng from the case and preserved
the McGuire’s rights to go after Walter in bankruptcy
court.

Please Attend The Creditors Meeting – June 6th

Thank you to Dixon Collins for the following: Continue reading

BREAKING NEWS!

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

Does Anyone Have Good News?

It’s been rather quiet here. No word from Weissenborn. Nothing from the Ngs.  The good folks at Pensco haven’t said a word.  Neither have our friends at Wells Fargo Foothill.  We get occasional status updates on the various lawsuits against our former financial stewards and we hear occasional juicy rumors, but there’s nothing worth sharing at this time that anyone would consider a game changer.  By the way, is Lend, Inc. lending?

Speaking of Kelly, in 2003 he was busy with a start-up venture, the Bentley School’s volleyball team:

Mens Volleyball Sweeps Terra Linda 3-0 to Head on to NCS Semis!

profile image BCL Champions — the Bentley Mens Volleyball Team — defeated Terra Linda in 3 games last night and now will play against Sir Frances Drake H.S. in the Semi-finals of the North Coast Section Championship on Thursday, May 17th @ 7pm in the Athletic Center on the Lafayette Campus.
Bentley defeated Drake when the Phoenix won the Novato Volleyball Tournament earlier in the season so an exciting match is anticipated Thursday night. Meanwhile, on the same night, #5 seeded arch-rivals Head-Royce will face #1 seeded Moreau Catholic.
Winners of both games on Thursday will meet on Saturday, May 19th, for the NCS Finals!
What a wonderful accomplishment this has been for Coach Kelly Ng and his team, especially considering that Coach Ng only founded the Bentley Mens Volleyball program 4 years ago!
Bentley’s Spring Awards event will be held May 22, 2007 in the Student Performing Arts Center on the Lafayette Campus.

Wasn’t Kelly supposed to be working on RE Loans, Bar-K et al in 2003-2007?  That is all.  Who has something to share?  Speak up if you do!

May 13th Trial – Open to the Public

Attend if you are able….you’ll learn A LOT, starting on May 13, 2011:

John and Jane McGuire vs. Bruce Horwitz, M.D. and Walter Ng
Alameda County Superior Court

Assigned for all purposes to Judge George C. Hernandez, Jr.
Department 607, 2nd Floor
Fremont Hall of Justice
39439 Paseo Padre Parkway
Fremont

The Fremont Hall of Justice has a very large parking lot behind the building. It is two long blocks from the Fremont BART station.

Jury trials are held Monday through Thursday, 8:30 a.m. to approx. 2 p.m., with several short breaks during the day. There is no lunch break.

Is Anyone Surprised?

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

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 New In The Zoo?

A few items for your consideration and comment:

  1. KGO investigative reporter Steve Fyffe has been interviewing investors and noteholders.
  2. Hundreds of noteholders have contacted the FBI.
  3. People haven’t yet embraced the new message board (http://s3.excoboard.com/barkinvestors) – try it out today.
  4. Weissenborn remains in hiding.
  5. The Ad-Hoc Creditor’s Committee must be holed up with Weissenborn.
  6. Barney hasn’t sued or been sued in months.  Weird. Continue reading

Did RE Loans “Park” Money?

It has come to our attention that RE Loans may have allowed some of its investors the ability and/or option to “park” money in the fund.  “Parking” is a term used to describe money that is deposited into a fund, but not necessarily invested in the fund.  Rumor has it that R.E. Loans offered a parking service for some of its preferred investors who wished to place their money somewhere on a temporary basis.  The interest earned may or may not be reported to the IRS, some have speculated.

For example, it seems possible that the $5,000,000 returned to J. Robert (“Eddie”)  Orton, III, on March 30, 2007, just a day or two before the “freeze” letter was mailed to investors, was money that had been “parked.”  Same with Len “Austin Val Verde” Epstein’s return, perhaps? Continue reading

Mortgage Fund ’08 2010 Year End “Newsletter”, Doom & Gloom Edition

For those keeping score, Kelly Ng wins.  Jim Weissenborn loses.  Kelly (the good son?) did everyone a favor by getting the end of the year newsletter out “early”.

Unfortunately, we’re the real losers based upon Kelly’s bullshit-laced tome.

You might as well sit down, pour a cocktail, practice your breathing or do some yoga, because this is not pretty.  Despite our favorite Cal Volleyball Coach’s strong effort to make everyone think everything is hunky-dory, it ain’t, people.  In fact, MF ’08, as everyone already presumed, is just about as screwed as RE Loans and RE Reno.  If you want to keep reading, this story and the link to the letter continues after the jump.

Continue reading

Mortgage Fund ’08, RE Loans letter to Walter Ng and Kelly Ng

Three cheers for Mr. Jim McKenna’s letter to Walter & Kelly, linked here and copy and pasted below.

https://barkinvestors.files.wordpress.com/2011/02/jim-mckenna-letter.doc

============================================

February 4, 20111

To: Kelly & Walter NG

From: Jim McKenna

Re: MF08 & RELoans

Continue reading

Good News (sort of)

Our 1099 arrived via mail today.  Turns out the good folks at Bar-K zeroed it out without even having to be asked, so we won’t be paying interest on all that money we made in 2010 on our “investment”.  Yee-haw.

Keep Your Eye On The Ball

Or don’t.

Just know that the Siena story isn’t simply history.  It is a story that is constantly evolving and unfolding right before our very eyes.  It is an amazingly instructive story that can only help us if we pay attention.  Continue reading

Heads They Win Tails We Lose

People often ask what the difference is between the Siena bankruptcy and a soap opera.  We’re not sure we know the answer, but research genius and insider-outsider founder of www.rereno.com might have some insight, as the following was sent along:

Continue reading

Request For Assistance

Does anyone have the following court filings that can be emailed?

Stewart v. Ng
Stewart/Chiavatti v. Ng

Continue reading

Guest Guesser

When will Mr. Weissenborn live up to his promise to give the noteholders an update around the end of the year?

Our guess is March 4, 2011 (three months into the year).

Why?  Well, the current forbearance agreement expires on February 28, 2011.  We can’t realistically expect Mr. Weissenborn to pen an update on the 28th, so we’re giving him four days of leeway.  Does this seem fair?  Tell us when you think we’ll hear from our cherished CRO.

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

The Siena Saga Continues

Aram, King Kong, Arent Fox and Barney are not fulfilling their end of the bargain – and it’s likely costing us all.

Tri Ng became Bar K

The document doctor delivered another document (and is a big fan of alliteration).  Here it is.

Here is the link to the previous post on the subject:

https://barkinvestors.wordpress.com/2010/10/02/tri-ng-to-look-out-for-our-well-b-ng/

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

Tumwater Water Documents

If you like documents, you’ll love this posting.

We don’t want to sensationalize this posting, however.  Some documents are informative, many are not.  It has taken many months to cobble together these documents.  All-in-all, there are too many people to thank for assembling this information, but you know who you are and hopefully that’s thanks enough.

File management proved to be a severe challenge, so consider this more of a document dump than an orderly, numerical library.  Feel free to save the documents in a file on your computer and peruse them at your own speed.  Use this posting to discuss your findings and perhaps this will lead us all back to our inner “Researcher” by potentially helping us figure out who got the water money and why (and then where it went!).

Continue reading

What’s The Value Of A Personal Guarantee?

…and how can a personal guarantee be enforced?

HERE’s the document….

 

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

Barney Being Bad

We’ve had a lot of action here today.  Why not end the day on a positive (unless your name is Barney Ng).  An obscure blogger sent the following to us today:

CLICK HERE

 

Weissenborn Lives!

Thanks to bluemoonagency for the heads-up.  After eight days of silence, Team Weissenborn finally found the time to give the peons an update.  Why is the update dated December 6th, yet posted two days later?  Bigger questions exist, however.  While Weissenborn’s memo is short, it says a lot and leaves us pondering the following:

  1. How much existing debt remains outstanding?
  2. What is the existing interest rate?
  3. New advances?  For what?  Please explain.
  4. New advances “accrue interest at a 4% higher rate”.  Higher than what?  The existing interest rate?
  5. We are being conditioned to accept the fact that Weissenborn and his cronies will take out a new loan in an effort to pay off the WFF LOC, again subordinating noteholders to junior status.  We know what a new line of credit means.  It means our money is gone and Weissenborn, Lend, Inc. and all the others eating and drinking from the Bar-K trough are getting fat and happy at our expense, laughing all the way to the (offshore) bank.

Anyway, mark your calendars for February 28, 2011!

Weissenborn Update

Paging Mr. Weissenborn

At close of business today, Jim Weissenborn will know whether or not WFF has decided to grant an extension of the forbearance agreement.  Per the November 18, 2010 newsletter:

“The current forbearance agreement ends November 30, 2010.  Mackinac Partners is cautiously optimistic that if additional progress is made, Wells Fargo is likely to extend this period.  There is, however, a risk that Wells Fargo will not grant a further extension or that other litigation will force R.E. Loans to seek chapter 11 protection.” Continue reading

RE Loans # C0390 – Canyon Club (9% of REL portfolio)

Thank you Equitatus for bringing up one of our “favorite” REL investments, Canyon Club aka Snake River Sporting Club.  If you like documents, this post is for you.  Per Equitatus:

Q: Whats RE Loans biggest investment?A:  C0390 Canyon Club 61,146,348 9% of RE Loans (EDITOR’S NOTE – While technically true, if you add up Loan #s P0097 Georgetown/LochenHeath at $90M, Canyon Club is the second largest loan).

What does valuation expert Mary Ann say about it, “We are estimating that the loan will be paid in full seven years after the due date which is 1/7/2016, with several interim payments along the way beginning in 2011. As shown in the table, the estimated fair market value of the note is $16,821,364 or$16,800,000 rounded which is $28 per $100 of face value.”

Q: How did we end up in this mess? Continue reading

This Deserves It’s Own Thread

From Equitatus:

Jim Weissenborn has a new letter on the RE Loans web site. http://reloansllc.com/pdf/cro.pdf Comments please.

The Strangely Expedited Sale Of The Siena

Is there something more to the expeditious sale of the Siena than meets the eye?

Read this:  Zive To Retire

Then ask yourself which firm represents the new owners of the (Grand) Siena.

The Long Trail Of Lies Continues

Walter’s letter to RE Reno investors, dated November 11, 2010, states that the sale of the Siena “has not closed as of November 15, 2010.”  That’s just the beginning of the absurdity contained within Walter’s letter, found HERE.

Walter states that “it appears likely that the aggregate distribution to R.E. Reno from the sale proceeds will be in the range of $2 million to $2.5 million.”  Is Walter so senile as to actually believe that RER will command over half of the sale price when companies like IGT, Konami Gaming and the various city and state agencies are all vying for the proceeds?  This is just another case of half-truths and nonsensical blue sky B.S.

Continue reading

Tumwater Brewery Update

Updated Story – Click HERE

The ‘Mourning’ After

Rage faded to disappointment overnight, but returned with a vengeance this morning.  The realization (or was it a reminder?) that the valuations provided by the NG family aren’t simply inflated, but greatly exaggerated, hit like a ton of bricks.  Weissenborn and his high-priced team have been noticeably quiet.  They apparently don’t have time to update us on anything, let alone the great financial loss we sustained yesterday.  Arent Fox made money.  Stephanie & Matthew Kelly made a few bucks.  So did Innovation Capital, to the tune of $300,000 plus consulting fees of $10,000 per month.  We, however, lost everything unless, of course, you believe in divine intervention.

Continue reading

Siena Auction TODAY – Rambling Thoughts and Questions

From REreno:

“So tomorrow is the auction. I’m a bit of an insider and have been following the activity closely. There was only one party who conducted a thorough due diligence inspection of the Siena as far as I can tell (I read vanity plates and the contractor signs on the F-150s in the parking lot). I think the opening bid will be $1. And I have no indication that there is a back up bidder. I don’t think that RE Reno or Loans has the deep pockets anymore to enter the fray. Meaning you investors will be wiped out 100%.”

We know Konami Gaming filed another objection yesterday.  We read what REreno wrote above.

WHAT DOES THIS MEAN?


Continue reading

Siena Watch – UPDATE

Per the RGJ’s Ray Hagar this morning:

The auction of the Siena Hotel Casino in downtown Reno will take place next week in a Reno courtroom, where a national investment banking firm will try to sell the downtown resort that recently closed after a long string of financial problems.

“The reality is that the Siena has ceased operations and we are going to sell this in a bulk sale in one transaction to a singular buyer,” said Matt Sodl, managing director of Innovation Capital LLC in Los Angeles. “It will be a turn-key operation for that buyer and that buyer can either run it as it were, with the hotel and casino, or the buyer can decided if they want to operate a casino there or not.”

Those interested in participating the Nov. 10 auction are asked by Monday noon to submit a $250,000 deposit by wire transfer, evidence of financial wherewithal, a signed non-collusion affidavit and a mark-up of the Debtors’ form purchase agreement.

One-on-one tours of the property will be held on Tuesday with the auction Wednesday in the U.S. Bankruptcy Court of Judge Gregg Zive.

“We have marketed this thing far and wide and have a lot of interest in this asset,” Sodl said. “We have had a lot of interest from in-market competitors to buyers who are looking to get involved in the Reno market.”