Walter Ng (born in 1929) is managing partner of B-4 Partners since 1985 and is a managing member of its successor, B-4 Partners LLC. Mr. Ng is a licensed California real estate broker and has been actively engaged in the business of arranging and managing trust deed investments since 1958. He is the founder and chairman of Bar-K Inc. (see below), a licensed California real estate broker that has arranged or originated over $1 billion of privately arranged trust deed investments since 1985. Through B-4 Partners LLC (together with Dr. Horwitz), he also has co-managed nine mortgage investment limited partnerships with total assets in excess of $150 million. (source http://www.reloansllc.com)
Walter has been given a pass by some and has been called to task by others. Some surmise that the fund was on the up-and-up until he quietly handed over the reins to his son Barney. Walter, however, is not absolved of potential wrongdoing. He has collected fees and points for years and has watched all three of his funds (RE Loans, RE Reno and Mortgage Fund ’08) fall into default.
Barney Ng (born in 1954) is the President of Bar-K Inc. He is a licensed California real estate broker and has been actively engaged in arranging and servicing real estate loans since joining the firm in 1975. Barney Ng is a 50% shareholder of the Servicer. Barney Ng is also the owner of the Siena Hotel Spa and Casino in Reno, Nevada, an $85 million hotel casino that opened in July 2001. He received his B.S. degree from Stanford University in 1975, and he is a certified real estate appraiser and a member of the National Association of Real Estate Appraisers. (source http://www.reloansllc.com)
Barney is everyone’s favorite villain. He has been one of the front men since people became aware of the Bar-K demise. Barney was also the owner of the Siena until November 2010, when it was sold at auction due to Chapter 11 proceedings. RE Reno investors lost everything and RE Loans saw millions turn into zeroes overnight. Barney is suing another B-4 member (Bruce) and is rumored to be at odds with his father, Walter and his brother, Kelly.
Kelly Ng (born in 1957) is the Vice-President of Bar-K Inc. He is a licensed California and Nevada real estate broker and is a 50% shareholder of the Servicer. Along with Walter Ng, he is comanager of R.E. Loans LLC and Mortgage Fund ’08 LLC. He received his B.S. degree from the University of California at Davis and is a certified real estate appraiser and a member of the National Association of Real Estate Appraisers. He has been a member of the Bay East Association of Realtors for over 30 years. Kelly is also Head Coach of the men’s volleyball team at the University of California at Berkeley. (source http://www.reloansllc.com)
Kelly tried to become the spokesperson for RE Loans when things were falling apart. Many would say he failed. Kelly is rumored to be in allegiance with is father, Walter and at odds with his older brother, Barney. Kelly started a new company, called Lend, Inc., with his father and longtime investor William Bachrach. There are those who see this as nothing more than an attempt to continue to extract cash out of the broken-down entities.
Bruce Horwitz, M.D. (born in 1937) is a licensed California real estate broker and is also a medical doctor specializing in pediatrics and has maintained his medical practice in Oakland, California since 1967. He has been actively engaged in the business of managing trust deed investment programs and real estate syndications for 30 years. Through B-4 Partners LLC and its predecessors (together with Mr. Ng), he has co-managed nine mortgage investment limited partnerships with total assets in excess of $150 million. (source http://www.reloansllc.com)
Bruce has disappeared from the public (investor) eye. He is suing Barney over the Siena and Barney is counter-suing Bruce. Bruce is best known as the person who talked people into investing their money, supposedly telling people their investment was safe and that Bar-K had never lost a penny of people’s money in 30 years.
Jim Weissenborn of Brier Mackinac Realty Partners, according to those in the know, was brought on board by Wells Fargo Foothill to manage the affairs of the RE Loans portfolio. The size of the Mackinac retainer is unknown. Many investors believe Weissenborn’s primary charge is to protect the interests of Wells Fargo Foothill at the expense of the noteholder’s interests.
Wells Fargo Foothill (“WFF”) and its point-of-contact for the REL issue is Tami Barrows, a Vice-President. WFF is now known as Wells Fargo Capital Finance, but for simplicity we’ll continue calling them WFF.