Finally something has come in from all the legal action, but those Greenberg Traurig settlement checks are pretty slim. Very few pennies on the dollar for your life savings.
Is this the end, or will we see any more small change from other legal actions?
What are the Ng’s up to these days?
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….
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.
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.”
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:
Looks like Kelly’s in jail. Not for long, though, as August 14th is right around the corner, isn’t it?
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May 08, 2014 |
U.S. Department of Justice Federal Bureau of Prisons Federal Correctional Complex Lompoc (Medium) 3901 Klein Boulevard Lompoc, CA 93436 Phone: (805) 735-2771 Fax: (805) 736-1292 |
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KELLY NG is currently incarcerated at Federal Correctional Complex Lompoc (Medium) and is scheduled for release on August 14, 2015. The inmate is not eligible for parole. Please be assured that, unless otherwise requested, we will keep you informed of all significant release-related activities pertaining to this inmate during the period of incarceration.
If at any time you have any questions or concerns regarding this program or the offender’s status, please do not hesitate to contact me at the above address or you may telephone the VNS Call Center. Sincerely, Jack Fox |
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:
Turns out Tagami is behind the blight you see while driving across the Bay Bridge. And he’s making MILLIONS doing so.
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?
Without Dan Noyes, we wouldn’t be on the map.
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
Walter gets sentenced to 5 years of probation.
Kelly sentenced to 18 months in prison.
Sound off.
Excerpts from letters of support filed on behalf of Kelly Ng:
Omar Irigoyen, men’s volleyball coach at the University of California, Berkeley:
Abhinav Janghala:
Brandt Ng:
Douglas White:
Frank Largusa:
James Wilcenski:
Lupe Rodriguez:
Mark Lowe DDS:
Nathan Wang:
Rick Dishnica:
Rick Tune:
Vincent Hua:
And last, but not least, Christina Zemba Casey — WHAT???
I believe we discussed this one years ago…
For those who don’t read the Bonner County Daily Bee every day, check this out:
This summons lists Barney, Wells, MF ’08, Pensco Trust and RE Loans.
Just Do It posted the following:
According to Judge Hamilton’s clerk our emails will not be read. The only way that a letter will be seen by the judge is if we physically take it to the courthouse and file it. The only way we will be permitted to speak at the sentencing is if the US Attorney permits it and conveys this to the judge.
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
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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.
ICYMI:
DIANNE FEINSTEIN
CALIFORNIA
WASHINGTON, DC 20510-0504
December 6, 2013
Thank you for contacting my office regarding your concerns with RE Loans
Mortgage Fund. I appreciate your bringing this to my attention and giving me an
opportunity to see if my office can be of assistance.
I have asked Caitlin Meyer and Kevin Chang in my San Francisco office to
assist you. Ms. Meyer and Mr. Chang have contacted the Securities and Exchange Commission and the Department of Justice on your behalf. You will hear back from my office when responses are received from the agencies, which can take up to twelve weeks.
Again, thank you for contacting me. My San Francisco staff will do all they
can to help you
Sincerely,
Dianne Feinstein
United States Senator
SAN FRANCISCO OFFICE:
ONE POST STREET
SUITE 2450
SAN FRANCISCO, CA 94104
(415) 393-{)707
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.”
“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.”
“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.”
“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.
“With regard to restitution, the government does not expect to recover any loss amounts in this case.”
“In any event, we will continue to provide you with notifications and services unless you tell us not to.”
“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.”
“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.”
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
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:
May they live that long to serve out their potential prison terms….
Where’s Bruce, we ask?
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.
Where’s Mackinac These Days?
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.
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.
Sound off below and let us know your thoughts.
James Koenig gets 42 years. Good.
In other news, we wait for something to happen to Walter, Kelly & Bruce.
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.
Please be careful which links you click on. There has been a lot of spam lately with people “phishing” for you to click on their links, which can cause security problems. If you are unsure if a link is legitimate or not, please ASK first and we will tell you if it’s safe to click. Don’t get lured into (another) scam by carelessly clicking on a link provided by a “bot” trying to steal your info or infect your computer.
He’ll be here soon.
Many need to figure out their strategy. Write off your losses, some of your losses or do nothing?
It’s been relatively quiet here lately after the MF ’08 news dropped and someone decided to fling some insults at me. It’s okay, it’s all part of the game. I’m just glad there’s something happening at the government level. I wish MORE were happening (hint, hint FBI), but this is a good start. I’m not sure anything can trigger a recovery of more than a few pennies on the dollar and I don’t think we’ll see 100 cents on the dollar – ever – but we’ll all take what we can get given the injustice that has been dropped on us like a pigeon from an overhead wire.
May the good graces of luck deliver good news for us and horrible news for the Ngs.
Cross your fingers and keep dialing the FBI. They’ll listen one of these days.
p.s. What do you think Phil Tagami and Len Epstein are up to right now? They got their money out. So did Eddie Orton (some of it at least). So did the McGah Family Trust. The rich get richer, apparently, and they get away with it.
This blog has received a lot of feedback on the Barney issue, both positive and negative. We took a hard-line stance that this blog should remain civil – as civil as possible given the highly charged, emotional nature of the state of our union. Long story short, we not only appreciate the feedback many have provided, but we are willing to rethink the hard-line stance on the Barney discussion.
As such, please utilize this space to discuss Barney’s role in this fiasco.
Is he innocent?
Should he be given a hall pass because he may likely be aiding the investigation if not the legal battles being waged?
Do you even care as long as some of the other conspirators are brought to justice?
We’ve all invested a lot of time, a lot of money and a lot of heartache into the Bar-K scandal. It’s ugly and it’s likely only going to get uglier before it (hopefully) gets any better.
Use this thread as a place to discuss Barney’s role in our plight. Civil discussion only shall be permitted and John Robie shall be the arbiter.
Fire away….
“Your Caption Here”
Aside from how much the mailing cost us, what does it mean? Anyone? Do we have any tax professionals who can comment?
By now everyone has likely received the September 28, 2012 letter from the REL Liquidating Trustee, Dennis Faulkner.
What are your thoughts about what you read?
Did anyone think there was a lot missing/unsaid?
Discuss…
For the sanity of the whole and in order to keep the focus where it should be, please refrain from picking a random posting to share your thoughts and questions. Just email john.robie55@yahoo.com and we’ll start a new thread for your specific issue. Thank you!
Apologies for the silence on the news flow as of late. Things at the Robie household have been challenging, much more so than usual. Since we don’t have much to share from our side, who’s got something to share with the group?
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.
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.
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.
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.
“Heads we win, tails they lose”
— fictitious statement by Walter Ng
We, the noteholders, hold empty notes and empty votes. Those elected to serve and protect our interests served and protected their own interests as well as the interests of large, billion dollar corporations. This is the story of David vs. Goliath. Yes, we’re David.
The Landslide Tally Can Be Viewed Here
Thanks to Equitatus for delivering the not-so-rosy news.
Thanks to the Official Creditors Committee for their dishonesty and deceit. Congratulations to the favored noteholders who cashed out. Congratulations to Wells Fargo. Congratulations to Akin Gump. Everyone who doesn’t need it gets paid. Everyone who needs it gets zippo.
Despite the fact that this is depressing news, there will be many other important battles to fight. And fight we will. Get your slingshots ready. It’s time to slay the oppressive giant.
Does anyone have pics? If so, please email them to john.robie55@yahoo.com. Thanks y’all.
Here’s a picture of Ron LaVelle, who is a member of the Creditor’s Committee on behalf of his boss, Sherratt Reicher.
Ronny L: The front man for the guy who took out a ton of dough when the rest of us couldn’t.
Hi everyone. We thought it might be helpful to have a single thread dedicated to legitimate questions we want answered on the next teleconference. These questions are not to be answered on the blog by Mr. Cooley, but rather on the next call. Noteholders: Please consider answering the questions people pose on this thread on the conference call. To those posing questions, please keep this civil. Pointed questions are fine, but let’s keep the name-calling and anger we all share to ourselves for the moment.
I’ll start with two: What are the different classes of voters?
Yes or no question – only one word necessary (“Yes” or “No”): Does Wells Fargo have a vote?
Everyone, please fire away.
Michael Cooley seeks to pull the wool over our eyes. Accept his advice at our own peril.
We’ve been graced by the presence of Michael Cooley from Akin Gump lately. Here’s the likely reality of the situation. He’ll get paid. We won’t. Cooley doesn’t care about our plight. He’s been spreading half-truths in an effort to sign onto his plan. Cooley will undoubtedly cut and run the second he’s done with this case, leaving us behind to shoo the next group of maggots looking to pick the remaining flesh off our rottNG carcass. You think this is too severe? Vote to accept the plan and that’s the very situation we will all be facing.
All editorializing aside, should you have questions or comments that you would like to pose to the group, our trusted experts, or the outsider Cooley, please post them here.
Barney has decided to take a piss on some noteholders – again. If enough wasn’t already enough, he’s trying to take two investors to the woodshed because they tried to do the right thing on behalf of the whole (unlike the Creditor’s Committee).
Here’s a picture of young Barney Joe Ng showing what he’ll do to you if you stand up to him. He was a punk then and he’s a punk now.
I don’t know if anything is going on with the Kelly and Bruce BKs, but there is a status conference in Barney’s case on Tuesday, June 5th (that’s TOMORROW) at 1 p.m in front of Judge Efremsky. Barney is asking the judge to slam the investors (noteholders) who filed against him, claiming the filing was for “an improper purpose”. A rhetorical question: What could possibly be “improper” about not owning up to one’s personal guarantees and responsibilities for loans that he and his family made to his business entities to the tune of over $100 million dollars while leaving RE Loans investors broke – many destitute. It’s laughable, but Barney wants punitive damages for the loss to his reputation, attorneys’ fees and costs against these investors who stuck their neck out for all of us. Is this shocking? No. It’s expected, because that’s how these guys play ball. Hard ball.
The judge has let Barney explore his theory and Barney is running up the attorney fees that he wants to collect from them.
It may seem impossible but has anything about the Ngs seemed fair? Come and watch how Judge Efremsky treats our fellow investors who tried to take on Barney. It’s at 1300 Clay Street, Room 201 at 1:00 pm. Get there a little early because you’ll have to go through security. And while you’re there, the judge is also hearing a motion and having a status conference on the B-4 Partners Involuntary Bankruptcy. It could be a very, very interesting afternoon.
We should stand up for those who stood up for us. The best way to do it is to show up tomorrow.
So far, here’s the update: “Blah blah blah blah blah”.
Still voting to REJECT THE PLAN.
If so, please consider supporting the efforts of those who funded the effort. You can do so by clicking on this link
Then, if you haven’t already done so, check the box to REJECT THE PLAN.
Don’t listen to the bullshit Cool(ey) and the Gang are selling. Reject the plan. For your own good. For the good of all, save for those who were given sweetheart deals while we went down with the ship.
https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=D8EBUZGXVDF3U
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.
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.
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.
Vote NO on the reorganization plan.
It’s quite simple.
Vote NO if you are part of the 99% who got stabbed in the back by the Ngs.
Vote yes if you support continued behavior many believe is criminal.
Got it?
Spread the word.
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.
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
Who has some news or insight to share?
Guest blog by Batman:
We can safely report to the investors, many of which have had their lives turned upside down thanks to the gaNg of thieves from 201 Lafayette Circle, that Kelly Ng and his family are doing just fine. Even under the eyes of FBI, SEC and Dept. of Labor investigations, personal (involuntary) and multiple business bankruptcies, revoked real estate licenses, settled molestation charges and termination as club volleyball coach, Kelly and his family’s “high on the hog” lifestyle has never looked better.
Video surveillance and our crackerjack private investigator have revealed the following to the blog:
The luxury cars of choice for Kelly and his family are still the big 3 – BMW, Mercedes and Cadillac. The gardeners are doing a great job on the landscape at Kelly’s palatial estate (5bd, 4.5ba, 6,441 sq. ft., 1.04 acre). The spring flowers have been planted, palm trees trimmed and tennis court looks simply marvelous. The housekeepers continue to make their regular visits. While the college funds you put into the “safe, secure and liquid” investments of RE Loans/Fund 08/RE Reno for your children and grandchildren are long gone, Kelly’s kids are not feeling the pinch at all. Kelly’s son Brandt, helped the Pepperdine Men’s Volleyball team to a mediocre 8-8 season and should finish his studies later this year or early next year. Kelly’s daughter Ayrika, after a year of studying in France, is back in the Bay Area serving up aces at the University of California at Berkeley. One thing is for sure, Walter has taught his craft of lies, stealing and deception to Kelly well. Bankruptcy is a walk in the park, the lawyers will take care of everything, take “The Fifth” and your life won’t change a bit. Stay tuned for next month, when we will be doing an exposé of the Horwitz family (Bruce, Jackie and Joel), complete with pictures of their new cars, current lifestyle upgrades and recent purchases. Then, we will follow up with Walter & Maribel with pictures from the Rossmoor golf course and dining at Walnut Creek’s finest eateries. The Lexus and Corvette have been auctioned. So, what are they driving today? Heres a hint: it’s American made car and a lot more expensive than a Chevrolet Volt.
Equitatus has posted the first series of receipts being billed to the RE Loans portfolio. You can visit the documents here: http://equitatus.wordpress.com/2012/03/06/burn-rate-super-texas-size/
There are hundreds of pages, so it may take awhile to absorb, but since it’s all being billed to us investors, and nobody else seems to be questioning the obscene spending habits of James Wiessenborn and his merry band of contractors, feel free to use this thread to post and discuss any charges which you find questionable.
For example, I found that Rick Dishnica took Kelly Ng to lunch on 11/30/2011 and sent us the tab.
11/30/2011 Dishnica, Rick 1.5 hours at $410 per hour = $615
Comment: Lunch with Kelly Ng to update on business activities for loan servicer.
11/30/2011 Dishnica, Rick Lunch- R. Dishnica, Kelly Ng $64
Billing us a total of $679.
Did James Weissenborn, Judge Barbara J. Houser or anybody on our Creditor’s Committee think this might be poor judgement to be billing us for Kelly Ng’s lunch??
Let’s not forget that Kelly Ng and Rick Dishnica go back many years, while working with the $25,000 a year (range) private Bentley school that Kelly sent his kids to, and Kelly coached their volleyball team.
Rick Dishnica is reportedly who referred James Weissenborn/Mackinac Partners to the Ng’s.
Ng’s hire Mackinac Partners, paying James Weissenborn $560 an hour. Weissenborn hires Rick Dishnica at $410 an hour. Now Dishnica bills us $679 to have lunch with his old pal Kelly Ng.
Many more gems like this will probably turn up when we start scrutinizing these bills.
We just received word that the judge in TEXAS overseeing the bankruptcy of a CALIFORNIA entity denied the change of venue motion. God forbid that those affected most by the process should actually have access to the process. This decision is categorically wrong and leaves us out in the cold – again. It’s about time one of the many arms of government stepped up and did something right in this case. Today, however, is not that day.
Longtime friend Narivella provided the attached article. Enjoy!
Regarding Walter J. Ng and Maribel Ng’s Chapter 7 case:
Farella Braun + Martel
Attorneys for Debtors
The time period is 05/12/11 – 11/4/11
$260,079.85
(a footnote mentions another $12,750 FBM is seeking that would bring the total to $275k)
Patricia Joanne Hernandez
Accountant for the Debtors
The time period is 07/7/11 – 12/1/11
$14,062.50
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:
We were just informed that the Bar-K building in Lafayette was about to be sold, however, an attorney is rumored to have stepped in at the last minute to kibosh the deal.
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:
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
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.
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.
Forgetting the mess that the Ng family created for us, what’s one thing that MAKES YOU HAPPY in your life?
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.
I am looking for copies of the assignments to RE Loans Siena, LLC, that bear the loan number H0087A, H0087B, H0087C, H0087D, H0087E in the upper left hand corner of the document. A copy of any other assignment to RE Loans Siena, LLC, would also be useful. Can anyone help? If so please email me at john.robie55@yahoo.com. Thank you.
Barney, Kelly and Bruce have been placed into involuntary bankruptcy by a group of brave noteholders. Equitatus has all the news found here:
Let’s connect the dots.
B-4 Partners, RE Loans, MF ’08, RE Reno, Walter & Mrs. Walter, and now Bruce, Kelly and Barney are all experiencing the “joys” of bankruptcy.
What does this mean for us? Well, it likely means the end is increasingly near. Still, we’re looking at pennies on the dollar, but some of us have A LOT of dollars invested.
The managers totally took us to the cleaners and at this point the FBI (did you send your documents in yet?), the DOJ and everyone in between should be looking for a shot at front page news for busting the biggest (purported) Ponzi scheme since Madoff.
Enjoy the holidays, you G*ddamn thieves.
The “fun” continues.
Attorney Bill Magrane sent the following email to Jeff Krause:
Jeff I am very troubled by the content of the attached “Certificate etc.” (Exhibit 1) vis a vis the possible bad faith filing of the referenced bankruptcy by your law firm and Mackinac .As you must know, and as Kelly Ng recites in Exhibit 1, Mr. Ng was only ever “a Manager” not “the Manager” of B-4 Partners Continue reading
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.
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
Dan Noyes coverage of the Walter Ng/Bar K story continues tonight with a report from the Walter Ng’s chapter 7 personal bankruptcy creditor’s meeting.
The postal service delivered Document 291 to my mailbox today. Some others may have received it as well if you signed up for notification or know someone who did. It’s 20 pages, double-sided in small print. It did not come with a magnifying glass, unfortunately.
There is a lot of interesting information, including the following: Continue reading
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
…is the witch almost dead?
You might want to give this whopper of a document a read:
Holy smokes!
Last time I didn’t post on the subject and a grand total of three people showed up. I understand the Occupy issue, but this time there should be no such challenges. Let’s show up and show the Ngs what we’re made of.
Just a reminder to mail your completed FBI questionnaire to Federal Bureau of Investigation, Attention: SA Christine Hemje, 1850 Gateway Boulevard, Suite 1010, Concord, CA 94520 or email Christine.Hemje@IC.FBI.gov or fax (925) 363-2037. Even if you do not have supporting documentation, this is your chance to tell your story of deception to the authorities. No one else can do this for you.
Please comment on this document we received in the mail today. You probably got it too.
Share your thoughts. Is Weissenborn good or evil?
November 2nd, also known as Walter’s Wednesday Morning Wake Up Call
Be sure to get your update of the downtown Oakland situation here, before you head out to attend Walter’s & Maribel’s Chapter 7 Bankruptcy Hearing.
7:00am: All is calm right now. The occupiers seem to be tucked nicely in their tents. Police presence is small to non-existent. Media presence is HUGE. News trucks are stationed just outside the BART elevator, next to Frank Ogawa Plaza/City Hall. All streets and parking garage are currently open. There are no police barricades on Broadway and surrounding sidewalks. This is much different than last week at this time, the city lockdown was in already place. Marches are planned for 9:00am, 12:00pm and 5:00pm. Next update will be coming around 9:00am.
Did Walter dress up in an orange jumpsuit or did he go nude simply holding a bar of soap?
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:
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.
I’ve been absent. Trying to make a living in these tough times. Things have been quiet for the most part. Who’s got an update that’s worth discussing? Anyone seen Walter golfing lately or Kelly playing volleyball? What’s the scoop?
1. What effect did the RE Loans bankruptcy filing have, if any, on the class action suits filed by the Phoenix law firm and Brown (Mendes) as well as the Brower suit filed on behalf of Dixon Collins? We know that an automatic stay is put into effect once BK occurs, but parties can enter motions to lift the stay, allowing for the case(s) to move forward upon approval from the BK judge.
2. What is the status of the Alegria/Grassi lawsuit? We know the suit was dismissed without prejudice. Did this turn into a settlement? Do any of the bankruptcy filings pump new life into this case or did Alegria & Grassi secure a settlement and pocket some cash or property?
3. If, as some say, ’08 is simply a ponzi, that was built on the backs of RE Loans, is ’08 in a better or worse position than RE Loans? Given the lack of a line of credit, one might argue that ’08 is in a stronger position. Given the specter of a ponzi scheme, others might argue they’re in deeper sh!t than RE Loans. What say you?
Chime in, people.
Let’s talk RE Loans bankruptcy venue. Texas?
Share your thoughts and opinions here.
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?
Mortgage Fund ’08 is placed into INVOLUNTARY bankruptcy.
Here is a link provided by a diligent reader/contributor on involuntary bankruptcy (HERE).
We think it’s cute that you’ve sent your minions to the blog in order to protect you. Perhaps they’d be happier at the other blog that speaks sweet lies about you and your father.
Your companies stole our money, lied to us and threatened our very existence due to inept management, lack of ethics and greed.
Thanks for your patronage, Kelly.
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
The Federation of Chinese Golf Clubs
Results from the 2006 Tournament in Tucson
This was just on KQED radio this AM (8:33) about the class action suit filed on the 31st by Bonnett, Fairbourn, Friedman & Balint http://www.kqed.org/a/kqednews/RN201109060833
It turns out Cal got smart and removed Kelly Ng as their volleyball coach. You know, the guy who has been accused of molesting his brother’s 15 year old step daughter. Recall the February 3, 2008 article in the Chron where he stated the following:
Gear you can’t live without: Da Gold volleyball by Molten. It’s metallic gold, symbolic of a long career.
Apparently Da Gold has lost some (all?) of its air 🙂
Here’s some banter on a Cal sports message board that you might enjoy.
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
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:
From: Angelina Wong <awong@ktsfnews.com>
Sent: Mon, Aug 29, 2011 3:37 pm
Subject: Walter Ng
Use this thread to talk about the hearing.
Bar-K Investors 