Monday, August 16, 2010

Siena Creditors

This is pretty interesting...

Hi-Five Enterprises filed for BK. It's only creditor is none other than Barney Ng in the amount of $75,000 for "services."
Want to guess who is the Managing Member of Hi-Five Enterprises? Bingo. Barney Ng.

One South Lake filed for BK the same day as Hi-Five. One South also has one creditor. RE Reno in the amount of $106 MILLION. That includes anyone who invested in RE Reno. Are there any of you out there?

Then there's Wild Game Ng, Barney's LLC. Wild Game Ng also filed for BK, believe it or not! There are over 400 pages of creditors. Scanning the Top 20 creditors list, two really stand out:
1. Barney Ng for $36.5 MILLION for "Rent Payments"
2. Walter Ng for $450,000 listed as a "Loan"

The takeaway, you ask? Barney bankrupts his company, then lists himself and his dad as the biggest creditors.

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