Friday, October 29, 2010

Legal Discussion



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Insider Researcher asked the following:

"Would you consider a new topic were we can discuss some of the pending litigation, the status of the case, and what it means to us as investors? Even discussing the closed cases, like Alegria/Grassi can help to uncover the truth or get a better understanding of how the Ng family and their attorneys operate."
The answer is a resounding "yes".

We'll kick things off with a few updates.  First, it appears as though Dwight Dixon Collins and Kathleen D. Collins have sued Walter, Kelly, Bruce, RE Loans, Armanino McKenna, Greenberg Traurig and Elizabeth Cobey, an attorney at Greenberg.  Noticeably absent from the list is everyone's favorite villain.  Secondly, down south in Reno, the Debtors (Team Barney) failed to appear on the 25th, so the case has been continued until November 15th.  Lastly, Judge Zive denied the application to approve the Kelly Law Group and Matthew Kelly as Special Corporate Counsel.

So let's discuss.  Have at it....


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  2. Outside of the civil court, is criminal activity being investigated?

  3. The total amount being claimed in the two lawsuits is less than $202 thousand? Out of what was once said to be over $700 million in REL?

    How much money did Walter Ng Investors (NG_020) have in RE Loans before July, 2007? In Nov., 2008? Today? Is there a list of these investors?

    Dixon Collins sans Alan Pitcaithley? Fodder for another conversation.

    Researcher, since you obviously know more than the average investor about Walter Ng Investments and the possibly illegal investments from out-of-state people into CA based RE Loans, perhaps you might also know how Walter, Barney and company were able to make loans on properties outside of California BEFORE non-California property loans were authorized by the November 2007 Exchange Agreement?

    Isn't it interesting that the deeper we get into this mess the more we find that Walter's hands were just as dirty as Barney's?

  4. The correct Contra Costa County Superior Court case numbers are:
    MSC10-03006 - David Stewart and James Chiavatti
    MSC10-02977 - David Stewart

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  6. Researcher,
    Orinda? You're going to get a kick out of this.

    No whom do you suppose lives there?

  7. "According to the complaint in Collins case, which I have read last week,"

    Is the document available on-line and, if so, please provide the URL.

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  11. "So they will get paid for doing little or nothing."

    Not necessarily so.

    Geoff Berman and company did what they were required to do by contract with the RE Loans and in so doing spent more time/money than had been provided them as a retainer.

    Yes, they could have done more but the Ngs didn't like what DSI wrote to the noteholders and so reneged on their contract and failed to pay DSI what they were legally entitled to. That's what DSI is suing for.

    My only criticism of DSI is that they didn't notify the noteholders when the first notice of default was sent to RE Loans. It was only after REL blew them off that DSI formally notified the noteholders about what was going on.

    There is more to the story and I'm sure John Robie will be along to provide more of it.

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  13. DSI probably won't see a penny. Our general observation is that DSI cannot allow people like the Ng family to get away with non-payment. The lawsuit proved a point to current and future DSI clients. Pay up or we'll see you in court. As to their efficacy, they were probably just as good as anyone else would have been in their position. They did go the extra step of filing the notice of default for MF08.

  14. What collateral was there left for DSI to take on our behalf? WFF already had it all.

    I, too, would liked to have seen DSI do more for us than they did but, realistically, what more could they have done? The Ngs refused to pay them what they earned. DSI isn't a nonprofit company and I don't believe they do pro bono work.

    I believe DSI provided due diligence until they could no longer afford to do so.

    Personally, I hope they win the case and collect what monies are due them. I only wish that I had the financial wherewithal to do likewise.

    How can you fight someone in the very expensive legal arena when they use YOUR money to hire lawyers against you and you have nothing left with which to fight back?

    One of the goals of this blog is, I believe, to share ideas and information. It is my hope that someday enough 'verifiable' information will be available to allow us to once again seek the intervention of the SEC on our behalf and that we can present them with so much damaging 'evidence' against the Ngs that they won't be able to simply drop the case and then once again refuse to provide the information which they had, and their reasons for not following through, just because the Ngs requested privacy.

  15. Coco County Superior Court records are the most difficult to obtain. While the records are searchable, like Researcher said, one has to physically show up and obtain the documents in-person.

    The Google forum was a good idea, but again agreeing with Researcher, it ended up serving the purpose of allowing those of us with seemingly aligned interests to beat the snot out of each other. It led us nowhere and, likely, held us back from our ultimate goal. Had we found a better way to organize ourselves and channeled that effort productively, we might actually be in a better position today. Between the arbitration clause in the exchange agreement and the ticking clock on the statute of limitations, we pissed away too much time arguing. As AnotherNgVictim just said, we have a goal with this new forum, and that is to gather evidence which can hopefully be used to put an end to the NG dynasty and spur government intervention. Is it just us, or is it absolutely astounding that the NG entities are still in business?

  16. "Walter's taking money from the Wells Fargo line of credit for his money laundering scheme and out-of-state investors, is criminal...."

    Can we get back to this point from Researcher for a moment?

    Also, if Walter was in fact the single largest REL investor, then the vote to reorganize wasn't even necessary. It was over and done with, as we all suspected, prior to the mailing of the ballots. They probably didn't even count the ballots that were received. They are probably floating in the Bay somewhere.

  17. "is it absolutely astounding that the NG entities are still in business?"

    Here's a question: Are they still in business? And, if so, specifically which of their business (and there are MANY) are still viable?

    Another topic?

  18. Good question. As long as Mackinac Partners is getting paid, REL is still in business as far as we're concerned. There's one entity that is still technically operational. Then there's MF '08. Another entity in default, but still operational, given one's interpretation of the word "operational".

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  20. Yet the Tumwater story doesn't end there. The old Olympia Brewery slogan was "It's In The Water." Just what was in the water? Money.

  21. Oh, there's SO much more to the Tumwater Brewery saga.

    For instance, Barney sold the water rights to the property to the three surrounding cities for a bit more than $5 million, paid of some past due taxes and put the balance in his pocket.

    Like RE Loans just recently got the property back through an auction. Barney had wanted to 'give' it to RE Loans but Weissenborn said it would cost less in the long run to pay off the loan and past dues than to deal with Barney.

    Like RE Loans/Mackinac just sold a chunk of the property and one of the old buildings to a developer and it looks like the proceeds from the sale are going to WF and to pay Weissenborn and his VERY expensive crew.

    Like the initial loan was in trouble in the first place and should never have been made.

    And there's SO much more!

    And for this one there are tons of supporting documents and a multitude of newspaper reports.

    This one has been well researched.

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  23. The Horwitz vs Barney Ng case has also been well researched and both John Robey and AnotherNgVictim have copies of the many court documents re. the complaint filed by Pensco Trust/Bruce Horwitz against Barney Ng and Wild Game Ng on Oct. 12, 2009, including Barney's answer, Barney's cross-complaint, Barney's amended cross-complaint, Bruce's challenge, etc.

  24. We had a good thread going here. What happened to Researcher's comments?

  25. I wanted to (and still do) complement Researcher for his/her informative, well measured, and exquisitely executed comments on this blog. As someone with a few blogs to my name and a pretty good grasp of the legal ramifications of what we post and what people comment, Researcher brilliantly crafted comments that provided provocative data and yet protected JR and this site.

    Researcher, I'm sure you had good reason for disappearing and I truly hope it wasn't under duress from the evil empire. This is a hat tip towards you and a big thank-you for your contributions. Hope to read you soon.

  26. "Researcher" gone!?!? Say it ain't so. Was it a threat or a promise that took you from us?

  27. Does anyone have copies of Researcher's posts.
    I am an attorney trying to get up to speed on the Ng facts.
    I am considering possible legal
    action against the Ng's for an investor who had
    half of his retirement savings in this venture.
    email them to me.

  28. If someone does have copies of "Researcher's" posts, please share them here vs. sending them to one individual. We could all benefit from them.

  29. Come on gang, it's obvious. "Researcher" has likely been hijacked and his postings pulled by the people we thought were our friends at Lafayette Circle. The people we trusted for years with our investments, dined yearly with enjoying greasy, asian cuisine and listened to their sermons of "safety, security and no losses" are now scrambling to remove and silence anyone with knowledge of their greed, corruption and stupidity. Researcher is gone and I fear "John Robie" may soon suffer the same fate. I hope NOT and will do everything in my power to make sure this does not happen.

    While I – like all of you, have enjoyed Researcher's incredibly informative and insightful posts, I strongly feel it would be unfair for someone else to copy and paste them under their username. This could be harmful to Researcher and his family. Instead, let's work together to expose the real story about REL. "John Robie" started this great blog ( Now, let's get out there and pass this it along. There are 1000+ investors and it's going to take all of us. We all have misleadNg stories from people at REL. The information and details about lawsuits against REL can be found by searching the internet. If there is a related trial, real estate auction, foreclosure proceeding, etc. in your area, go to it. Bring a camera and everything you need to document and post what you find. We can't count on Researcher and Robie to carry us. Let's join forces to make truth and justice prevail.