IMPORTANT SITE UPDATE - BLOG SITE MOVED

IMPORTANT SITE UPDATE - BLOG SITE MOVED

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Today we challenge you to take a step forward, hopefully fueled by the distressing news regarding the Siena.  We're not giving up hope.  We are continuing to educate ourselves, to uncover the truth and, ultimately, we will use these truths to recover what is rightfully ours.

We've had enough of the status quo.

Have you?

The Honolulu International Airport, Bar-K and "Gross Bad Faith"

IMPORTANT SITE UPDATE - BLOG SITE MOVED

PLEASE NOTE:

BAR-K Investors HAS MOVED. We found a website that offers better functions and features as well as a more aesthetically pleasing layout. Please click the link below and bookmark this new site:

http://barkinvestors.wordpress.com/

This unpublished opinion by Judge James R. Lambden is quite a nugget.  Bar-K sued First American Title Corp. If you are interested in the details, click the link in the first sentence.  If not, then focus on the excerpts below:

Assignments to Wells Fargo Foothill

A quick search of the Harris County (TX) Clerk's Office website shows that RE Loans assigned its interests in the Bravo Marshall development to Wells Fargo Foothill (pasted below).  It's not difficult to track down these assignments to WFF.  REL noteholders were led to believe that each and every loan was assigned to WFF.  Is this the case?  If not, why would B-4 Partners exclude certain properties from the deal with WFF?  If there were certain properties not assigned to WFF, where did they go and who got them?  Could they be viewed as preferential payouts to preferred investors?  What makes one investor more important than another?  If this happened, B-4 could be much more ethically challenged than we imagined.  As we methodically work our way down the list, loan-by-loan, we'll see if this is true. If anyone has information on this subject they care to share, please do so here.

File Number Description Type Vol. Pg. Names File Date YYYYMMDD Sec. Lot Block Misc. Pgs Film Code 20080153115 SEE INSTR ASSGN Grantor: RE LOANS LLC Grantee: WELLS FARGO FOOTHILL LLC 20080328 9 RP055290556 20080433825 SEE INSTR SUBORD Grantor: RE LOANS LLC Grantee: BARRINGTON SEC 2 20080819 2 RP059241310 20070467886 KINGWOOD LAKES SOUTH ASSGN Grantor: RE LOANS LLC Grantee: WELLS FARGO FOOTHILL LLC 20070801 01 INSTR 5 RP047860917 20090113699 BARRINGTON SUBDIVISION PT REL Grantor: RE LOANS LLC ETAL Grantee: BRAVO MARSHALL COMMUNITIES LP 20090319 01 B0002 INSTR 5 ER010971715 20090113702 NO 096693Z REL Grantor: RE LOANS LLC ETAL Grantee: BRAVO MARSHALL COMMUNITIES LP 20090319 5 ER010971720 << Previous 1 Next >>

Siena GM Clyde Callicott: "The staff and management of the Siena have made a major commitment to you."

The August 2, 2010 Siena Newsletter from Mr. Callicott speaks of such good things to come.  Do you remember all the way back in August when the Siena was on top of the world?  Yeah, neither do we.  Clyde teases us with this statement:  "We a few (sic) new surprises this time just to shake things up a bit."  Who knew that meant they would stop allowing gambling at the casino?

Perhaps the Nevada AG should investigate this sentence:  "Everyone is a guaranteed winner."  We're not winners on this deal.  Are you?

Callicott ends by saying, "See you on the floor," but fails to alert us to the fact that the table games will be gone, the slots will be unplugged and the gambling floor will be walled off two short months later.  Details, details....

 Message from the Siena General Manager – Clyde Callicott

Another Reno Summer is whizzing by at the Siena and the action is getting even hotter. We a few new surprises this time just to shake things up a bit. Let’s start with tournaments. Not only do we have $2K Open Slot Tournaments, now on it’s new day Tuesdays from 12vnoon to 8PM where you could win your share of $2000.00 in cash and prizes, we’ve added a new tournament, The Siena $1000 Free Video Poker Tournament, Saturdays from 12noon to 3PM . For River Club card member we are rolling out the Red Carpet as we host special “Guest Appreciation Days”.

Siena Hotel & Casino - Is The End Near?

According to a local TV station, the Siena's casino floor is not currently open due to money woes. 


READ THE STORY BY CLICKING HERE

More here, too

Mortgage Fund '08 September 2010 Newsletter

We received the September 2010 MF '08 newsletter in the mail this weekend. Thank you to Walter and Kelly for keeping us abreast of the latest developments.

At first blush, the outlook seems rosier for the '08ers than it does for the REL'ers or the RE Reno'ers.  '08 doesn't have a $60+ million line of credit and isn't contemplating a secondary loan of $20 million like RE Loans, nor were they subordinated to junior status like the RE Loans noteholders.  '08 also isn't a secured creditor staring down the barrel of a bankruptcy filing by Wild Game Ng/One South Lake/Hi-Five like RE Reno.  That's the positive news.

The not-so-positive news is embedded within the newsletter and many of the statements beg for further clarification.

Siena Bankruptcy

There are a few documents that we are anxious to see as the bankruptcy moves forward.  The first document is the supposed lease signed in March 2000 between Wild Game Ng (Barney) and Hi-Five (Barney) where Barney is supposed to be paid approximately $350,000 per month in rent.  The second document is the underlying paperwork attesting to the fact that Hi-Five (Barney) owns 25% of One South Lake (Barney).

If you're confused, it's quite simple.  Barney will come out of this filing smelling like roses.  The rest of us won't.  We're not surprised.  Are you?

Jim Weissenborn's September 9, 2010 Newsletter

We will spend time breaking down the newsletter in the near future.  In the meantime, here are our initial thoughts:

1. The money is gone.  If you can't figure this out after reading the newsletter, we feel sorry for you.
2. On page 3, the nifty pie chart shows 0% of the loans Walter, Barney, Bruce and Kelly made are performing.  Note that everyone's favorite, Walter, is included in this list.  Conventional wisdom these days is to point the finger at Barney, but it's not too difficult to understand that sweet Walter may have unclean hands.
3. Speaking of Barney, Capital Salvage is a far bigger player in this whole mess than I anticipated. 
4. Speaking of Bruce, it's sad that such a well-respected member of the community found it so easy to mislead us.  These investments were safe according to Bruce.  They'd never lost a penny according to Bruce. Don't worry, said Bruce.  NONE of the loans were safe.  Not a single one.  The exchange agreement is no big deal, said Bruce.  Nothing will change if you sign the exchange agreement, said Bruce.  The exchange agreement subordinated every single investor to WFF.  Forever. 
5. WFF drew down all but half a million dollars of REL's cash reserves.  Question - how much was in the account before WFF drew it down?
6. Weissenborn wants to take out a smaller loan to cover taxes and carrying costs in the amount of TWENTY MILLION DOLLARS!   Weissenborn is simply digging a deeper hole for us.  Question - Will the noteholders be subordinated even further down the list?  Likely pecking order if/when the new loan is secured:  1)  WFF 2) Company loaning $20 million 3) noteholders. 
7. The Ad-Hoc Creditor's Committee isn't supposed to communicate with the other noteholders, but they are supposed to help Weissenborn gain a better understanding of "investor concerns."  How can the committee understand what we're going through if they're not allowed to converse with the rank-and-file?  The hand-picked committee is a sham.
8. Pearl Tom is a member of the Creditor's Committee.  Why does her name keep popping up everywhere?  Ms. Tom's name appears on all the Siena/Wild Game Ng/High Five/Five-Way/One South Lake bankruptcy filings.  Somehow she's figured out how to receive notice on all the BK filings.  Just who is Pearl Tom?  We'll delve into that at a later time, but it's becoming abundantly clear she's in cahoots with sweet Walter.

More later....

A Spotlight on Kelly NG

One fourth of the B-4 partnership happens to be a BIG volleyball fan.  He plays volleyball.  He coaches volleyball.  He even trains for volleyball by dancing along with some sort of video game. 

Money Manager, Volleyballer and Dancer Kelly NG was highlighted in this SF Chronicle blurb.

That, my friends, is 1/4 of the B-4/Bar-K/RE Loans/Mortgage Fund '08 brain trust.

Investor: Barney NG is "An Egomaniac"

The RGJ takes a superficial look at the Siena.  Barney speaks, but continues to blame the Siena's failure on the slot machines.  You can read the article here:  Siena Doomed To Fail?
The paper also runs a companion article.  This one is kind of fun given the title on the RGJ headline about Barney:  "He's An Egomaniac".

Labor Day Weekend

Today is Friday, September 3rd, 2010.  Labor Day is on Monday.  It's also the day before most kids go back to school across the country.  The importance of Labor Day to investors in the Bar-K family of funds is that the majority of the investors *must* labor, more often than not because our investment has stopped paying interest.


It is going to take a lot of energy to continue the fight to recover our money lost to the NG dynasty.

In that spirit, may you enjoy the national holiday to the fullest.  Rest, relax, sit in the sun, have a cocktail, a picnic, or a barbeque and, hopefully, take some much needed time with family and friends.

Revolving Door Policy

Finally a bit of press coverage on something important to us.  Unfortunately, Rolf Boone, the author, got it wrong at the end, as Capital Salvage, as we all know, is Barney's entity.  RE Loans recently "won" the property back at auction, essentially recovering the note for no money down. Get an NG out, replace that NG with another NG.  That's the theory here.

If, in months or years past, "the brewhouse was listed for $2 million and the two parking lots were listed for $1 million," then RE Loans (or Capital Salvage, if you will), isn't taking home a lot of cash, which means the WFF LOC isn't going to dwindle much, if at all due to this potential sale.  Also, what's with the NG propaganda machine touting potential sales?  It's all horse manure until there is something concrete to tell us. 

The Press, The Government and Disappointment

There are a few issues that have caught the attention of Bar-K investors lately.  You know what they are, right?  The Olympia Brewery in Tumwater, WA and the Siena Hotel and Casino in Reno, NV.

I've been disappointed by the lack of media coverage on these two issues, with the exception of the Channel 4 in Reno and an obscure blog.  When the local TV station  and a blog upstage the local newspaper, something is wrong, especially when it comes to investigative journalism.  The Reno Gazette-Journal ("RGJ") writes a story here and there on the Siena, but, ultimately, they are just skimming the surface, which does less harm to the local economy.  I get it.  I really do.  There are jobs at stake here.  This has a profound effect on lives, relationships and families.

December 31, 2012

MARK YOUR CALENDARS!

December 31, 2012 is the maturity date of the RE Loans note.  As we all know from our thorough reading of the October 2007 RE Loans Reorganization Plan And Note Program (the "Exchange Agreement"), we can get our money back if the Ngs feel like it.

It's so close we can almost taste it!

An open letter to our savior

On July 15th, James Weissenborn ("Jimmy"), the Chief Restructuring Officer of RE Loans and the Managing Partner of Mackinac Partners wrote a letter to RE Loans noteholders.  If you haven't seen the letter, check out the RE Loans website (recent news section) and look under Mackinac Correspondence.  Click on the link for "Message from Chief Restructuring Officer (CRO)".   Now, onto the response...

Kelly NG. Volleyball Coach / Fund Manager. WHAT WERE WE THINKING?

Math Camp

It's summer, and children across the country are having the time of their lives at camp.  Maybe it's art camp, perhaps it's religious camp, or something more athletic like soccer camp.  I figured the good readers of the Bar-K Investors website might want to join me at math camp.

As we all know, there are too many people who have had to end their retirements and go back to work.  Some have had to stop watering their lawns, or scrap the remodeling of their homes.  Others had to swallow their pride and move in with family members.  Even worse, some of us have skipped medical treatments or been unable to pay our medical bills.  I have heard stories about some unfortunate noteholders losing their homes to foreclosure.  It's far from uplifting.

Is Mortgage Fund '08 A Ponzi Scheme?

Sadly, the Courthouse News Service looks like the only outlet interested in covering this $64 million issue.  Then see this document (page 6 Box 13).  You'll notice that the total amount sold is actually $84,868,977 according to Coach K, everyone's favorite volleyball coach/fund manager, brother of Barney and, of course, son of Walter.