Who Is James Kroetch?

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Who is former Bar-K attorney James Kroetch?  Will a deeper understanding of Kroetch lead us down a productive path?

An anonymous poster has pointed out that Kroetch now runs Medallion Silver, LLC:

Entity Name:	MEDALLION SILVER LLC
Entity Number:	201002510065
Date Filed:	01/22/2010
Status:	ACTIVE
Jurisdiction:	CALIFORNIA
Entity Address:	ONE NORTHWOOD DRIVE STE 1
Entity City, State, Zip:	ORINDA CA 94563
Agent for Service of Process:	JAMES E KROETCH
Agent Address:	ONE NORTHWOOD DRIVE STE 1
Agent City, State, Zip:	ORINDA CA 94563

If anyone out there believes an examination of Kroetch can be instructive, please share any information you might have below in the comments section.

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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This blog is a safe place.  You can post anonymously.

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"

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This unpublished opinion by Judge James R. Lambden is quite a nugget.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:

UPDATE: BAR-K LOSES REAL ESTATE LICENSE AGAIN - SEE STORY AND COMMENTS

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Note:  The following has been re-posted by request.  The original was posted on September 18, 2010.  New information has been provided in the comments section below.  Barney's license is/was listed as 'Salesperson', not 'Broker'.

Another day another doc.  Click HERE and scroll down to page 8.  Look in the middle column near the top.

Barney Joe NG (Real Estate Officer - "REO") and Bar-K (Real Estate Corporation - "REC") were suspended by the Department of Real Estate for a 2832 10177 (d) violation.

On page 5, you'll find disciplinary action definitions.

• A 2832 is for "Failure to comply with trust fund handling provisions." 

• A 10177 (d) is a "Violation of real estate law or regulations."

These violations were effective 10/31/01.  Barney and Bar-K were suspended for 180 days, but the suspensions were stayed on terms and conditions.  No word on what the terms and conditions were, but it does highlight a disturbing trend of questionable actions.

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

Siena Bankruptcy Update

Following up on the September 14th posting entitled "Siena Bankruptcy", we stated that we were anxiously anticipating the day the Wild Game Ng / Hi-Five and/or Five-Way Development lease would be made public.  That day is upon us.

There are two leases that we could find.  The original lease from March 6, 2000 and the amended lease from April 14, 2000.  Are we to believe that the original lease Barney signed with Barney wasn't rich enough for Barney in hindsight (6 weeks later)?

It turns out that we were way off on the numbers from the September 14th posting.  The monthly rent wasn't $350,000 per month. It's actually $553,333.34 and, prior to the Siena BK filing, was scheduled to balloon its way up to $774,666.67 shortly, as the lease hits its tenth year. It was scheduled to escalate to $885,333.34 in its 15th year. Anyway, the latest filing seeks to suspend these $553,333.34 monthly payments from Wild Game Ng to One South Lake, substituting $11,000 monthly payments instead.  For those of us who are mathematically challenged, that's $132,000 a year - a nice income that many of us would be thrilled to have given the state of our investment(s)...but let's move on, shall we?

Bar-K and Barney NG were suspended by the CA Dept. of Real Estate in 2001

Another day another doc.  Click HERE and scroll down to page 8.  Look in the middle column near the top.

Barney Joe NG (Real Estate Officer - "REO") and Bar-K (Real Estate Corporation - "REC") were suspended by the Department of Real Estate for a 2832 10177 (d) violation.

On page 5, you'll find disciplinary action definitions.

• A 2832 is for "Failure to comply with trust fund handling provisions." 

• A 10177 (d) is a "Violation of real estate law or regulations."

These violations were effective 10/31/01.  Barney and Bar-K were suspended for 180 days, but the suspensions were stayed on terms and conditions.  No word on what the terms and conditions were, but it does highlight a disturbing trend of questionable actions.

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. 

Scouring the internet for NG dirt

Technology is really amazing these days.  Back when I invested in RE Loans, the internet wasn't what it is today.  Now, a simple Google search turns up some really incredible information.

Read this story about Michael Ohayon & David Papera.  Then scroll down to the comments section and check out the posting made by my favorite internet poster of the month, AnotherNgVictim.  If you check the 2009 (de)valuation document written by Mary Ann Lerch, you'll spot Loan Number T0467.  Loan Number T0467, as Lerch states, is "REO. Property is owned by R.E. LOANS, LLC (3XS, LLC)."  3XS, LLC is a registered business in the state of California.  The Agent For Service Of Process is none other than Michael Ohayon.  The comments made by AnotherNgVictim do a great job of pointing out the NGs history of doing questionable deals with crooks (see All American Bottled Water in Tumwater, WA).

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!

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.

B-4, aka a story by Mario Puzo

According to those in the know, B-4 includes the following:

-- Walter Ng
*81 years old...coincidentally born the same year as the beginning of the Great Depression. Walter, the patriarch, is the Godfather, Don Corleone in this story. Loved and trusted by many, despised by some...will the people ever really know who the real Walter Ng is?

-- Barney Ng
*Some consider Barney to be either Michael Corleone or Sonny Corleone. He's probably a little bit of both -- he's smart, devious, impulsive, lives in the shadows, pulls all the strings....

-- Kelly Ng
*Some consider Kelly the Fredo Corleone of the family. Call him up on the phone and come to your own conclusions.  To make ends meet, Kelly coaches volleyball (Kelly's Other Day Job - go to roster, then scroll down to coaches).

-- Dr. Bruce Horwitz
*This is the guy who got people to trust the investment pools. Who better to trust than a pediatrician?
*Consider him the Tom Hagen of the family, the consigliere, in a way, except for the fact that Michael Corleone and Tom Hagen never sued each other.