JB and ZJMY Holding Co (JBZY)

[Sonar]

Oceanwide Plaza needs JBZY to raise capital.

https://www.youtube.com/shorts/zuogdsyIe60?feature=share

[Sonar]

New Oceanwide Plaza LLC bankruptcy dates.

On February 13, 2024 (the "Petition Date"), petitioning creditors Lendlease (US) Construction Inc., Standard Drywall, Inc., Star Hardware, Inc., Woodbridge Glass Inc., and Mitsubishi Electric US, Inc. (together, the “Petitioning Creditors”) filed the Involuntary Petition for relief under Chapter 11 of the United States Bankruptcy Code against Oceanwide Plaza, LLC (the "Alleged Debtor").

The Debtor's bankruptcy case is pending under Case No. 24-11057 before the Honorable Deborah J. Saltzman in the United States Bankruptcy Court for the Central District of California (the "Bankruptcy Court"). On March 8, 2024, the Alleged Debtor requested that the Bankruptcy Court enter an Order to Allow the Alleged Debtor to commence its Chapter 11 case as a Voluntary Proceeding and commence operation as a Debtor-In-Possession.

Case No. Debtor Name
24-11057 Oceanwide Plaza, LLC

Meeting of Creditors
April 23, 2024
(09:00 AM PT)

Hearing
April 25, 2024
(02:00 PM PT)

Omnibus Hearing
June 11, 2024
(01:00 PM PT)

[Sonar]

The case is set for a hearing on March 28.

"Lendlease and four other contractors filed a petition against Oceanwide Plaza LLC in the U.S. Bankruptcy Court, claiming they haven’t received payment for their contributions to the project, Bisnow reported. The move follows Oceanwide Holdings’ admission of financial difficulties more than four years ago, prompting Lendlease to view the legal action as the only means to secure compensation.

With the petition, Lendlease aims to compel the court to appoint a trustee who will oversee the sale of the Oceanwide Plaza property, effectively ending the protracted deadlock that has plagued the site for years. The goal, as stated by Lendlease, is to allow the unfinished project to move forward for the benefit of the local community.

The case is set for a hearing on March 28, where creditors are expected to argue that they have exhausted other avenues for compensation. The proceedings will require Oceanwide Plaza LLC to disclose information about its assets and liabilities, offering a comprehensive understanding of the company’s financial standing and why these resources haven’t been utilized to settle debts."

[Manti]

The most positive outcome would be for Oceanwide to go through with the bankruptcy and clear the unsupportable debt they incurred.

Then they can reorganize the profitable portions of the business under the new shell. They were doing ok before they expanded into other areas.

[Sonar]

As is the norm, nothing makes sense.
a. Google Eddie Norward Jr; points to an individual associated with numerous unsuccessful small businesses.
b. WYSOS address belongs to Oceanwide Plaza: "A broke Chinese real-estate developer left Los Angeles with empty, graffiti-covered towers that could cost billions to finish. A Chinese firm started to build a massive tower plaza in Los Angeles but ran out of funds in 2019. The Oceanwide Plaza towers are now mainly used by graffiti artists and BASE jumpers."
c. "L.A. OKs $3.8 million to clean up and secure Oceanwide Plaza."
d. "A Bermuda court has ordered the liquidation of a Chinese development firm whose subsidiary sank $1.1 billion into an uncompleted hotel, condo and retail project in Downtown Los Angeles. The Caribbean court appointed liquidators of Beijing-based China Oceanwide Holdings, whose Oceanwide Holdings didn’t complete the three-building Oceanwide Plaza at Figueroa, Flower, 11th and 12th streets in South Park."

Time will tell; the 2020 amendment is either a Scam, Joke, or an attempt to raise capital for a failing real-estate venture.

[Samiam7]

Very glad to see a change

[Sonar]

JBZY $0 debt & 9.2M OS = Pink Diamond.
All we need is Good Management and a little polishing.

[Manti]

And I've got my 3%.

[Chinese Ryder]

Good luck to you. I seriously hope this goes current. Once and if this trades again, it is game on.

[Sonar]

Still holding 2.8% of the OS.
Right now it's worth less than TP paper.
Audited financials would be a blessing. 🤩

[SINCERELY2]

I agree. I have several shares from before, but would love to have more. I think it will run very hard if someone has taken over the ticker.
Maybe very difficult to get shares imo.

[Chinese Ryder]

I know exactly what you know. But I do know if someone gets this ticker current, it's going to run, fast and hard with it's current share structure.

[SINCERELY2]

You seem pretty sure of this. Any reason besides what we know now? Thanks

[Chinese Ryder]

Not could, if this gets current is going to move crazy fast. I just hope I can get in fast enough. All depends on if it gets to pink current. Financials and an attorney letter updates to the OTC.

[SINCERELY2]

With a little over 9 million O/S, it could move very fast to $$$$$$$. imo

[$treet Trader]

Love to see that, still holding free shares from last Monster Run

[Chinese Ryder]

Watching and waiting here. As soon as trading starts again, I will be buying. It's going to move fast.

[Sonar]

As you stated "Can't scam, if it doesn't trade."
Probably the best evidence something is in the works.

[Chinese Ryder]

They need to submit updated financials to OTC Markets in order to become Pink Current and off of the Expert Market.

[rookinvestor]

I don’t grasp the recent upgrades, but CE used to mean “buyer beware”, so it can still trade. Hopefully, new PRES/CEO will respond with some sort of general outlook. In the meantime…..business as usual. Thanks Sonar

[Sonar]

I emailed Mr. Norward a week ago, No reply.
Don't know how trading can occur while in Caveat Emptor (No Trading) status.
In order to bring JBZY back to life management needs to pay the WYSOS tax bill.

[rookinvestor]

Looks like some volume today. Anyone have success contacting the new PRES/CEO?

[Chinese Ryder]

All eyes on OTC markets for submissions. Nothing concrete here at all until some major updates hit. But a very interesting development. Can't scam, if it doesn't trade.

[SINCERELY2]

Yes sir! If they have their act together. Many $$$$$$$$ imo.

[SINCERELY2]

Thanks. Well we at least have a chance now. How good, we will find out.

[Chinese Ryder]

Even at a fraction of what this was trading in China, with this share structure, it's going to dollars.

[Sonar]

Here's what we know.
a. Edward Norward Jr. is the new president of JBZY.
b. There is documentation showing him as "Company contact, CFO, Investment" for Tohigh Construction Investment.
c. OceanWide Holdings was a subsidiary of Tohigh Construction Investment.
d. The address used on the WYSOS 2020 amended annual report is the same as Oceanwide Holdings address.
e. Oceanwide Holdings over leverage themselves in real estate and bank loans and were removed from the Shenzhen Stock Exchange.
f. Check Youtube for more info.

[SINCERELY2]

This is Great news. After being dead for so long. I was puzzled why no one would consider buying it with 9 million O/S.

[SINCERELY2]

I am proud there is some movement happening.

[SINCERELY2]

Are we pretty certain they bought JBZY?

[SINCERELY2]

Anything is better than what we have now. With 9million OS, it could be a bonanza! What potential do you see in Oceanside? ty

[Sonar]

Oceanwide Holdings hit bottom in China.
OTC is an opportunity to raise capital and start over.
Let's hope they learned a few lessons along the way.
New name, new symbol, audited financials =😎

[rookinvestor]

The zip code difference is easy to see. The Wilshire Blvd address appears to be walking distance from Flower address. Adjoining zip codes. Let’s see what happens in the 2nd quarter.

[Sonar]

Oceanwide Holdings was removed from Shenzhen Stock Exchange and needs cash.
Might be a reason for possible OTC listing.
https://www.yicaiglobal.com/news/debt-stricken-oceanwide-is-first-chinese-developer-to-be-kicked-off-bourse-this-year

[Sonar]

"If" new management is connected to China Oceanwide Holdings 😍
https://en.wikipedia.org/wiki/China_Oceanwide_Holdings_Group

[Shawnehill80]

Good I’m glad you posted this, I was going to but never got around to it lol

[SINCERELY2]

This has the potential to be a major win for us imo with 9 million shares outstanding.

[Sonar]

JBZY status: Inactive - Administratively Dissolved (Tax)
1st; pay the WYSOS tax bill.
2nd; become current on OTC.
3rd; change the corp name & symbol.
4th; public announcement.
🤩

[rookinvestor]

A gmail acct is a positive step…..let’s see if OTC gets updated soon/next/eventually

[Sonar]

Not sure who Mr. Norward is, anyone can create a gmail account.
If the WYSOS email address was; [e-mail], that would be impressive.
Time will tell, no reason to run a scam yet if nobody can trade JBZY.
Real estate corporations in China are hurting for cash, best case scenario, Oceanwide Holdings using JBZY to access US market.
That would be BIG.

[Shekiboy]

Look at the email he used on the Amended...

[Sonar]

Document shows connection between Eddie, Norward Jr and Tohigh Construction Investment, Llc
https://www.myvisajobs.com/Visa-Sponsor/Tohigh-Construction-Investment/1236463.htm

The address used on the WYSOS document (1101 S. Flower Rd 90017) is identical (with exception of zip) to Oceanwide Plaza
https://toplacondos.com/Oceanwide-Plaza

[Manti]

There's definitely a connection, but just what the details are remain to be seen.

Undoubtedly the connection with JBZY has to do with future plans and not the past.

Fingers crossed....

[Chinese Ryder]

Connection here?

https://www.levelset.com/property-owners/oceanwide-holdings-co-fka-tohigh-construction-investment/project-history/

[Chinese Ryder]

https://en.wikipedia.org/wiki/Oceanwide_Holdings

[Manti]

https://www.bizapedia.com/ca/tohigh-construction-investment-llc.html

[Sonar]

I Google'd our supposed new president Eddie Norward Jr and found nothing of interest.
Anyone can file a WYSOS doc as we experienced years ago with the false new CEO submission.

[Sonar]

Wow! JBZY Under New Management, Update 2/27/24
https://wyobiz.wyo.gov/Business/FilingDetails.aspx?eFNum=217161243108068011203050228075228024036162237117
Greetings to our new president: Mr. Eddie Norward Jr, Los Angeles CA, To High Construction Investment Limited Partnership.
Shareholders can't wait to hear your plans for JBZY. (Pls change the name & symbol)
With $0 debt and 9.3M OS, JBZY is a pink diamond on the OTC, strong leadership and a little polishing we'll return to $$ in no time.

[justang]

There is new activity on the wysos page for Jbzy. New ownership name on latest documents

[SINCERELY2]

I assume Caveat Emptor (No Trading) I believe.