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Why is everyone calling the transfer agent? Hasn't anyone thought to call the county clerk and/or recorders office where the aspen cove property is located, and ask if cal bay appears in the grantee/grantor index? or if a judgment lien has been filed? Anyone bother to call the court clerk to see if a judgment came down in the edgewater case yet? The answers to those questions are readily available and have direct bearing on whether to invest or not. The creditors control the destiny of cbay, not Pawson or his successor.
No that investment group will not buy again imho. But a new group will buy in when Pawson press releases the fact that the rent on cal-bays post office box was paid up for another 6 months. JK Can you believe people are actually trying to pump this thing based on the fact that cal-bay may have set up a virtual office? Or that Pawson is going to step down? Or that his replacement will be their savior? Who in their right mind would want to associate their name with cal-bay and all of its problems as its CEO? Maybe that Ruth character Jim Plant got to take the fall for him over at ckys?
LMFAO. Judgment creditors have the right to subpoena corporate officers to appear in court and testify as to the whereabouts, etc. of the corporate assets. If they do not appear, when found, they will be thrown into jail for contempt. Likewise, if they do not produce corporate records on a subpoena duces tecum they will be jailed. So , who in their right mind would be foolish to step in the shoes of Pawson? Forest Gump?
Most posters on this board assume the email posted about Pawson still being around is what caused the sell off yesterday. IMO it was the $4 million dollar judgment against Cbay that came out Monday afternoon which caused the volume. Those that bought on the assumption that the Nevada case had been settled , imho took their losses and moved on.
An involuntary bankruptcy in my view is not negative. Perhaps the shareholders could ask the bankruptcy court to set aside or reduce some of those deficiency judgments because of the gross negligence of the ceo in not defending that litigation. It would provide a forum to trace what happened to all the money in cbay...e.g. the 250,000 from the sale of the high springs , florida (alucha county) home. Perhaps it would lead to the recovery of any misappropriations that may have occurred say with all the forfeited earnest money deposits. If there is any net equity in cbay's assets, such a bankruptcy would perhaps forestall those in control from taking it out as salary or severance pay. You as a shareholder would finally get to see the records...an explanation as to what happened. I believe you would have more to fear from a white knight who then files a voluntary bankruptcy and motions to have the existing common wiped out. At least in an involuntary bankruptcy you have a chance at getting part of what is leftover, if anything. Right now cbay has a bunch of judgment creditors which can be viewed as wolves all tearing apart their prey at the same time. An involuntary bankruptcy would provide a more orderly disposition of the assets and perhaps obtain greater sales proceeds.JMHO.
I do not make anything up. Re read what I wrote . I am stating who ever is in control cannot block the creditors actions. When I say real directors, real ceo, I was listing them as an alternative to Pawson, because it doesn't matter whether its mercer, pawson or rizvi (sp) or you. You accepted as true when Wick represented that the Nevada case had been dismissed. Boy were you and wick wrong ! But now that he posts something that is negative in your view you cannot accept it as true.
People always care when the assets have value worth fighting for.
My point is Pawson, the real directors of cbay, the real ceo of cbay can do NOTHING to stop what the judgment creditors choose to do including an involuntary bankruptcy proceeding. The time to settle was the period before the judgment was entered --- not after. There is what is called a "consent judgment" whereby plaintiff and defendant can agree on the amount and terms of payment of a judgment and end the litigation bypassing a decision by the judge. These types of judgments are termed "consent judgments" on a docket sheet. Yet cbay didn't hire a lawyer for the charlotte property, didn't rehire a lawyer in the nevada case, and let the plaintiffs attorneys basically end up with what ever they asked for. I believe if cbay had any assets of substance , we would have seen these types of judgments entered or maybe have seen Cbay give the lender a deed in lieu of foreclosure so that there would be no deficiency judgment. If Pawson is the majority stockholder, and there are indeed assets, it would have been in Pawson's best interests to see that general mortgage only got say a 500,000 deficiency instead of a multi million dollar deficiency. When there is no fight by the defendant , it usually means there is no assets worth saving because of decrease in market value, negative equity, whatever. Moreover, given the value placed on the stonewall note by Pawson which was overstated by Pawson by 14 million dollars, any valuation made by Pawson on any of the other properties is highly suspect. JMHO>
When can we expect the Ibox to be cleaned up and remove all the speculation about the nevada case being voluntarily dismissed?
When will the 4 million dollar judgment in the Nevada case be reported in the Ibox?
Shouldn't a warning be posted next to the "new" ceo's press releases given that many of the posts relied upon have now been discredited by the same poster who bailed based on his presentation of an email from an IR person of cbay?
Imho (based on decades of professional experience) there will be an involuntary bankruptcy filed probably before year end. All the judgment creditors will soon realize that it will be in their best interests to have a bankruptcy court resolve all the claims and liquidate the assets. Cbay has no less than 8 million dollars in judgments against it per court websites, which makes it an ideal candidate for an involuntary bankruptcy. The creditors call the shots from here on out imho and it is irrelevant whether the new ceo is legitimate or not or whether he "invested" $300,000 or not. All the discussion on this board about "settlement" of these judgments is pure speculation. The judgment creditors only have to record their liens, pay a few hundred dollars in filing fees, and ask the court to schedule the sales on the court house steps ---- so there is no incentive to settle. The posters on this board can not even decide if the new ceo is legitimate, how are the judgment creditors suppose to decide? By the time they figure it out they could have cash in hand from the sales. Why negotiate with someone who has no authority or whose authority is suspect? It would be a waste of time. A collectable judgment is a wonderful thing. Its like a freight train...there is no stopping its forward momentum. JMHO>
Pawson will never voluntarily relinquish control of this company imho because anyone who gains control can examine everything he did and have the corporation sue Pawson for his misrepresentations and misdeeds. That is why imho the creditors will force this company into bankruptcy ---to find out what has all transpired in an attempt to trace and attach everything that is owed the creditors. And all of you have overlooked one very important factor. These creditors have judgments against Pawson individually. All of Pawson's shares in cbay may be attached by any of the creditors at anytime now. And I believe some of those creditors would be more than happy to do this out of spite, revenge, or just to hasten the information gathering and collection process.
Why don't you demand the same of others on this board. There is absolutely nothing to support that cbay paid the taxes, that the las vegas case had been voluntarily dismissed, etc., but you continue to this day to let it be posted, and me attacked personally as a basher, when I simply report the facts from government websites.
You let posters say cbay is in settlement negotiations, but where is the evidence ? Moreover, just by virtue of the fact that a summary judgment was rendered indicates that there was no settlement involved because it is an adversarial proceeding. Yet you allow without comment his post that there is a settlement involved. And how is tag team any word of attack. I am called basher and you do nothing. Tag team describes no one in particular. I will go to Matt and ask about your censorship.
The posters discussion on this message board came up with the conclusion that the "new" ceo (1) purchased 300,000 plus; (2) on the open market; (3) ousted Pawson ; and (4) did so to move cbay forward. Those posters are biased because they bought shares on the mistaken notion that the las vegas litigation was settled which was false and obviously don't wish to become bagholders.
But why do you readily believe he bought to move cbay forward? He could have bought to ensure that past misdeeds of others are kept secret and die along side with cbay.
Your focus is on what he supposedly paid. My focus is on what he already made, and what he recently paid, imho could just be a necessary "closing" expense. Perhaps a "stay out of jail card" for others.
Anyone who had a desire to move the company forward, does not let litigation go into default. Anyone who has assets to inject will not do so if those assets will be jeopardized by judgment creditors. One does not let involuntary bankruptcy become one of the creditors options. The new ceo has absolutely no say in what the creditors can and cannot do.
The issue is whether there is equity in any of the properties Cal bay owns. Well if Aspen Cove is mortgage free, don't you think General Mortgage did an asset search and found it and either has or is in the process of filing its multi million dollar judgment in Utah so it can sell the property and collect? The stonewall note is worthless, read the bankruptcy decision case cited in the ibox. If cbay is trying to sue to recover from the entity that sold it the worthless stonewall note, well cal bay bought that note without recourse which basically means "tough luck" cbay. Moreover, if my memory served cbay paid for it with preferred b stock so cbay screwed that entity in the deal too. All the california property was frozen by the court in the edgewater (sp) case which had a default hearing on October 29th. So there is probably another 800,000 judgment coming down in days. 8 million of judgments we know about. Nothing down, nothing left.
Perhaps worthy of note is that in the Nevada case, these Plaintiffs know one another if not personally through their lawyers. They now (or will have in thirty days after the judgment becomes final) a liquidated claim. Only a few need to join forces and throw cal bay into involuntary bankruptcy. Only bankruptcy can clean the cbay shell before anyone is going to put any assets into it imho.And why would anyone put assets in it and share with existing shareholders when they can petition the bankruptcy court to wipe out the old common and get new common for their injection of capital. Judgments last as a lien for 15 to 20 years and can be "revived" thereafter to last even longer. Assets sold on the court house steps go for less than fair market value, and most of the assets already have mortgages against them . If by some slim chance anything is left, those in control of cbay can simply take it out as salary. There is absolutely no "goodwill" associated with cal-bay for anyone to have incentive to turn it around. All smoke and mirrors again to unload shares on those with false hope.
No way. There is no settlement negotiations going on anywhere. Why would judgment creditors want to settle? They just record there judgment and start selling cbays property off on the court house steps. They are tired of waiting.
I am the only one that reports the facts. The tag team discussed possibilities that someone became regarded as facts, but there is nothing which clearly establishes half of the bs posted in the ibox.
The summary judgment in all probability ended the case completely. All summary judgment does is eliminate the necessity of a trial...the law and facts were undisputed and the court had to rule for plaintiffs as a matter of law. If the case is still open, it is only to keep jurisdiction over the property manager till he accounts for all the money he collected and paid out.
Read the minutes on the court website. Cal bay was sued because it wasn't paying the mortgage and taxes on the properties although cbay was collecting the rents. The court appointed a property manager to collect the rents back in may. It was that property manager that was voluntarily dismissed...not cbay. The case continued on as I stated on this board which subjected me to attack from the tag team. A new property manager was then appointed. Cal bay's lawyer walked away and cal bay had no representation. This is like your neighbor getting his house foreclosed against and he moves out. You think the neighbor is going to pay the taxes on the house that he is going to lose? It was the court appointed property manager that paid the taxes from the rent collected. Cal bay walked (ran) away from these properties.
Enough with your interpretations. You represented on this board that the case was voluntarily dismissed and you were wrong. You represented that cal bay paid the taxes and there is no way cal bay paid the taxes when it didn't even have a lawyer representing it. As soon as the judgment is filed , it is a lien against all the las vegas properties. If the court has not awarded the title back to plaintiffs, then the plaintiffs will simply have the properties sold on the court house steps to satisfy the liens. My guess is these judgments are deficiency judgments. Time will tell. Something will be filed shortly in the recorders office.
go to the nevada court site listed in ibox. click corp party search. type cal-bay. then click on case number and then click judgments and read.
Really, looks like Cal bay just got slapped with a 4 million dollar judgment against it in the nevada case. Look under judgments on the left side.
Well people , the summary judgments against cal bay, Pawson, etal were filed today in las vegas. See court website. So you see, the case was not dismissed as was alleged by the tag team. All the las vegas properties involved no longer belong to cbay. So who still believes cbay paid the taxes? LMFAO.
M Mentioned
O Often
A As
S Speculators
S Sell
A combination is a merger or the sale of assets . See 78.416 (2) for Nevada's statutory definition.
http://www.leg.state.nv.us/NRS/NRS-078.html#NRS078Sec745
The reason he didn't go through with the asset purchase agreement is because (1) it was against Nevada law because it constituted a "combination" and he had to wait at least 3 years; and/or (2) subsequent to the announcement he learned he did not have majority control. JMHO
Why would anyone want to pay someone else's debts? Why would the new ceo want to make any of you money? If cbay has any assets left, there simply is not any equity in them given the unpaid civil judgments that exist or will exist. If the new ceo pays $2,000,000 in cbays debt he is out $2,000,000. No way to get it back. In order to protect any capital injections, he has to first bankrupt cbay, have all the liens discharged, get rid of the common so he doesn't have to share with you guys, and then start using the cbay as a market share trading vehicle with a new common series of which he owns 100% because of his injection of capital. Only then does he have two million still to work with to build something else. And why would anyone want to even attempt to rebuild the cbay name. There is so much BADWILL associated with the company, it would be impossible to overcome.
Duh, what about the zillions of other creditors assuming edgewater creditor would accept such a deal which is against their interest?
Moreover, the judgment is a certainity. Any agreement with cbay is open to dispute because no one is certain if the "new ceo" is what he represents himself to be. If the new ceo was hostile in the alleged takeover, why wasn't nevada law followed, and what makes you think Pawson has even turned the corporate records over to him by now. Hard to do anything without records, and Pawson has his reasons to not turn over cbay records. JMHO.
The creditor can go into the market today and buy 3 million shares for say $600. The creditor has a claim say for .8 million (edgewater) which he knows on the 29th becomes a judgment and he can start selling cbays california assets off to collect when the judgment becomes final in 30 days! No chance in hell. A bird in the hand is worth two in the bush. The lawyers will tell him to move forward with the judgment and to go buy the 3 million shares in the open market. No brainer.
Why would anyone put assets into this company? To make sure the judgment creditors get paid with those assets. Sure..........LOL.
Duh, if the new ceo purchased his shares on the open market, he has not put one dime into the company.
Huh? The directors determine whether the corporation files bankruptcy...not the ceo. The ceo is elected by the directors. If he didn't need to buy any shares to make himself ceo, then obviously you must believe Pawson made him CEO. Is Pawson still a director? Must be cause there is no pr saying he was terminated as a director.
Duh, a common shareholder of a company is not liable for the corporation's debts. What liability are you talking about?
The court appointed a property manager for the las vegas properties after the former manager was voluntarily dismissed. Cbay's lawyer withdrew from that case, no new lawyer has entered an appearance since. Given this scenario, it was the court appointed property manager that paid the taxes from the rents that have been collected since the case was filed in May 2007.
Moreover, bankruptcy is a lot cheaper than dealing with the claimants on an individual basis and imho a lot less work is involved. Just a matter of listing all the creditors and the amounts of their respective claims and the assets still owned by cbay. How do you convince a creditor he should take a penny on the dollar when he thinks there may be assets you are hiding. A bankruptcy filing assures him what assets exist.
The press release said all existing common were canceled. He already showed his hand imho.
Yes, but usually there is always a couple of holdouts even when they know there is nothing to be had. Bankruptcy eliminates the holdouts too. jmho
If the new ceo is independent of Pawson, and he did indeed plunk down 330,000 of his own money, a clean shell would certainly be worth that. But cbay is not clean given all the claims, judgments, and potential stockholder claims because of the misdeeds of Pawson. So how does the new ceo clean it up. He waits for an involuntary bankruptcy petition or he files a voluntary petition if he is in fact majority shareholder. Under his bankruptcy plan he has the current classes of stock wiped out, injects some new money, and issues a new class of common for himself. The new ceo already announced his intention to cancel the existing common. He just didn't know how to go about it imho. The shell is what has value to him not the common stock he may have purchased. His common stock just gives him the right via bankruptcy to end up with a clean shell that he owns entirely. Think about it.
This man or group imho is the latest victim of Pawson's lies and deceit. I guarantee you no licensed lawyer would recommend anyone to plunk down $330,000 given the high probability that an involuntary bankruptcy petion will be filed in short order. I think some of the california assets are the only ones with any possible equity. In order for general mortgage to collect their judgment against those assets now that edgewater plaintiff has beat them to the punch with a calif asset freeze is for general mortgage to get those assets out of the jurisdiction of the calif court. The only way they cann do this is to get cal bay into federal bankruptcy court. Then general mortgage might get a piece of those. Moreover, given all the legal issues involved with cal bay , being conservative, for any lawyer to have reviewed all these items for the new ceo to conduct good due diligence would have amounted easily in excess of $150,000. And the fact that the new ceo thought he could trade under cb ay by buying the assets as opposed to a reverse merger clearly tells me this guy or his lawyer did not know what they were doing. JMHO.
4th. The new ceo is a front man or straw party for an investment group/tag team who bought thinking there were assets without doing their due diligence or relying on people's opinions that were not qualified to analyze the facts. snicker.