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Today the charlotte county recorders office finally showed that the foreclosure sale did indeed take place as scheduled and the buyer was the mortgage company. However, there is no indication what amount the mortgage company bid meaning if they bid less than what was owed,cal bay could still owe the mortgage company the deficiency.
I have replied to your post in particular, because you do not understand that cal bay has absolutely no chance in hell to win on the $14 million claim and any money spent to keep that litigation going is just a waste of funds. In a nutshell Cal bay purchased a note and mortgage against a valuable piece of west palm beach florida property. Cal bay purchased the note "without recourse" which means if for any reason the note was not paid by the maker or the land secuirty, cal bay agreed not to go after the entity that sold it the note. Three courts, the most recent being a bankruptcy court in Mississippi, have ruled that this mortgage was a sham and invalid. Cal bay is bound by these decisions under the law and cannot simply pick another court to file the same lawsuit again to litigate the matter. Collateral Estoppel and Res Judicata prevent cbay from doing so. The note cbay purchased is worthless. The only reason Pawson is trying to pursue the matter is to try to protect his own asx. He booked the entire $14 million as an asset and recognized $6 million as income on cbay's books...which is clearly against generally accepted accounting practices.
The las vegas properties are in litigation...at least one group of them.
This company is in crash and burn mode by Pawson . There is nothing left. He is probably selling all the authorized stock because he can pick up a few thousand here and there from newbies. All jmho, but my posting history speaks for itself.
if there are any assets left, Pawson can liquidate them, then pay himself the entire amount as a salary so other shareholders don't get anything. Perfectly legal. What was criminal was the accounting of the stonewall note. My speculation is that every piece of property purchased by cal bay was undertaken to take dog properties off the hands of his business associates for some off the books reason. Most you can do now is kiss your money goodbye. If you people have not noticed yet I point out the fact that most if not all of the press releases in the last few months were issued on the eve of something bad about to happen to cbay. The most recent just before the sale of the charlotte property on the court house steps. IMHO he will keep diluting till the naive buyers dry up. Might as well just write a check directly to pawson and save yourself the commission.
Anyone know whether today's foreclosure of the charlotte county property resulted in a deficiency judgment (i.e. loan balance less successful bid price)? If so, expect the mortgage company to collect the deficiency in the near future by forcing a court house step sale of the alucia (sp) county, florida home which cal bay owns. Pawson touted it to be worth over $400,000. There is a $250,000 mortgage against the property, but that could be a sham to throw the charlotte county mortgage holder off course.
Hopefully, they go after Pawson on his individual guaranty of the charlotte loan. People there is nothing left. All you can hope for is that one day you meet up with this pathetic axxhole in a dark alley . Cbay has been in a crash and burn mode for many months. JMHO. Oh and imho Belinda is not Pawson....but the broker Pawson goes through to dillute.
Perhaps you should call the charlotte county courthouse tomorrow and ask if the foreclosure sale scheduled was held.
How convenient that you failed to mention that the accountant ran . lmfao.
How convenient that you failed to mention that the accountant ran . lmfao.
I don't know anything about the most recent case except what I read on this board. Collateral estoppel and res judicata will prevent cbay from continuing the case filed in california against the turkey guy and the palm beach property. Don't know the specifics of whether or not cbay has a case against the entity that sold them the worthless mortgage for fraud, misrepresentation, whatever, ....but the paperwork filed in palm beach county clearly states that cbay bought the worthless mortgage and note without recourse...and since everything about the other mortgage was of public record which cbay could have easily read, I don't think cbay will prevail.
No one is mentioning the fact that with a lis pendes filed against the Nevada properties (probably 54 of them), Cbay will not be able to sell them until that litigation is resolved. Money Pit.
Is that off the lis pendes filed in Clark County Nevada 5/29/07?
http://recorder.co.clark.nv.us/extReal/SimpleQuery.asp
Prediction: The new lawsuit will be summarily dismissed upon motion of the defendants citing prior court decisions ruling that cbay's mortgage was invalid from the day it was created.
One also has to realize that the $14 million in the bankruptcy proceeding has probably already been paid out to the other mortgage holder who is a citizen and resides in Turkey. Even if by some slim chance cbay got another chance in court, it will be impossible to collect the money. Oh and the entity that sold the worthless mortgage to cbay sold it without recourse which means cbay won't get a dime back from the seller either.
R Rips
O Off
G Greatly
E Everyone
R Repeatedly
P Pathetic
A Axxhole
W Will
S Skip
O Out
N Now.
Clermont Florida was basically all orange groves until 4 years ago when subdivisions started popping up . It is north of disney world and west of orlando. I remember reading that Plant once worked for Disney just a couple years ago on this board. Chances are if you check Orange, Lake, Osceola counties' circuit clerk records online you may find he is either the brother of Jim's wife, or married to a sister of Jim. I doubt any attorney who is no longer actively practicing would even get involved if just a friend...my bet there is a family connection. JMHO
To get what money? Cbay will not get a dime from the stonewall note --- the mortgage was deemed worthless most recently by a bankruptcy court in Mississippi. One cannot simply lose in court and then file another action in a different court to litigate the matter again. Res judicata and collateral estoppel will be applied to once again throw the new case out. As far as suing the party that sold the worthless mortgage to cbay ....it was sold to cbay "without recourse", which basically means if the note balance was not paid to cbay , cbay agreed not to go after the entity that sold that note to cbay for payment. The real or superior mortgage was filed of record, which cbay could have easily looked up...so I doubt cbay will be successful on any claim of fraud and misrepresentation against the entity that sold the worthless mortgage to cbay. It is truly amazing how you always show up a day or two before bad news hits to pump this thing so you can unload. Isn't that trading off of insider information. Hmmmm. The property appraiser in alucha (sp) county, florida, no longer has cbay as the owner of the $450,000 home --- but instead lists the beneficiary and "deed of trust" holder as the owner. Interesting.....
I think a lot of, if not all, of the las vegas properties were mortgaged a few weeks ago, but I couldn't tell if it was a refinance, or a purchase money mortgage to acquire those homes. Been a few weeks since I looked. I believe it is clark county nevada. I have to research Florida law to make sure, but I believe the deed of trust filed on the florida property might operate as an outright conveyance to the lender. Generally, an individual cannot be both trustee and beneficiary at the same time in order for a trust to exist because of the doctrine of merger. You can do so with living trusts, but not so sure with deeds of trust for real property. Pawson probably is a know it all and doesn't have a lawyer look things over, and it has probably cost shareholders dearly with the stonewall fiasco and the charlotte county property. I don't think Pawson would know how to empty water out of a boot even if the instructions were on the heel. Anyone up to calling the lender out in Las Vegas on this deed of trust and start asking questions. Piss the people off on the other side of the cal bay transactions and you just might force cal bay's hands to release the news themselves or risk having everyone bothered. Be sure to tell that lender about the Charlotte foreclosure order. lol.
Looks like cal-bay borrowed $250,000 against the north central florida $450,000 home on 2/27/07. Address of property is 21547 NW 154th place, high springs florida 32643 parcel number 01524019000, see link. who was this person who signed as vice president of cal bay? Money borrowed from Lynn Wardley out in Las Vegas , Nevada.
http://isol.clerk-alachua-fl.org/imgcache/opr2319839-1-1.pdf
Shakerzzz has failed in his attempt the last three times with cbay. He knows this company. I just posted the foreclosure order before he had a chance to pump it.
my bet is shakerzzz is selling what he front loaded when he learned charlotte county property is gone without even a fight from calbay.
You are correct. The loan before it was assumed by cbay was paid down 3 or 4 hundred thousand. Whose money was that. Surely cbay could have paid the monthly interest payments, but not even the first one was made. So could be right after the assumption and closing, the entire loan was accelerated and demand made on cbay to pay off the entire balance. The bankruptcy decision, making it absoultely certain that the stonewall note was worthless, probably was what deemed cbays lenders insecure. It wiped 14 million off the books in an instance and 6 million in alleged income. I can't believe you think Pawson is stupid. This was all planned imho.
The sad part is that the company and pawson will probably learn of this order of foreclosure first from this board. If there is a deficiency judgment, then there is going to be a judgment lien filed against the florida allucha county home cal bay owns and that too will be sold on the court house steps. Will be interesting if Pawson picks up both properties as the foreclosure buyer at a substantial discount.Maybe this is his game plan for all the properties. The company cal bay purchased charlotte county from is RPC Investments, but it doesn't seem to have a connection to Pawson. See link. Perhaps one of the readers will track these people down and try to get some information on the charlotte property and the reason for the foreclosure.
http://www.sunbiz.org/cor/2006/0417/50696565.tif
If Cal Bay had the ability to re finance this, the normal thing would have been to delay the proceeding with a motion for extension of time to file an answer or even have their lawyer call up the other side and tell them they were going to refinance. Letting the order go through just makes it all the more difficult, if not impossible, to refinance. It could be there was something wrong with the charlotte property i.e. flood area, environmental, wetlands which was found out about only after the purchase. My bet, which is pure speculation , is that cal bay's sole purpose was to take distress properties off of Pawson's business associates hands in exchange for some kind of quid pro quo or future understanding. jmho. Otherwise , a chapter 11 would have been filed to bide time to refinance everything. But as I said in the past, Pawson doesn't want any court to have jurisdiction and examine the transactions. When crooks steal a car they burn it. No difference here.
If you look at the court order, copies were mailed to cal bay and pawson --- not any lawyer . This means cal bay and pawson were not represented by lawyers, and probably never even answered the foreclosure suit.
http://208.47.160.77/or/showdetails.aspx?id=4966694&rn=1&pi=0&ref=search
Cbay lost charlotte county property, judgment of foreclosure filed may 15th, 2007 and Pawson individually liable for the deficiency, if any.
The January 2007 decision was that of a bankruptcy court in mississippi. That decision needed to be appealed --- not file a new action in california. Hopefully, this suit is primarily aimed at the entity that sold the assignment of the stonewall note to cbay for fraud. Unfortunately, cbay took that phony assignment and note without recourse which means cbay ain't going to get a dime. Why wasn't Pawson sued? The cbay lawyer for malpractice?
A nevada state filing would always trump a press release/sec notification. The press release does not say Pawson resigned as a director. The state filing indicates Pawson is still the only director. If someone bought out Pawson's interest, surely they would not keep him on as a director. They/he/she would elect someone new. Pure speculation on my part, but this change in ceo could be simply this. Pawson cannot sign off on future sec filings because he knows all the facts surrounding all the shenanigans he pulled and would basically be certifying something he knows to be false. Whereas the new guy can sign off and claim ignorance if need be.
the 200,000,000 is the previous authorized. It says so at the beginning of the sentence. Go to first page of link I gave, it says 500,000,000. If cbay reduced authorized shares, bet your bottom dollar they would have pr'ed that information. Nevada corporate law, as well as all other states, forbid the selling/issuing of any stock until it has been authorized and the amendment filed and approved with the state. I therefore do not accept the assertion that the outstanding shares is closer to a billion.
Huh? Pawson is still the only director !!! This was filed just a week ago. With the stroke of a pen, Pawson can replace the officers at anytime. And if he is still the sole director in my view it means he still owns controlling interest.
4/25/07 filing with nevada sec of state shows Pawson still a director, authorized shares now at 500,000,000. https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpDetails.aspx?lx8nvq=9cot3v%252bVjk2YD8rebTuo%252bQ%253d%253d
Your assumption is wrong. He screwed up. He didn't do things legally. He violated securities laws, 10 b 5 in particular with regard to failing to disclose that there was another assignment of the stonewall note, and booking 6 million in income and 14 million in a fictitious receivable. Whatever Pawson made in dollars he made. All he is interested in doing know is scorching and burning his footsteps in the hopes he doesn't end up as big bubbas girlfriend in prison. He is on to his next scam, cbay is of no concern whatsoever to him to make him any additional money. How do you sell assets if there are no corporate papers filed saying who is pres and directors. WHat title company would accept such documents signed by him.What buyer would accept such a deed? Buying shares does not save his ass at all. If he sold any of cbay assets he already took it out as salary to finance his next company. If he lets the banks sell the properties off, his scam to a certain extent remains undiscovered. No one will ever know that he paid too much for the distressed properties purchased then. When you realize it is now about saving his ass and not making money with cbay anymore, you will sell the shares you bought today first thing tomorrow morning.
In this market everything he sells will be at a significant discount to what he paid for it. All the property he purchased was distressed in someway or another at a time when the market was not as depressed. Ain't that easy to sell things when a foreclosure action is pending against the property. My guess is Cbay and/or pawson is and has been selling shares...not buying. Because you reappeared.
Just a matter of time before the banks own all the assets. How do you refinance with no accountant, and your corporate charter in default? Would you sign loans with a corporate entity whose existence is in limbo? Not even hard money lenders would do so. And what about all the contingent liabilites e.g. sec fines, class action lawsuit, failure to register securities sold to investors ? Oh, and if Pawson is able to get any equity out of any remaining assets, isn't that when he just pays himself a salary? And under Nevada law, when this company is delisted, how do minority shareholders force pawson to do anything. Yep you are still pumping. You probably bought at .004 today and came up with this story to limit your downside. You do have a posting history which shows your motive.
Still pumping this shxt. lmfao
I wouldn't own shares in this company if someone gave them to me. Jeff, I think the sec is hot on his trail as well as the irs. Wouldn't want to see you caught in a halt.
In regard to the Stonewall note assignment, there is no way in hell you hand over a million plus dollars without doing a title search on the mortgage you are buying. He took the note without recourse which means cbay can not sue the seller of the worthless assignment. If Pawson was duped, why hasn't a lawsuit been filed against the note holder based on fraud? If cbay had a lawyer involved in the transaction, why hasn't a malpractice lawsuit been filed against the lawyer. And remember the mastermind behind the worthless assignment was a disbarred attorney from utah. What connection is there if any to the aspen property transaction and the stonewall note transaction. Again, this assignment was being litigated in bankruptcy court when Pawson booked 6 million in income and a $14 million receivable....and the accountant ran. Shrewd, sneaky, cunning, but not stupid. I don't fault the guy if he purchased real estate and timed it wrong thinking the market would turn around. But if cbay's problems are strictly cash flow, a bankruptcy reorganization would have been filed by now to protect the assets. Why hasn't it been done? How do you seek refinancing when your corporate charter is in jeopardy for failing to file the annual report? I expect the next corporate office address to be a storage unit somewhere in Mexico.
Lets just say when someone spits on me, I don't spit back. I wait till I can shxt on them.
Are you kidding when you say Pawson didn't mean to rob us with his misrepresentation of the Stonewall note. Jeeezzz you just don't get it. This man is going to jail for what he did with the stonewall note. Let me give you a glimpse of the closing argument of the Prosecutor at Pawson's trial for violation of federal and state security laws: "Ladies and gentlemen of the jury. What the defendant did with the stonewall note is equivalent to this. Suppose man and wife owned a house free and clear. The woman files for divorce. The court awards the house entirely to the woman. The defendant goes to the man and has him convey (quitclaim) his interest in the house (the man has no interest now) to the defendants company and then the defendant tells prospective shareholders that the company owns 50% of the house but doesn't tell the investors that a court has already awarded the house to the wife. " That my friend is fraud. It is an omission of material fact which is a clear violation of Rule 10b5. Bet your bottom dollar that there is a scam behind every transaction cbay undertook. What is happening now, is an attempt to keep the facts from ever surfacing. Kinda like burning the car after you stole it. My speculation is that Pawson criteria for picking properties to buy was to help his friends/business associates unload their failed/distressed/or non-bankable projects. The real estate owned by cbay, if still owned, are nothing but liabilities. Money pits. You will see foreclosures on all of them, and cbay will not even fight the foreclosures. The investors were fleeced. All jmho.
Yeah, try to borrow money for a corporation whose charter is in default. LOL. You the new Pawson side kick?
I don't think you will see a pump from Pawson. I think he is already under investigation by the sec, otherwise the conference call would have been more open and there would have already been several more fluff press releases. There was someone who posted on here that Pawson sold stock to investors and never registered the shares issued to them and those investors went to the sec. The sec will have to address that. His primary concern imho is to lay low in the hope of avoiding jail time and/or fines and to save his reputation (lol) so he can rinse and repeat. A few days ago I checked the Nevada corporate site, and the annual report still has not been filed. Only costs a few dollars so why hasn't it been filed? Perhaps so he can deny he is a director down the line if he has to. Or because the corporation is already is a shell without a chance and he is just going to forfeit the charter and take his chances that no one will ever sue him for an accounting of cbay assets.
Have you looked at the date of the press release where Pawson said he was going to refinance the various properties? It doesn't take this long and banks eventually have to declare defaults by law if the interest isn't being paid. Even hard money lenders(remember Stuie) want financial statements. Have you forgotten that the accountant ran ? Have you forgotten that rule 10b5 was violated (regarding the stonewall note accounting and convenient failure to mention that another assignment existed for the very same note)? Delisting only benefits Pawson. He doesn't want the sec to be looking into his scheme. Minority shareholders in private companies (especially Nevada corporations) have basically no rights to force Pawson to do anything. I sincerely doubt any property cal-bay might own is worth half as much as Pawson has said. Moreover, if Pawson is able to sell any of the real estate before the banks take it over, any equity will be taken out by paying himself a salary. Other shareholders will get nothing. Lawsuits would have been filed by now for fraud and misrepresentation if the lawyers thought there was anything to recover. The only one who might recover, is the first person to have tipped off the Internal Revenue Service to investigate the scumbag and all the so-called transactions that took place and the parties on the other side. The IRS does pay a reward. Remember that.
Speculation on my part, but I don't think anything is left. All the property could have been transferred out, with the deeds just not yet publicly recorded yet. Pawson is not going to attempt to save this company by filing chapter 11, because he then is under the jurisdiction of the bankruptcy court and has to answer questions. If he hasn't given the real estate back to the mortgage holders by deed in lieu of foreclosure yet, he will arrange to sell it at a loss to another entity he owns or will create. If you expect to get any satisfaction you might have to call in some favors from some of your old cell mates. This company is disappearing before your very eyes. Now you see it , now you don't. And Pawson gets away with your money with no questions or accountability required.
JMHO.
My speculation is that the squm and ckys press release was also a scam fabricated by the pr firm. When the sxxt hit the fan at ckys, this breach of contract dribble was fabricated in an attempt to escape being drawn into a civil lawsuit predicated on a conspiracy to defraud investors by all three companies. Remember, squm was in default of a loan at the time this purchase order was pr'ed. Also, I find it interesting that Heaton was listed as the treasurer of ckys. Surely, some court will impose liability on him in this capacity for not telling investors that 18 million never came in. As to the worth of ckys stock, would the other director have taken on this position without ckys having some kind of errors/omissions policy? Ckys could be worth the limits of any such policy.
snicker.