Cal-Bay International Inc (CBYI)

[I-Glow]

What part of the shell hijacking don't you understand - the SEC can't take action on hijacked shells because it happens on the state level - the SEC can only take action when there is a securities violation.

The hijackers use various methods which vary in sophistication. A few are discussed below.

The “Legal” Heist

This method is a favorite of seedy–and sometimes disbarred–lawyers. It involves using an unsuspecting state court judge to facilitate the scheme. This is probably the most egregious of the frauds committed by corporate hijackers because it is an abuse of the state court system in which fraudulent statements are made to a judge. To pull it off, the seedy lawyer files bogus state court receivership or custodianship actions, which are then used to reinstate the defunct company. In these actions, the custodianship or receivership pleadings make various fraudulent representations: that the new custodians are genuine investors, that the hijackers will act in the best interests of the (defunct) company, and so on. In reality, the fraudster lawyer’s true intention is to enact a large reverse stock split to eliminate the legitimate shareholders and create a public shell.

This isn't close to being true and a complete lack of understanding of shell hijacking/custodianship - it isn't legal if those filing to be the Custodian provides fraudulent information.

IG