Monday, February 19, 2007 5:00:51 PM
It took until FEBRUARY 16 for the Company to verify the following material facts:
1. Court had ruled against CBAY on the Stonewall Note. This happened in early January? Looking at the chart someone knew, but the majority of us did not.
2. Financing (and the deal) fell apart for the LA purchase. Not necessarily a bad thing in the long run, but something that should have been disclosed before the 16th. Why do I have to get this information from message boards and on-line news sources?
3. Financing (and the deal) fell apart for the additional 30 Las Vegas homes. That came out of no where.
In addition we still have no clear details on the Cobbs Homes separation, other than they will be sharing our office until the end of February.
Aspen deal still not closed? Why not? Is this an "arms length" transaction?
Refinancing underway? Under what terms?
Rumors of a foreclosure? No mention in the cc, despite court documents.
The conference call accomplished nothing other than disclosing items that were long overdue.
They disclaimed future looking statments, but didn't make any.
They said they were "considering options" to improve the stock price. Why not list some of the options they are considering?
1. Stock buyback?
2. Fixing the Prfd A?
3. Reverse split? Heaven forbid.
4. Taking the company private through some sort of private equity dutch auction? I;ve lowered my price, I'll now take 20 cents per share.
C'mon guys, you've disclaimed, so give us some hint as to what you are thinking!!! Idiots.
I was a big bull on CBAY, but feel I was duped by lack of disclosure. Other financing sources must feel the same way...
10K??? May never be published. Think about it, what auditor will sign off unless the Stonewall Note is reversed, all of the deal details are fully disclosed, etc. And likely a going concern opinion get attached as well. Roger will never agree to any of it. Amazed the last Q got filed.
What am I missing here? This is crazy!
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