Cal-Bay International Inc (CBYI)

[Alyssa]

Well, by sitting back and not answering/fighting the foreclosure, Pawson bought a few months of time, which may have been deliberate for who-knows-what reason. I mean, I don't think CBAY even made the first payment, so that has a deliberate "feel" to me (lol), but then again, why would he want such a black mark on himself personally and on CBAY in the credit rating department? Maybe Pawson was counting on the Stonewall note...so many mysteries.

It would have been pure stupidity for Pawson to buy that property without a title search that would have revealed any kind of environmental/flood/wetlands problems...he may be a crook, but I don't think he is stupid. Plus, why would "General Mortgage Associates" even provide the financing if the real estate had such problems? I think the Judgment is interesting, in that CBAY still has a chance to retain the property. State laws vary, but in CT, often title to the property will simply pass to the lender in a "strict foreclosure."

I'm glad Pawson is gone and can only hope that Mercer will come through for us. It's inexcusable that we have yet to hear one word from our new CEO.