Cal-Bay International Inc (CBYI)

[coin_in_fountain]

Mordicai - once again you have proven you are the best detective on this message board! To me this latest info indicates they still have some assets, and are borrowing against them to keep the company afloat. Maybe that's why they couldn't make the Charlotte mortgage payments - they have run out of cash.

Borrowing against their property would be a new tactic for Pawson, wouldn't it? In the past he just issued more shares. I guess with the stock as low as it is now, the dilution option didn't exist anymore, so they had to try something new.

I bet they burn through that quarter million very quickly. (Director's fee)

The latest SEC filing indicating that they plan to name a new management team doesn't impress me, mostly because the letter was signed by Pawson. I thought he resined, but now we learn that bad boy still seems to be running the show. Anybody who bought this stock because they thought Roger resigned is now going to sell when they learn he is still at the helm. Maybe Roger still believes he can pump this dead horse back up so he can exercise his 50:1 pref A shares.

I'm DYING to see how they try and spin this thing again with another famous Roger Pawson PR. They'll probably come up with another net asset value figure that is ten times the current stock price, and hope that everybody falls for it again.

Fool me once, shame on YOU. Fool me twice, shame on ME!

P.S. I smell another reverse split coming. Did you ever invest in a company that survived that????