Cal-Bay International Inc (CBYI)

[coin_in_fountain]

Another note. Look at the sentence: "...the company is pursuing the refinancing process to be able to capture a portion of the equity appreciation which has grown significantly particularly on the Utah property."

It really does look like Roger is trying to take any remaining equity out of the portfolio. The big question remains however, "What is he going to do with the money?"

He says he is going to develop Aspen Cove, but he also told us not too long ago that he was selling that property for twice what he paid for it.

I really think there is a good chance that Roger is draining the remaining equity in the portfolio so that he can keep the lights turned on long enough to see if he can win his lawsuit. If he really did have any value left in the portfolio, I'm sure he would have an independent report to show the whole world.

What possible motivation could Roger have for hiding the book value of this company from investors? For one, the truth would make him look bad, because he has tried to lead investors into believing there really is a significant book value. By not telling anybody, it leaves investors guessing, helping to prop up the stock price. We also know he recently authorized 2 billion shares from the previous 500M, and he didn't tell anybody about that either. Roger is not to be trusted.