Today the charlotte county recorders office finally showed that the foreclosure sale did indeed take place as scheduled and the buyer was the mortgage company. However, there is no indication what amount the mortgage company bid meaning if they bid less than what was owed,cal bay could still owe the mortgage company the deficiency.
I have replied to your post in particular, because you do not understand that cal bay has absolutely no chance in hell to win on the $14 million claim and any money spent to keep that litigation going is just a waste of funds. In a nutshell Cal bay purchased a note and mortgage against a valuable piece of west palm beach florida property. Cal bay purchased the note "without recourse" which means if for any reason the note was not paid by the maker or the land secuirty, cal bay agreed not to go after the entity that sold it the note. Three courts, the most recent being a bankruptcy court in Mississippi, have ruled that this mortgage was a sham and invalid. Cal bay is bound by these decisions under the law and cannot simply pick another court to file the same lawsuit again to litigate the matter. Collateral Estoppel and Res Judicata prevent cbay from doing so. The note cbay purchased is worthless. The only reason Pawson is trying to pursue the matter is to try to protect his own asx. He booked the entire $14 million as an asset and recognized $6 million as income on cbay's books...which is clearly against generally accepted accounting practices.
The las vegas properties are in litigation...at least one group of them.
This company is in crash and burn mode by Pawson . There is nothing left. He is probably selling all the authorized stock because he can pick up a few thousand here and there from newbies. All jmho, but my posting history speaks for itself.
