In a nutshell, Roger bought lots of properties and told us he was going to create a REIT and it sure looked good for a while, but that came crashing down when he lost that $14 million Stonewall note case in a court (he never told us about losing that case, although he's brought it to another court), and then he lost this property in Florida to foreclosure, and in the meantime, lost to "fees" all kinds of escrowed money for potential properties. There were PR's about other properties that were going to be bought and/or sold, but they never came through. At one point he purchased COBS Homes, which was going to bring in wonderful revenue, but then he got rid of that in record time for reasons that are not clear. CBAY had a very nice website and an actual IR person and an actual office, but then it all disappeared without a word, including Tim, the IR guy. Roger blamed the deteriorating share price on shorts and told us he was gonna fix it! Then Roger told us everything was AOK and that the new website would be up and running in June (didn't happen). Meanwhile, more notices of Lis Pendens were filed on properties in Las Vegas as he continued to dilute and did who-knows-what with that money and then we went "pink" even though we were assured that we would not go pink, and then Edgewater filed its suit and CBAY's assets were frozen, and you know the rest! We should write a book! I came in as an "investor," but THAT was stupid!
Still, it seems to me there are enough assets that he could use to get this company out of trouble, but then again, it's not clear if Pawson EVER intended this to be a legitimate REIT. As time went on, it looked more and more like his sole reason for his very existence was to sell shares and hide from the shareholders.
