Cal-Bay International Inc (CBYI)

[keymaster]

Yes you are right about the pref C for Cobs. Yes, the deal was done, and Cobs was listed as an income-producing asset and a division of CBAY. But according to roger, they decided to sever their ties with Cobs and allow them to become a separate company independent of Cal-Bay. Sounds fishy, yes? But as I mentioned,

..."and that few if any (other than Cobs Homes Preferred C) have actually been converted..."

that is likely the only restricted shares retired (the C shares). That still leaves the B shares. And we don't know what happened to the A shares which were held by roger.