Cal-Bay International Inc (CBYI)

[mordicai]

An involuntary bankruptcy in my view is not negative. Perhaps the shareholders could ask the bankruptcy court to set aside or reduce some of those deficiency judgments because of the gross negligence of the ceo in not defending that litigation. It would provide a forum to trace what happened to all the money in cbay...e.g. the 250,000 from the sale of the high springs , florida (alucha county) home. Perhaps it would lead to the recovery of any misappropriations that may have occurred say with all the forfeited earnest money deposits. If there is any net equity in cbay's assets, such a bankruptcy would perhaps forestall those in control from taking it out as salary or severance pay. You as a shareholder would finally get to see the records...an explanation as to what happened. I believe you would have more to fear from a white knight who then files a voluntary bankruptcy and motions to have the existing common wiped out. At least in an involuntary bankruptcy you have a chance at getting part of what is leftover, if anything. Right now cbay has a bunch of judgment creditors which can be viewed as wolves all tearing apart their prey at the same time. An involuntary bankruptcy would provide a more orderly disposition of the assets and perhaps obtain greater sales proceeds.JMHO.