The property did not cost $400MM, that is the "retail" sell price when completed. Everyone is focusing on it like it was the sales price.
Point BLANK: CBAY could not afford $400MM at the time of that sale. Possibly now, but not then.
The property was obtained with "Creative financing" to include shares restricted, but guaranteed at a given price.
This would mean if share price where not x by the time the restriction was lifted, then cash or shares must be given.
Im not privy to details and this is only my understanding.
There is still a big deal in the works. Hopefully it will come along with their timely filing.
I also know shares are going to continue to increase. I was told last summer to expect an increase THROUGH Feb. 2007 do to shares coming due. How many more? I have no Idea. Hopefully just the B shares. There is still another 20MM coming for sure from those B shares(Investors) but I cant say when. I know some shareholders who are restricted till next summer (12 Mo.), but this SEEMS minimal.
hope this helps
TDS
Yes Im back...actually since near the new year, after being gone for a couple weeks.
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