Replies to post #14571 on Cal-Bay International Inc (CBYI)

[coin_in_fountain]

I don't have any doubt if CBAY has a lot of property in their name. What I'm questioning is the book value - after the banks are paid off. I don't think the owner's name is going to change until after the foreclosure. The real estate market sucks right now, so it will be hard to recover any assets.

If they do liquidate, the preferred shareholders get in line first, in front of the common shareholders. And Roger could always exercise his 50:1 conversion rights, pulling the rug out from underneath anybody at the back of the line.

I wonder if Roger gave the company to the new guy as compensation for a past favor. "Hey buddy, I owe you one - so I give the company to you. Go buy yourself a race car, and write it off as an expense. This cow still has some milk, yours for the taking."