Replies to post #14676 on Cal-Bay International Inc (CBYI)

[mordicai]

If you look at the court order, copies were mailed to cal bay and pawson --- not any lawyer . This means cal bay and pawson were not represented by lawyers, and probably never even answered the foreclosure suit.

[Alyssa]

They won’t lose it if CBAY comes up with $2.7 million, plus accrued interest and attorneys’ fees on or before June 13, 2007 at 11:00 a.m., when it’s scheduled for auction. Maybe, just maybe, they can do it, or maybe all of this was part of some sort of harebrained plan on the part of Pawson. $2.7 million doesn’t seem all that impossible for these guys to come up with. They do seem to have a lot of tricks up their sleeves.

Fun, fun, fun…

[coin_in_fountain]

Once again, good investigative work, Mordicai! This is further evidence that Calbay never tells you when bad stuff happens, but they have been very good at pre-annoucing a lot of stuff that never happens. I think it will take a long time for all the dust to clear, considering the current legal situation. At this point we have no idea if this company has any assets left, so I still believe that buying this stock is a gamble, not an investment. Even if they told us there were real assets, I wouldn't believe it, because the last time they told us that it turned out to be less than truthful. And keep in mind, Roger is STILL not completely out of the picture....

Even if the new boss is honest, I bet the reason we haven't heard anything lately is because of all this recent legal activity. If we don't hear anything in the next week or two, then we can't trust the new guy either. In other words if June rolls around, and we still haven't heard a peep out of Calbay, then it looks much worse for investors. I'm not yet convinced that Roger is a thief, but it does look like he made some very bad decisions and left a real mess behind.

Another thought: If Roger has to personally pay back that Charlotte mortgage judgement, he may feel perfectly justified to exercise his 50:1 pref A conversion rights, and get out with as little damage as possible. Remember that we're talking about a man with a strong ego, who does whatever it takes to make a deal.

I haven't been invested in this company for a while, and don't feel compelled to do so anytime soon. Before I ever invested another nickel in this company I would first want to hear from an independent accountant that there were some real assets, and hear something positive and frequently from the new boss. Right now it looks like you can't trust the new boss, because he doesn't tell anybody anything.