Replies to post #14689 on Cal-Bay International Inc (CBYI)

[coin_in_fountain]

Whose money paid down $3 - 400,000 before they sold it to Roger? Good question. Probably the same type of crook that sold Roger that Stonewall deal. Let's face it, many of these real estate deal flippers are very shady characters without ethics. They smell some fast money and take the bait before they do their homework. I think there is a good possibility that somebody else conned Roger, and Roger ended up as the bag holder. After a couple incidents like that, he realized he lost the game, and resigned.

Look at the Charoletee situation. He probably bought it thinking he could make some fast money, but later learned he couldn't develop it for whatever reason. So he didn't make any mortgage payments, because it wasn't worth what he paid for it, and he's already in deep trouble, so he's got nothing to lose by walking away from it.

I don't think Roger is stupid. On the contrary, he's a highly intelligent guy. He just screwed up by not doing his homework. Even intelligent people can make a mistake or two. You're right, he made a $20M mistake on the stonewall deal, and that was pobably the first mistake in a series of events that led to his downfall.

I can't completely discount your grand conspiracy theory, because nobody really knows what is going on. However the scheme you came up with sounds too complicated for even Enron's book cooking squad.

Another thing - what evil motivation could Pawson have for issuing more shares and letting the stock price fall continuously? After all, he is the biggest shareholder,and stood to make a small fortune if the stock headed north. If he wanted to take innocent people to the cleaners, I don't think he would have done it with a public company. Too much public scrutiny by public stockholders! If you're a crook, you want to stay out of the public spotlight as much as possible. Up until a couple months ago, Roger was tying to pump the heck out of this stock. I bet 99% of the crooks out there want nothing to do with that kind of public exposure. Of course you read about the famous ones, but most operate behind closed doors.