Heck, I just found out that they had funding approval for $400 million. If something is released that supports a new direction from that $400 million, I think your .01 per share will be still considered a discount.
The $400 million approved funding was for a deal that went bad due to a huge controversy for ownership between the Registered Agent of the property and the Director as listed per the Louisiana Secretary of State. CBAY was the third party involved that was going to fund everything.
Reference these two Articles below as Cal-Bay had elected to walk away from the deal:
Those articles were written by Leslie Turk whom I just got off the phone with. She said that she got tired of the fighting between the parties and moved on.
She would not tell me any details, but she was surprised that Pawson was terminated as she definitely made it known that his termination was a good thing although she did not bad mouth him.
She does not know the new CBAY CEO or what is going with CBAY. Everything that she wrote was confirmed at such time of her release of her articles.
The think I like most was the piece where CBAY... announced that it had funding approval for a $400 million “residential/commercial golf course development project” in Lafayette.
Again, I know that deal was not completed per speaking over the phone with the Editor of the Articles, Leslie Turk, but to have gotten that amount of money approved for anything at anytime is a huge feat within itself and should not be over looked.
What if there was a plan to use that $400 million to pay-off and take care of all liabilities and debt to then venture into another project as what was mentioned too?
I am not sure what is going on with CBAY, but I am convinced that it is within positive reasons. The CEO wouldn't buy back 1.2 billion shares to sell anytime soon. He could get into trouble with the SEC for manipulation.
Also, who's to say that he is done buying back? I think we will see another Form 4 if not today after the market is close, then sometime tomorrow after the market is closed since he has 2 days to report his buys with a Form 4 per SEC rule. IMHO
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