No, seems that would only make 300M illegal shares, but I can't be sure. I think it's reasonable to assume that now there are nearly 4 billion shares in the O/S. Rizvi bought 1.9 billion, most likely enough to give him 51% control. But surely he must have a good reason for owning the company. Maybe instead of selling properties on ebay
he can sell them through more reasonable means, such as using Lenox Corp. Clearly he sees CBAY as having some value or he would have just resigned as CEO instead of buying all those shares.
My belief is that CBAY does have valuable assets or Rizvi would not want to bother with it. Look how quickly he wanted Lenox to acquire CBAY's assets, he PRed the acquisition almost right after he took over CBAY. But because of the mess CBAY is in right now, the acquisition couldn't happen. Supposedly the deal was canceled because the $10 payment was not sufficient. Now if I was a CEO, I would much rather say that than "I messed up and didn't notice that CBAY is a big mess right now, sorry." Seems possible that Rizvi did not know what he was getting into when he took over, but hopefully with his 1.9 billion shares he'll be willing to take care of things.
Oh, and maybe Rizvi can be contacted through his ebay page.
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