This man or group imho is the latest victim of Pawson's lies and deceit. I guarantee you no licensed lawyer would recommend anyone to plunk down $330,000 given the high probability that an involuntary bankruptcy petion will be filed in short order. I think some of the california assets are the only ones with any possible equity. In order for general mortgage to collect their judgment against those assets now that edgewater plaintiff has beat them to the punch with a calif asset freeze is for general mortgage to get those assets out of the jurisdiction of the calif court. The only way they cann do this is to get cal bay into federal bankruptcy court. Then general mortgage might get a piece of those. Moreover, given all the legal issues involved with cal bay , being conservative, for any lawyer to have reviewed all these items for the new ceo to conduct good due diligence would have amounted easily in excess of $150,000. And the fact that the new ceo thought he could trade under cb ay by buying the assets as opposed to a reverse merger clearly tells me this guy or his lawyer did not know what they were doing. JMHO.
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