Maybe a better question is, How did he purchase those shares? Did he actually use cash from his pocket to buy them, or did he acquire them through a deal with roger? Was Rizvi a RE investor or just another victim? Maybe he was one of the many people to whom roger owed money, and roger convinced him to take these shares and his company as settlement of debt. The $330k roger gave him to buy the shares might have absolved millions of dollars of debt. In return, Rizvi got control of the company. Then in true roger fashion, roger tried to increase the a/s to 6B so he could regain control?
I know this sounds far-fetched, but so does the scenario of a savvy RE investor using $330k out-of-pocket to buy a company with less value and more debt than a clean shell. IMO what actually happened is a mystery and still unknown to us. As to whether Rizvi is an idiot or not is not clear. So far though, he has not demonstrated any intelligent moves concerning CBAY, or at least he has not made them public.
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