euniverse1, I'm going to answer some of your questions. Probably not what you are hoping to hear, but I hope it gives you a clearer picture.
IF the company had any hard assets, the litigants who have already received judgments would have liened those assets already. Does that make sense? Edgewater has frozen Cal-Bay's assets pending outcome of their $800k lawsuit. The LV litigants have been awarded judgments which which I think total to about $4,000,000.
The 54 LV properties show now as only 43 properties on the county recorder website, and the number will dwindle as more are sold at foreclosure auction. You can also find some of these properties listed for sale on the Recon Trust website. Soon they will all be sold at auction for less than their mortgages, and Cal-Bay's name will appear on none of them. Property taxes paid, but not by Cal-Bay. They have not collected rents on them since the lawsuit began (due to lis pendens filed).
These all are newer houses with very little maintainance. I have seen several of them. In fact (being a RE investor) I looked at one of them today - beautiful, empty, and up for foreclosure auction next Monday. Opening bid is $130k less than the mortgage. The court-appointed property mgmt. company has been taking care of maintainance, repairs, upkeep, and holding the rents pending the outcome of court. As we all know, judgment was granted to plaintiffs last week. Now who do you think is going to get the rents?
What I think we can deduce from all this is that there are no hard assets or income, and if Cal-Bay ever does acquire such they will have to deduct from those assets and income enough money to pay the court judgments and interest thereon. You can definitely remove the $24 Million LV portfolio from Cal-Bay now - just a matter of a couple months at most until they are all sold at auction and gone back to the banks.
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