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Cal-Bay International Files Lawsuit in Southern California for Recovery of $14M Debt on Florida Land Dispute
Last Update: 12:39 PM ET May 30, 2007
CARLSBAD, CA, May 30, 2007 (MARKET WIRE via COMTEX) -- Cal-Bay International, Inc. (PINKSHEETS: CBAY) announced the Company has filed a lawsuit in San Diego County for the recovery of the $14M debt owed to the company from the proceeds of the sale of the West Palm Beach, Florida First trust deed position owned by the company. Cal-Bay spokesman announced the company has been fighting the case in Mississippi where the case originated; now Cal-Bay council has filed a new lawsuit against the parties involved in San Diego County, California in a serious attempt to resolve the outstanding debt owed to the company.
Posts: 196 | From: usa | Registered: Feb 2006
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Cal-Bay International Announces Phase I of Revised Business Plan for 2007
Last Update: 9:31 AM ET Jun 11, 2007
CARLSBAD, CA, Jun 11, 2007 (MARKET WIRE via COMTEX) -- Cal-Bay International, Inc (PINKSHEETS: CBAY) announces Phase I of the Company's revised business plan for 2007. A Cal-Bay spokesman announced the company has streamlined the corporate overhead and during this administrative re-structure the company will be relocating to a new Corporate facility in Orange County, California. Cal-Bay's revised business plan includes plans to dispose of or sell off some of the larger more complex development properties within the company's portfolio. This way the company can focus on the development of some of the more immediate revenue bearing properties such as the Aspen Cove Resort in Panguitch, Utah. Cal-Bay can generate revenues in advance from the sale of premium luxury lakefront residential lots overlooking Panguitch, Lake. The revenues from the sale of lots will help the development of the lakefront lodge restructure project (also on Panguitch Lake), which is ultimately expected to create a significant profit and ongoing revenue stream for the company in addition to property appreciation. This plan will be significantly enhanced by the current re-financing of the properties the company plans to keep for development. The disposition of some of the larger long-term development and investment properties which currently operate at a negative cash flow is expected to greatly assist in the turnaround of the company's cash flow and revenues for 2007/8. The overall changes to the real estate portfolio is designed to trim overhead and create less of a negative cash flow for the company, even though such properties have a significant long-term profitability capability. This redesigned business plan will become effective immediately with the disposition of some properties planned for July 2007. Cal-Bay's property portfolio will still include properties and interests in: Florida, Texas, Utah, Nevada and California. Cal-Bay is avidly pursuing the $14M Stonewal Estates 1st Trust Deed accounts receivable owed to the company in the California courts.
Posts: 196 | From: usa | Registered: Feb 2006
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Cal-Bay International, Inc. Portfolio Holdings as of June 12, 2007
Last Update: 11:10 AM ET Jun 12, 2007
CARLSBAD, CA, Jun 12, 2007 (MARKET WIRE via COMTEX) -- Cal-Bay International, Inc. (PINKSHEETS: CBAY) Property Portfolio Holdings as of June 12, 2007. Cal-Bay International, Inc. announces the company's current property portfolio holdings as of June 12, 2007. The valuations are based on management's assessment of current comparable properties and appraisals where applicable: Portfolio Asset Value: $47.7M Aspen Cove Resort, Utah 40+ Acres prime residential development property and operational lakefront lodge. Management valuation based on comparative lot sales: Las Vegas Residential Rental Portfolio: Based on Market appraisals at time of purchase: Texas Recreational Sports Facility, Dallas TX: Appraisal. Stonewal Estates Fist Trust Deed, FL Legal recovery currently North County, California, 3+ Acres Approximate equity position to Cal-Bay: $18.5M The company has financial interests in properties in Imperial Beach, Bonita, California and Florida which are currently in legal status. These properties and the financial investment are not included in the above valuation.
Posts: 196 | From: usa | Registered: Feb 2006
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Be careful with this one. They have a history of talking out of the wrong end. Ride it, don't hold it.
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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