$$ Cal-Bay, nun ein Kauf? $$
Aug 16, 2007 14:08 ET
Cal-Bay International Inc.'s Assets Are Frozen Pursuant to a Temporary Protective Order
ORANGE, CA--(Marketwire - August 16, 2007) - On August 14, 2007 Plaintiff Edgewater Homes, LLC, in an Orange County Superior Court Case titled Edgewater Homes, LLC v. Cal-Bay International Inc., et al. OCSC Case Number 07CC08736, successfully obtained an ex-parte temporary protective order restricting the sale of any assets of Cal-Bay International, Inc. (PINKSHEETS: CBAY).
Edgewater Homes, LLC brought its complaint against Cal-Bay International, Inc. to enforce the provisions of a corporate guarantee for which Edgewater claims that Cal-Bay is responsible for a guaranteed payment on a multi-million dollar estate home in Huntington Harbor. The Complaint seeks to enforce the corporate guarantee. Liability under the guarantee is expected to exceed $800,000.
To date, defendant Cal-Bay International, Inc. has not responded to the litigation The ex-parte temporary protective order extends to all of Cal-Bay International, Inc.'s current assets.
For more information contact Jason A. Savlov, Esq. or Daniel R. Wildish, Esq. of Wildish and Nialis, a full service Real Estate and Business litigation firm at 500 N. State College Boulevard, Suite 1200, Orange, CA 92868. 714-634-8001
The application for a right to attach order in the amount of $781,373.00, which includes estimated costs and attorney’s fees and for an order for issuance of writ of attachment against defendant Cal-Bay International Inc. is GRANTED. Plaintiff is ordered to post a bond of $10,000.00 pursuant to C.C.P. 489.210 and 489.220.
Based on plaintiff’s application and the verified complaint filed in this action, as well as the declaration of Robert Reed and its attached exhibits, defendant Cal-Bay, through its CEO, defendant Roger Pawson, executed a guarantee for the funding, closing, and sale of the home built by plaintiff no later than 1/07/07, at the sale price of $4,000,000.00. When the buyers defaulted on the purchase of the property, defendant Cal-Bay failed to pay plaintiff under the terms of the guarantee. It further appears that defendant Cal-Bay is in the process of selling some of its real estate portfolio as part of a plan to reduce overhead and create less of a negative cash flow for the company. Accordingly, the requirements of C.C.P. 483.010 and 484.090 have been met, and the application for a right to attach order and writ of attachment is GRANTED as to defendant Cal-Bay in the amount of $781,373.00
If a debtor is a corporation, all corporate property for which a method of levy is provided by Article 2 (commencing with Section 488.300) of Chapter 8 is subject to attachment. [C.C.P. 487.010(a).] In the case of a corporate defendant, the attachment application may simply request attachment “of all corporate (partnership) property subject to attachment pursuant to C.C.P. Section 487.010.” [C.C.P. 484.020(e).] Plaintiff’s right to attach order, however, fails to indicate this, which plaintiff has failed to check. Plaintiff has also failed to correctly indicate the amount of the attachment in item 3.a., in that plaintiff has written$0.00, for the amount of the right to attach order, when it presumably meant $781,373.00. Additionally, plaintiff has indicated that no undertaking is necessary; however, plaintiff is mistaken. Therefore, plaintiff should revise its right to attach order to correct the mistakes noted above, and then resubmit the order for the court’s signature.
Pursuant to C.C.P. 489.210, before issuance of a writ of attachment, the plaintiff “shall” file an undertaking to pay defendant any amount the defendant may recover for any wrongful attachment by plaintiff. Pursuant to C.C.P. 489.220, the amount of the undertaking shall be $10,000.00. Here, defendant has filed no opposition to plaintiff’s application for a right to attach order and writ of attachment, and therefore, plaintiff is ordered to post an undertaking in amount of $10,000.00.
OTC
CBAY / USD 0,0002
500.000 +0,00
+100,00 20:33:40
20.09.2007 -
- 0,00
0,00 0,0002
0,00 1.067.122.150
109.071
keine ahnung.
wie seht ihr das?
anlagebetrag ca. gleich... leider..
grüße
gianni