Cal-Bay to Challenge Court Decision for Title of Company's Previously Owned $14M West Palm Beach, Florida Property
March 21 2012 - 11:45AM
Marketwired
Cal-Bay International, Inc. (PINKSHEETS:
CBYI)
today announced the company is retaining new
council to challenge the Aberdeen, Mississippi court ruling for the
title and ownership of Cal-Bay's West Palm Beach, $14M Stonewall
Estates Project.
Cal-Bay's interim CEO Larson Coleman today announced new
evidence has been uncovered regarding the opposing council's
testimony to the courts and representation of clients who were in
fact "Straw" corporations. Further evidence uncovered that opposing
council in this case was aware of the circumstances and continued
to mislead the court by challenging Cal-Bay's title to the property
while knowing their clients had a long history of such "Straw"
schemes and were in fact under court order not to be affiliated
with any type of property holdings or transactions.
Cal-Bay acquired the $14M land parcel in 2005 and held legal
title to the property until challenged by the "Straw" corporations
after Nationwide Builders "Lennar Homes" made a significant offer
for $14M to purchase the property.
Cal-Bay's previous council defended the title and ownership
issue through 2009, when the court ruled title to the 'Straw"
corporations. The new evidence should allow the ruling to be
overturned and the filing of multiple countersuits and malpractice
lawsuits.
The company is filing to recover Cal-Bay's previous Investment
Interest of the $14M asset.
Cal-Bay's new legal council has requested the company to
withhold specific details of the claims until the lawsuits have
been filed and service completed.
ABOUT CAL-BAY INTERNATIONAL: Primarily a
Residential & Commercial Real-Estate acquisition and
development company, Cal-Bay plans to continue the acquisition of
distressed and undervalued residential and commercial real estate
along with land acquisitions. The land and commercial properties
being primarily for use by its own subsidiary companies for the
production of "Clean Energy & Power Technologies and Energy
Saving Solutions" creating a multi-level revenue center for the
company and its Investors. More Information will be available on
the company website currently operational and under ongoing
development. www.calbayinternational.net
Safe Harbor Statement: Safe harbor from
liability established by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements generally can be
identified by phrases such as CBYI or its management "believes,"
"expects," "anticipates," "foresees," "forecasts," "estimates" or
other words or phrases of similar import. Similarly, statements
herein that describe the Company's business strategy, outlook,
objectives, plans, intentions or goals also are forward-looking
statements. All such forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those in forward-looking statements.
Contact: Cal-Bay International, Inc:
IR@calbayinternational.net
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