Sage Ranch CostsI see Greenbriar has amended the terms for paying Captiva Verde shareholders back the money they put up for the development of Sage Ranch. PWR is now going to receive (48) payments of $116,491 per month. This is perfect for making all the monthly consulting payments to Jeff, debt payments and the remainder going to the Strassers for their Padel team.
Thank goodness all the executives are being taken care of and Captiva shareholders won't get any of the $87M Net profits they were entitled too. Hum, should shareholders accept 42c per share in Net profit from Sage Ranch or the current 3c per share and executive compensation? I guess it will ultimately one day may have to be left to investigators and forensic auditors. These Greenbriar payments merely get added onto the Sage Ranch balance sheet in which Altus doesn't account for executive bonuses, financing costs, VOYA bonuses, consulting fees, payments for water rights, land transfers, lawsuits/lawyer fees and now $5.6M to Captiva Verde.
"Hey, just take it off my bill. Shareholders will never know what hit them".
A proper Altus financial assessment should be completed for the project, not a pro forma missing significant inputs. Besides the dramatic changes in the costs of inflation, construction costs, real estate sales and valuations. Inputs should be provided by independent third parties and not persons assosciated with the project's outcome. Some of those cost inputs go back to 2019 (DeWalt Engineering).
All this can be found in the Quarterly Financials /MD&A that was released two days ago. Interesting how that would have been announced in the past but is now kept quiet.