9 Years is BS / History Lesson - from JeffI have heard from others and I myself have referenced GRB as not earning revenues for
“9 years” more than once. I contacted him because I wanted more history to set the record straight. I got an earful, which I put in writing for Jeff to review and revise (as in extensively). So it’s written in 3rd person but for all intents this message comes directly from Jeff:
“Jeff formed Greenbriar as a shell CPC (capital pool corporation) in Sept 2009, with no ability to conduct a business per TSXV rules until it did a qualifying transaction. Jeff had GRB buy the $21 million real estate property for $1 million in Sept 2011 as the qualifying transaction. This was a great move as this required zero cash upkeep except 20k per year in taxes and zero expenses. Nothing but an appreciating asset.
Jeff was Western Wind full time to 2013 and spent zero effort on GRB and no one cared as CPC was .10 cents and GRB was .80 cent bid. When Brookfield bought WW in 2013, and without Jeff picking up the phone, buyers drove the price to $3.25, with the highest purchase price made by Jeff.
Jeff then pumped in $3million of his family money and directors money and sold PP for $2.50 for another $800,000.
Montalva effort was started in very late 2013 and PREPA nonsense forced GRB to litigate PREPA IN 2015. Instead of chasing crazy deals, GRB was turned into an incubator without any large costs. But Jeff spent 2 years looking for the best deals while he took PREPA to Congress (and court).
So reference to 9 years is absurd as everyone could have dumped their stock at $3 as that was the price for almost a year.”
******
As someone else already mentioned there are many inaccuracies and incorrect characterizations in disosa’s post. I ALREADY KNEW THAT though because I’ve been following along Montalva and RB very closely for a while now, I listened intently to the call, etc.