RE:GreenbriarFalls into a couple of issues.
1. Greenbriar needs money to progress Sage in particular but they will also need money to get the Montalva feasibility study completed. Assuming like all the other RFP participants that need to provide financing for these studies.
2. Jeff needs to unwind his conflict of interest between the two companies.
If he makes the wrong move, in the interest of either company, he's going to end up in more legal issues.
There are a lot of investors that would cough up some cash for the 50% interest in the net profit of Sage Ranch. GRB's saying they are selling Sage for $181M is smoke and mirrors. The valuation puts each Dwelling Unit at an average of $181,000 in its currently state of entitled property but no Precise Plan, no permits, no infrastructure in place.
Dirt patch with entitlement.
Note this property for sale in Tehachapi that is at the same development stage as Sage Ranch, is for sale at an average rate per DU of $34,100 and is just a few blocks from Sage.
https://www.marcusmillichap.com/properties/115944/the-address-at-tehachapi Which property will sell "The Address" or "Sage Ranch" for almost 6X as much.
Sage Ranch is not even listed anywhere for sale.
Captiva Verde was to be the money feed for getting Sage Ranch built unfortunately GRB snubbed its nose at Solargram Farms in relation to the JV agreement and they've rightfully fought back. Solargram fulfilled all their obligations related to completing the JV and GRB said no we're just going to take revenue from you and leave you without becaming a partner. Jeff's statements about 100% ownership are convoluted at best.
You will note that everytime he mentions how much GRB has invested it is getting to be more and more all the time. I believe the last statement was $11.8M.
They plan on potentially selling the other half of the shares they hold but that remains to be seen. The 18M shares may also have been sold to a "friendly' as it was kept under the 10% threshold for disclosure.
Greenbriar (Ciachurski in particular) has had over a year to try and figure out this predicament.
It will be interesting to see how it plays out.
If PWR drops a director look out because they won't meet the minimum requirement.
Unfortunately the Canadian market sucks when it comes to enforcing regulations.