Post by
shneps on Sep 19, 2024 9:48am
More Potential Legal Liabilities
I find it amazing that nothing is mentioned in SEC/SEDAR filings about the legal issues this company faces. The only one currently is when it was shown that the company is being sued by Site Selectors Llc in Puerto Rico.
What about the current allegations in Kern County Court related to the following:
"According to Nacht, he seeks to add a claim for alter ego liability on the ground that Ciachurski acquired water rights for $7,000 per acre foot, transferred those water rights to a friend and then Greenbriar entered into an agreement with Ciachurski's friend to acquire those same water rights for $29,260 per acre foot"
"Piercing the corporate veil". Jeff and others have always noted the fact that Ciachurski runs the entire show.
The original lawsuit was filed by Nacht after he was fired by Greenbriar because he objected to Greenbriar's failure to comply with the City's requirements for the real estate development.
"But, according to Nacht’s filing, in late 2020, Ciachurski, the CEO, informed him that “Greenbriar did not intend to comply with the plans and specifications that were submitted to the city” and that “Greenbriar intended to develop a lower quality project that fails to comply with the plans and specifications that were submitted to the city.” - Tehachapi News
So, here we are today with the development devolving from an outstanding architecturaly significant site in this quiet mountain community to a manufactured home park.
Comment by
tylerreddick on Sep 19, 2024 10:46am
I can't see how GRB can legally alter the type of housing to be built at Sage Ranch, without going through the whole approval process again. And signing an MOU with a company the BBB has a D- rating on doesn't give one a warm or fuzzy feeling, unless one has just peed in their Depends because they finally realised their retirement nest egg is gone.
Comment by
shneps on Sep 19, 2024 3:50pm
Just read the court documents related to the accusation of comingling. Definetely popcorn material. Cheers
Comment by
tylerreddick on Sep 19, 2024 5:39pm
And yet people keep throwing their pocket change at it. Nuts.
Comment by
shneps on Sep 19, 2024 7:19pm
GEBRF closed at $0.21USD today. Down 93.6% Somebody got their stink bid filled. Well done.
Comment by
tylerreddick on Sep 19, 2024 10:18pm
As bad as 21 cents sounds, it was actually 2.1 cents !!!!!!!!!!!!!!!!!!!!!!!!!!!!! Hahaha, 2 friggin cents !!!!!!!!!!!! That is about right, IMHO. Hahaha