RE:News Update on Sage RanchWhen it comes to the water rights we need to keep in mind the ongoing litigation between Greenbriar and Stuart Nacht. Even though the initial legal issue was between Greenbriar suing Nacht for breach of contract, that has expanded to Nacht's counterclaims. The counterclaims -
"Nacht seeks “to litigate the question of whether Ciachurski personally engaged in transactions to the detriment of Greenbriar Capital and its creditors for the benefit of himself and/or his friends.” - Tehachapi News It certainly doesn't appear to have been in question that these transactions have occurred in the past. Ciachurski has previously mentioned that the company's only owned water rights came from Tommy Sullivan Jr.
(During the year ended December 31, 2022, the Company acquired 76 acre-feet of water rights for the Sage Ranch Project by way of a debt settlement agreement with TS Media LLC, an arm's length party. Pursuant to such settlement agreement, the debt of US$1,000,000 was settled in exchange of 925,926 units of the Company. - MD&A) Just to clarify TS Media Llc is a company owned by Tommy Sullivan Jr. (along with (67) registered companies at his residence, wow) https://www.bizapedia.com/az/ts-media-llc.html Interestingly enough the 76AF of water rights GRB holds came through Jeff Ciachurski being paid for those rights previously, as per 2024 TCCWD Report -
"Greenbriar Capital (U.S.) LLC 76.000
Successor in Part to Jeff Ciachurski 76.000"
So, in this (76AF) GRB shows the migration of those water rights from Tom Sullivan to Jeff Ciachurski to Greenbriar, along with all the payments to each individual along the way, according to corporate financial reports.
Then we have Ronnie Strasser who purchased his (115AF) water rights, was paid a non-refundable deposit for $8,782 per AF (second highest priced paid for rights in the area) just for a deposit. Now the newest agreement will pay him an additional $10,869 per AF (being the highest price paid to date for water rights). On July 25 2025 Strasser will start receiving $62,500 (late fee payment) and every 90 days an additional $62,500. Even if they don't purchase the water rights they will have to pay the late fees.
Seemingly, the company's three largest shareholders (Ciachurski, Sullivan and Strasser) are doing alright in corporate dealings.
And that is just the water rights, there is also the property transactions that have occurred related to the Tehachapi properties associated with Greenbriar. Ciachurski, Strasser (and spouses), Morris and Greenbriar Capital.