Greenbriar Capital TSXV:GRB, www.greenbriarcapital.com

"There is not a forever moat but they say they have first mover and that there is no one out there doing what they are doing. That will change.. "

Guys, sorry but I used the wrong term when I said "moat" , and I need to correct myself there is one competitor (Safe Chain). There is no IP that gives GRB or any one else that kind of (IP) advantage in terms of developing a block chain. You might build a better or a lesser one but there is no moat that prevents someone to build their own.

Safe chain was mentioned in the Dec 6 2018 Real Block Conference call as the (only) competition. Todd Taylor said that he felt they had lesser technology than RB, and that they didn't have title insurance industry (the target market) representation in the co., unless GRB where it is one of our big strong suits.


www.safechain.io/news

I like to own a monopoly $$$ like the next guy, but if there has to be competition I want them to be successful, just not very. If Safe Chain is in the lead, we're no. 2 so that's not bad! What is worse than their only competition not winning business ? Right, if they aren't winning any business.

I would be shocked if there are not multiple title insurance companies and IT firms working on block chain security solutions for the title insurance industry right now! The business opportunity looks so and there is great interest throughout the industry. The business opportunity is not to bring in a block chain. The business opportunity is to decrease the risk of fraud / hacking in the escrow transaction service part of the title industry offering by using blockchain.

In the States, title insurance co. receive trillions (I'm pretty sure I was told $50T but don't quote me) from real estate purchasers each year and transfer just about the same amount to real estate sellers. When you pass on things like your banking info using email it sets up the opportunity to be hacked and ripped off. BC is a tool and part of an overall solution to reduce the risk of loss. A

GRB feels that "Real Block" (its sub.) will be the first public BC co. to make money (from the use of the BC and not just from the building or development of BCs). Time will tell but if its successful, I am sure it that spin out will be on the mind.

I've done a lot of DD on GRB and it's my largest holding, an overweight 20%. GLTA.

The thing about their bid is that its regarded as new but it has an asterisk water mark on every page that says 'OR ELSE', lol. This is me not Jeff saying this but is it off the mark?

Look - Every one in the room knows the tender or whatever they call this needs to be fair and transparent (see "Puerto Rico" asterisk!) but that at the end of the day if GRB doesn't win the you know what will hit the fan.

A fight with GRB by way of continuation of the law suit is the LAST thing PREPA needs. They are on their fifth executive director or whatever you call the top guy in the last year per Jeff, and Washington is sick of it. PREPA needs to get their act together, last month.

Montalva is 100 MW out of the 1,000 MW they want to award so its still a far cry from what the MW that the IRP calls for. Don't recall the figure but its more than 1000KW.

I've asked about stories I've read about P. Ricans wanting off the grid but he said this isn't realistic. It is going to be extremely costly to build housing that can withstand Level 5 hurricanes, which GRB will be building their's to, for the homeowner to do that to their place and then secure a solar panel system that will also withstand Level 5 will be way too costly. it makes you wonder... anyway I got my answer and its good for GRB. GRB's system will cost an extra $25m to meet level 5, getting the picture?

GRB is an immense opportunity because Jeff has a real bad history of over promising and under delivering. Many of his long time shareholders are just sick of it. But its not all terrible, the result is a set up that results in one of the best opportunities i've ever seen. I said this 9 mo. ago and it still holds true, expect its way more real and closer now than then or 6 months ago or 3 months ago. And its just as cheap.

If one were to look at the projects alone w/ out the baggage that comes with so many broken promises, there is NO WAY these projects are worth $20m and have an EV of $24m. No way. Montalva is so close to being done deal and will be spun out.

Re - read what I said about Sage Ranch (we own 50% of the profits and are not paying for the overhead is my understanding) and that is going to be a beauty and its real. He told me, yesterday, he had lunch w/ a "commandant" at Edwards and the guy retired a year early because the housing is just so bad!

EDWARDS WANTS THOSE HOUSING UNITS AS MUCH AS GRB WANTS TO LEASE IT TO THEM. Leasing means a long term profit and cash flow model not a one time sale and out. This is great.

At the AGM he already told me that the base is not filling its engineering positions because guys are getting off the plane checking out housing seeing all the gangs and the hoods, and getting right back on the next one out of there. Edwards wants housing in Tehachapi and there is no other inventory there - just Sage. This appears to be a complete no brainer and I would not be surprised if we get some kind of NR in a month.

RB - where to start. How about this, another big over promise and under deliver disappointment, and so unnecessary too. You do not need to promise a 60,000 transaction exit rate in 12 months from going live! This is a ridiculously high target. Set it low and beat it. How about 10,000 - that is 4 x Tommy's in one year - and if you can do 15,000 then you're a star. (We've discussed this RB topic a few time - let's say we don't see eye to eye, LOL)

More recently I've been saying on SH 'show me the signs' reiterating 60,000 is out of the question. So if they can add their first external client , then another rand then another and report its going great well those will be great signs I'm told we have 5 title insurance co. impatiently waiting for US to give the ok to start. If the thing works great by the time they finish the first couple of installs it could be 10 (me talking). If it doesn't work great it might be less. Based on the experts working on the project and all the time and effort put in, I am definitely thinking the former.

Jeff has given the systems guys a lot more time to address changes, fixes, bugs but as he told me yesterday it is time to start making this a business. My guess is that it may take a month before the first external client is announced.

Do you guys who are in GRB really understand how significant this thing is if it works like they expect it too? GRB has the 'potential' to be as big and bigger than Montalva and the beauty of it is that it comes w/ out capital requirements; without the politicians and politics; and without the lawyers. It comes without hurricanes and Trump and Congress. The back end is done, it can handle way more than 60,000 and once it gets going its a high margin business.

There is not a forever moat but they say they have first mover and that there is no one out there doing what they are doing. That will change...but then 60,000 means $14m USD profit even if it takes 2 years. You can have 2.5 years Jeff. What will RB spun out be worth. Its total cap today is under C$20m..

I am totally onboard w/ Ron's description of GRB. Fantastic value and opportunity. You just need a little bit of faith. Just a bit, to see it.

31F

I figured they would negotiate it again given the vast improvements in solar and how many years since the last deal was struck. It is only going to get better and still be very significant for GRB

Nice update, long and strong

Just posted on SH. Sorry boys still new and not in the habit of using the lounge. Yet.

stockhouse.com/companies/bullboard?symbol=v.grb&postid=29611795

Yeah, I’m pretty sure GRB has great value right here and now and at double and triple the current price. It’s got a market cap of $21m and fully diluted $25 m. Enerprise value is around $25 million.

There are literally hundreds and hundreds of ‘nothing’ trading at much higher valuations in the markets. But GRB comes by its valuation honestly. It is ‘full value’ for its lousy valuation meaning I think it’s explainable!

A lot of the shareholder base is from W Wind and some of these guys (those who didn’t dump it along the journey, as I would have - you better believe I would have!) are so sick of the delays and broken promises they are some of the ones selling and they are selling at the exact wrong time.

My take on why GRB so undervalued.

The solar project is in Puerto Rico, where the power authority PREPA is or was corrupt.

The market has discounted the project believing it will not get built, so solid proof is needed other wise.

With Realbloc, the crypto currency and block chain market has collapsed, was just a pump and dump. Although block chain has merit, the market wants prove there of success as well

Real Estate does not get much investor speculation, although the spin with cannabis might change that.

Patient investors will be rewarded very well, IMHO

Good to see some activity here on this one. I pasted in the latest daily cloud chart. Positive that the stock is still above the cloud, but other indicators signal it might weaken a bit further before a good buy. Near support is $1.06

Welcome 31floors and great input. Anyone here anything from PREPA meeting? I found these were attendees

Todd Filsinger (FILSINGER ENERGY PARTNERS) -- Has been active in the energy sector for over 25 years and is recognized globally as a leader and turn-around specialist in the energy sector. As an interim executive leader, Mr. Filsinger has guided several utilities through restructuring processes, developed complex strategies for utilities and renewable energy companies, and been involved with the restructuring of a majority of oil and gas entities and merchant power companies. He has also led and managed some of the largest energy trading operations in the United States. Additionally, Mr. Filsinger has assisted commodity-based businesses and helped both regulated and merchant utilities across the United States in the areas of strategy, regulatory compliance and filings, asset divestiture, and capital allocation techniques. Notably, Mr. Filsinger served as Interim Chief Executive Officer and Interim Chief Financial Officer for Hawkeye Growth. He also served as Chief Operating Officer, Chief Commercial Officer and Energy Restructuring Advisor for Calpine Corporation, and he was the leader of PA Consulting Group’s Global Energy Practice from 2002 through 2010.


Matt Lee (FILSINGER ENERGY PARTNERS) -- a mechanical engineer with extensive business and environmental expertise. He has managed the development, design, permitting, and financing of power, petrochemical, and infrastructure projects. He has provided consulting services for private debt and equity placements, project financings, public offerings, purchasers and sellers of energy assets, and municipalities. His experience includes traditional and renewable forms of generation, gas and electric distribution, plant performance testing, economic modeling, market and commodity forecasting, operational reviews, technical due diligence, and valuations. Mr. Lee began his career with the EPA’s National Enforcement Investigations Center reviewing major petrochemical plants throughout the United States. He is regarded as an air expert, having led the permitting of over 4,000 MW of fossil fuel-fired electrical generating capacity. He has also performed technical due diligence and feasibility assessments for projects throughout the world including the Middle East, Africa, South America, and Asia. Additionally, Mr. Lee served as the Chief Operating Officer of Refined Energy Holdings, a gasification and alternative energy company. REH’s flagship project, the Power County Advanced Energy Center, was a fully permitted coal gasification-to-nitrogen fertilizer complex, one of the few successfully permitted coal-based projects that has received the endorsement of the Sierra Club and the Idaho Conservation League. Mr. Lee assisted with the sale of the project’s development rights in 2013 to a New York-based private equity group. (FILSINGER ENERGY PARTNERS)


Allison Horn (FILSINGER ENERGY PARTNERS) -- is experienced in financial modeling for the power industry. As an engineer with TD Industries, Ms. Horn provided financial modeling in the areas of construction management, materials procurement, cost tracking and specifications analysis. At Luminant Power, Ms. Horn created and managed a database of heavy equipment assets and developed advanced Microsoft Excel VBA training for the engineering design team. She earned a Bachelor of Science degree in mechanical engineering and mathematics from Southern Methodist University. (FILSINGER ENERGY PARTNERS)


Stuart Zisman (KING & SPALDING) -- counsels clients on energy projects and transactions in the midstream and downstream energy sectors, including electric power. He is familiar with energy projects of all types and at all stages of ownership and operation, from early development through operating life cycles, including acquisition, development, construction, completion, optimization and divestiture. Stuart frequently provides clients with legal support for electric generation projects (both conventional and renewable), as well as storage, processing and fractionation facilities, gas and liquids pipelines, and refineries and terminals. In addition, Stuart handles all types of commercial agreements, including structured commodity transactions/offtake agreements (including lien structures and related inter-creditor agreements), joint venture agreements, gathering, processing and storage/terminaling agreements, energy trading marketing and financing, development agreements, and purchase and sales agreements for assets or equity. Stuart has more than two decades of energy experience (including more than 10 years working for banks and energy companies both as internal counsel and on the business side). Prior to joining the firm, he: (i) was the co-head of Bracewell’s power, trading and renewables practice; (ii) led Macquarie Energy LLC's energy asset strategy, (iii) managed the commercial services function for Fortis Energy/Cinergy Marketing & Trading in connection with its physical and financial North American energy commodity platform; (iv) led the Acquisition and Development group for Duke Energy North America; and (v) worked at Enron North America acting initially as primary counsel in support of ENA’s eastern power origination group and, subsequently, as a senior member of its corporate development group.


Francisco Santos (PREPA) – In house counsel.


Fernando Padilla (PREPA) – Administrator for Restructuring and Fiscal Affairs.

Then it is to Ron’s credit that he did it not recommend it sooner especially since I think he made money with Western Wind? I only got in in July 2018. I read a Ron piece on the co that called it one of the most undervalued companies on the venture.

Since then theundervaluation has gotten a lot greater as they progress significantly on all fronts while the stock price has fallen (from the time I happened to read the article -$1.45) and the share count has only increased by a million and a half to what, 21m thereabouts.

As to RB, the only problem I know for sure is the high guidance they provided, lol!. If the market believed it, GRB would be $10 by now! Instead, assuming you believed in Montalva and Sage Ranch, RB is trading at nil or I’d say a negative valuation lol!

I like each of these 3 main projects a lot and have done a log of DD. it will simply take time to build up the RB business and this is more than reflected in the SP. The RB opp. looks real to me. They actually went live only one mo. ago!

I have not gone back to read Ron’s prior issues on this co. So this has probably been brought up but just in case, GRB owns 10.6 m . If PWR trades over $1 for 10 consecutive days those shares will be divvy out to shareholders prorata. Today this would mean 1 share of PWR for every 2 GRB U own.

Anyway I was the only shareholder at the AGM so I had a chance to ask a bunch of questions.

Welcome 31floors

Gambler, I like the idea of the spin out too. I added to my position down around $1.00

I have been with Ron a long time and we made good $$ with Western Wind. He did not suggest buying GRB until last year. Mostly I think because the situation in Puerto Rico meant Montalva would get built.

I very good move to do the spin out, the company has a lot of assets. The solar company should start to trade on cash flow and earnings once it is completed.

Be very curious to see if they can hit their realbloc targets