TEXAS CASE HEARING THIS MORNING
Milan Saha offered a settlement of three birds in the bush ...future promises ... that I predict will be outright rejected.
Predict that based on past Peter's history of delays in other court cases by not paying his attorneys .... that Texas Judge will order a Summary Judgement or at minimum not release the Texas attorney.
Atty Saha is not licensed in Texas (Texas rule XIX applies). Atty Saha tried the same in Florida in the VNS case and was told to "shut up" as no representation allowed since he was not licensed in Florida. Sounds like he needs to go back to law school for some basics. I am sure there will be complaints filed to the New York Bar in regards to his representations/statements on the Annual Report (remember the State of New York has some of the strictest securities laws in the nation).
The Texas Case concerns a defaulted promissory note for a loan made to PVEC and personally guaranteed by Peter Villiotis.
If Summary Judgement allowed, an involuntary bankruptcy is sure to follow against Peter and Company. If a delay is granted, other creditors are in line for filing involuntary bankruptcy IMO. Involuntary Bankruptcy will force Peter in statements to the court and perjury (jail time). It will also allow discovery of assets and off shore bank transfers. An Involuntary Bankruptcy will protect the employees and creditors, and will significantly reduce the legal expenses of the claimants as the court appoints the attorneys. Unfortunately, I predict the common shareholders and the preferred shareholders will be eliminated.
If a Summary Judgement is allowed, it is just a matter of time that Port of Palm Beach deposit is frozen and eventually seized (other creditors are already looking at that option).
Your investment decision is yours alone. There is a lot of information posted on this Company, both pro and con....but based on the history of current management, the unprecedented dilution of the shareholders, the announced intent to R/S, and the record low price (and no bid)since Peter took control of the Company ... it does not look good for the Company IMO.
Be careful in your investment decisions.
DON'T BE CAUGHT HOLDING THE BAG!
