In late March of 2012 (THAT’S MORE THAN 4 YEARS AGO) a United States District Court in California handed down one of the largest awards ever in the Central District of California, more than $102 million, in favor of Veltex Corporation
4 YEARS LATER
News or confirmation of rumors
1- The Plan of Recapitalization Plan (effecting a reverse split of 1 for 25) was approved … Not that it changes much for us (total value of our shares is not necessarely impacted) but it would have been nice to know why management decided to do that at this time ???
2- Recently (???), Veltex has entered into a contract with Mountain Valley Partners LLC, a company structured to specifically explore opportunities to expand shareholder value by merger or acquisition of Veltex.
3- "Veltex has recently … begun asset searches and examinations of individuals and corporations who are legal creditors to Veltex. … we have just begun (???) this process, … . To be remembered however that : The NR of June 2013 mentionned : ‘Veltex has retained the services of a major collection firm in California to begin the process of collecting the judgments in those jurisdictions of Los Angeles County and Orange County of certain of the defendants …
The rest is boiler plate stuff such as :
… However I am more than optimistic about our prospects.
"Veltex is currently exploring all opportunities accessible … to maximize shareholder value ...
Our strategy has always been to maximize the value of our judgments and other assets.
…
PS : To whoever posted private messages : I do understand that multiple options have been available (cash buy out, merger, reverse merger ...) but after 4 years I would expect something to have been done.
If the (or some) assets have been secured (Significant development) management must (by law) inform the shareholders.
