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i am getting my cats confused
that is stripes
The only fact that has complete credibility is outstanding share counts, unfortunately not always readily knowable or static. Further increase without clear explanation increases the odds the leopard has not changed spots.
sam
Shrotker,
We would all be rich if it was easy. We also probably all would be rich if all information was completely true and non-misleading.
I am just trying to judge right enough to come out as best as possible.
sam
Shrotker,
Good question. I make a judgement call on whether a poster is telling truth or not. I think we all do. To just dismiss all posting as being without value makes no sense.
If I knew how to thoroughly learn everything about a company through research, I would probably still look at message boards to take shortcuts to save me some research time.
sam
Probably most did not accept the 6 million number as 100% fact, but with the high volume of shares trading per day there was plenty of room to be in favor that the figure had merit.
Unfortunately a point against the company is we have every reason to believe they wanted to keep the share count quiet as long as possible including much deception. This is directly in contrast to their stated desire I feel to become a fully reporting company.
I will up 60% to 70% chance going below $1.
sam
Pual,
I think the reason rawnoc should have been looked at as probably credible earlier on was due to 3 reasons:
1) why persist in a blatant lie day after day if you are not running a pinksheet company
2) there has been a history of share increases for veltex
3) we know Matin in the fall was looking for financing on terms very favorable to lenders
sam
Pual has interesting ideas when he is not wagering a losing battle to discredit rawnocs statements on outstanding shares particularly by saying it was not terribly relevant.
It is possible that Matin dug himself a hole and he is finally getting affairs in order. We don't know how well that can play out but if it does and the share increase necessary to do it is finished then the upside is still $10 - $30 in 12 months but I think 60% chance < $1 price.
sam
To look good, I think at the least one would have to forgive Matin for not being clear on past events. The audit would have to be very explanatory explaining o/s share count history and percentage ownerships and when of subsidiaries.
Probably 2004 audit would be more forthcoming at best than 2003 audit. In fact unless 2003 audit went ahead and discussed 2004 the dreaded might as well wait until 2004 is ready is true.
sam
Cal,
What do you think the truth is about this company? What is your future prediction and why?
sam
shrotker,
The february quote says the subsidiaries completed, so if not 100% owned subsidiaries ...
Matin is the most perfect example I know of lack of clarity. He is clearly deceptive as well. The only question I am not clear about is he 100% lying often. If he is, I hope the SEC catches up with him. I question the lack of clarity and deceptiveness as something that SEC should allow even if he skates by on completely lying.
One possible explanion is veltex now wholly owns KCA, but the Mill may or may not be wholly owned.
Does anyone believe that even with KCA wholly owned and lets say 51% of mill owned that more than $3-4 for this company is reasonable evaluation without an end of negatives and a long string of positives forthcoming to allow a more compelling evaluation.
sam
Interesting.
"announced today that its subsidiaries, Veltex Apparel and Velvet Textile Mills, have completed the acquisition of KCA Garment Industries"
"Under the agreement, the cash portion of the acquisition will come from Velvet Textile Mills and KCA will receive VLVT common stock."
If the above 2 quotes are true from Feb 2004 and todays quote is also true, the answer would be I think the subsidiaries Feb 2004 were not wholly owned so KCA was not wholly owned.
Now KCA would be wholly owned by Veltex. Also interesting that the Mills put up cash while Veltex the corporation bought with shares, lack of cash.
sam
Egy - I own it but I am not knowledgeable. I did make money on it the first round earlier in the year and rebought at a higher price. It might fall some more currently because crude oil is falling. I might buy some more tomorrow.
sam
If and when that kind of count is reported, probably it is time to give up all hope on this company.
sam
Rawnoc has credibility. I for one will listen closely to any information or thoughts he shares.
sam
I don't know the mind of shorts. I don't know if anybody is shorting this.
Unless someone knew that veltex is very bad, why would anyone short this when without knowledge the chance of damaging themselves on an upside pop seems overwhelming in terms of amount of damage maybe not percentage chance.
Thoughts?
sam
Shrotker,
Since obviously no one can with confidence and accuracy know the future price of the stock, I guess at fundamentals best as I can. There are too many ifs and negative thoughts to be comfortable with looking at the company as a $3/share earner.
So currently I am looking hopefully when the dust settles a $1/share earning company. Given pink sheets and Matin's less than stellar reputation into the foreseeable future if all goes well the upside is $4 share future value.
My plan is too start trimming if I can sell at $2.40.
I agree with previous posts that given the man is too optimistic and the audits may be difficult to get done, I will just suffer the decline in hopes of a rebound at a future time.
sam
My guess is the selling may have dried up to match the fact nobody should be eager to buy right now.
sam
If the name of the male is known, ask for him when the female answers. I would try myself, but I am at work and don't have a cell phone.
sam
My guess is that the time to call is after the market closes as a general rule. The female is the first team.
Do you agree rawnok?
sam
JDW514,
Good discussion. What is your investment approach on such a difficult to judge stock. Do you recommend for those in to hold?
sam
As bad as things look right now when trying to examine everything, my question is why do longtimers on this company exist?
Has Matin provided an explanation for needing money in the form of cheap pp <$1 in the face of always reporting great income?
sam
Reviewing again dec 9 press release and this quote:
The shares of stock in the float for the company remain the same. Fundamentally and structurally, nothing has changed with Veltex.
If there are move than 2.5 million shares outstanding, Matin is more than just incompetent and/or needing money, he is vigorously fraudalent.
Anyone disagree?
sam
I have to believe Rawnoc is being truthful.
I can't see any logic in continuing to push a lie. It would be nice to get confirmation.
Regardless,
Yesterday I sent an email suggesting that Matin PR o/s shares as well as % ownership of mill based upon as of this week.
We should all send such email. Rawnoc to his credit suggested as well. If Matin has a clever plan to benefit us by keeping us in the dark, I say forget it somewhat.
If the company is as good as Matin claims, the company can do well enough without deception.
sam
Also,
It is a matter of trust. I think we all fully agree that dramatic changes in share count or anything else relevant needs to be fully explained and explained at the get go. If there is competence in execution and sincerity and patience in sticking to excellent public relations a company will be recognized for its virtues.
sam
Psheet,
What was the single worst verifiable experience you have had regarding your experiences with Matin, in terms of being misled etc.?
sam
Rawnok,
Then how do you assess the risk of Matin to be for civil and criminal penalties?
sam
Psheet,
I would appreciate gaining some knowledge about what you have experienced in the past, if you can describe past events. You apparently hold out some hope still for a good ending, so you are not 100% negative.
sam not samuel
It seems like criminal stupidity to raise money at below $2/share if you could legitimately show the lender earnings of $3+/share.
sam not samuel
Thanks. Sounds like on the pink sheets there is nothing much to alleviate lying to a heart's content.
sam not samuel
THE GRAND QUESTION STILL IS whether this company is an ongoing scam or is it legit.
If it is an ongoing scam since possibly 1999, does anybody know enough about the SEC as to why the SEC has not put an end to this story ? They could prevent press releases and halt trading etc. if they wished, right?
sam not samuel
LET US ALL EMAIL THE COMPANY to ask the following:
What percentage of velvet textile mills do they own as of 12/9/204?
What exchange do they plan to get on?
sam but not samuel