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OT: Let us all pray for the victims of the Earthquake in the Abruzzo region of Italy. Pray for mercy and compassion.
Developing story
msnbc.com news services
updated 12 minutes ago
L'AQUILA, Italy - A powerful earthquake in mountainous central Italy knocked down whole blocks of buildings as residents slept early Monday, killing at least 91 people and trapping many more, officials said. Tens of thousands were homeless and at least 1,500 injured.
The earthquake's epicenter was about 70 miles northeast of Rome near the medieval city of L'Aquila.
"A few houses have remained standing, but just a few," Stefania Pezzopane, provincial president of L'Aquila, told the Corriere della Sera newspaper.
The earthquake struck at 3:32 a.m. local time in a quake-prone Abruzzo region that has had at least nine smaller jolts since the beginning of April. The U.S. Geological Survey said Monday's quake was magnitude 6.3, but Italy's National Institute of Geophysics put it at 5.8.
An Italian Cabinet minister, Elio Vito, told lawmakers that 91 deaths have been confirmed.
Officials said the death toll was likely to rise as rescue crews clawed through the debris of fallen homes.
L'Aquila Mayor Massimo Cialente said some 100,000 people were homeless. It was not clear if that estimate included surrounding towns. Some 10,000 to 15,000 buildings were either damaged or destroyed, officials said.
As aftershocks rumbled through, slabs of walls, twisted steel supports, furniture and wire fences were strewn about the streets and a gray dust carpeted sidewalks, cars and residents.
A resident standing by an apartment block that was reduced to the height of an adult said: "This building was four stories high."
In another part of the city, residents tried to hush the wailing of grief to try to pinpoint the sound of a crying baby.
We agree about thanking those that went after Matin and aiming to cleaning up the company. It was a noble gesture as they were fighting for justice.
It's definitely a very exciting time for Veltex. A time full of mystery and intrigue. There are so many questions. The main question is if this company will ever recover and rebound. That's all we really need to know.
At least we know that it's much different than the same time a year ago. Matin is gone. Will Veltex shareholders be able to recover anything from Matin? (Even if the answer is yes, it would probably take a long time - so if that's all the company is focusing on right now, then we can expect the stock to sit still at the same price approximately for a long time). It seems that this is the scenario we are experiencing, unless we receive some sort of informative Press Release of an uplifting nature, that shows efforts to revive the company as a REVENUE GENERATING ENTITY. The New Management needs to answer this question:
"Will the Company be GENERATING REVENUES AND NET INCOME IN THE MILLIONS OF DOLLARS IN THE SHORT TERM FUTURE (6-9 MONTHS FROM NOW)? (ANSWER, most likely is NO. Therefore, Stock price, being a reflection of anticipated Net Income Performance is expected to go nowhere - Maybe the Game is not over but we might be stuck in a hole that will take a VERY LONG TIME to GET OUT FROM).
Gratzi
If we could only make money betting on the stock price staying around the same price. It's very likely that VLXC will remain the same price for a long time. (It is even likely that the price will go down, after the current market rally fizzles)
Below is a "Reality Checklist":
1. Based on the fact that it took over a year of legal activity to finally get New Management, the other matters such as line of credit and capital financing may not be so reliable.
2. Who is really gonna buy this stock above 0.02 when it's been sitting at approx. 0.01 and lower for a long time? (even if it did go to 0.02, it would most likely be short lived, or just sit there at that price and not go much higher from there - it is highly unlikely to ever reach 0.10 or above - we'd make more money betting on it staying below 0.10 then going above 0.10, and if it ever hit 0.10 then an immediate sell off would occur - it would not be able to sustain 0.10 for a reasonable period of time)
3. Investors are afraid of jumping into penny stocks, because of a lack of disclosure.
4. We're still waiting for an official recovery in the market as a whole, even though there have been recent consistent gains in the last few weeks in the Dow Jones.
5. Many that would have been potential investors in Veltex do not exist now because they lost big portions of there 401k and other investment accounts in the downward spiral of the stock market.
6. Veltex may even have to issue more shares, thereby bringing down the stock price, in order to generate cash.
Does anyone here believe that VLXC could go up to 0.05 or higher within 30 to 60 days from now?
What is your forecast for the outlook of VLXC given what we know/don't know right now? (or the potential given that New Management is in place, that's trying to get the ball rolling.)
Can we expect any New Press Releases soon to follow after the one we just got last week about the New Chairman and Board of Directors?
Will Veltex obtain an impressive line of credit? Will Veltex have to issue more shares to stay afloat? Will new investors or current investors start rushing in to buy Veltex shares in anticipation of good news for Veltex?
Or will VLXC just sit still with little possibility of it going above 0.02?
What is the general feeling here? Are we all equally confused about VLXC? (It might fly to a nice high price or just sit flat. It seems that we're all just waiting on he sidelines as SPECTATORS and not SPECULATORS - WE'RE ALL JUST PLAYING THE 'WAITING GAME')
Gratzi
Yes, we need to know "what's left of the company, and what, if any, are the business plans going forward."
As far as the shares that Matin personally "pledged" millions of shares of his own as collateral for Veltex to obtain the loan to buyback company shares, it seems that this is a situation actually between Matin and the Lenders'(Dafcan Finance and One Equity Corporation of Westerville, Ohio a/k/a "The Defendants"). The main question is "will the Lenders ("The Defendants") still have to purchase shares and deliver them to Matin, or just reimburse him in the form of Cash?"
Please note: Veltex is not a party in the litigation.
It doesn't seem that the case will have much of an impact on Veltex shareholders.
Here is a Press Release from the past as a reference:
LOS ANGELES, July 25 /PRNewswire-FirstCall/ -- On July 20, 2007, the United States District Court for the Southern District of Ohio ordered that Dafcan Finance and One Equity Corporation of Westerville, Ohio deposit common shares of Veltex Corporation (Pink Sheets: VLXC) with the Court. The Court's order arises out of a suit filed by Javeed Matin, principal shareholder, against those entities with respect to a transaction pursuant to which Mr. Matin pledged 2,000,000 shares of his stock to secure a loan for financing a stock buy back program of Veltex Corporation. Veltex announced late last year a share repurchase program. Mr. Matin alleges that the shares were improperly sold during the month of March of this year in violation of the loan agreement and has sought to rescind the transaction. The defendants contend that the shares were transacted pursuant to the terms and conditions of the loan agreement, and that Mr. Matin is in breach of his obligations under that agreement to repay his loan.
In a prior proceeding on May 29, 2007, by agreement, the defendants were ordered by the Court to repurchase 2,000,000 shares, in the open market, by June 29, 2007. However, the defendants revealed that they were able to purchase only 116,000 shares because of market conditions. Mr. Matin has requested that Dafcan and One Equity, and their principals, be held in contempt. The Defendants contend, there was no contempt of the Agreed Order. The hearing is July 31, 2007 in Columbus, Ohio.
The pleadings in the case can be seen on http://www.uscourts.gov/ or by access through the PACER Service Center at Case No. Case No. C2-07-A52 United States District Court for the Southern District of Ohio: Javeed Matin v. Dafcan Finance et al. Veltex is not a party in the litigation.
The recent news was expected and doesn't seem that it will be the type of news to drive up the stock price. It may be a "catalyst" for change towards a positive direction EVENTUALLY (we just think it may be a long story ahead). If they keep on issuing Press Releases without Quantitative Information, we should expect little or no reaction in stock price.
We are living in times where everyone is getting "back to the basics" specifically, we have to see concrete numbers before we jump in. Many lost a lot of wealth and suffered - we don't see VLXC as a 'huge source of wealth' right now. It could be, but we don't have any reliable information yet. The recent PR is a good sign that management has officially changed - we just have to see what they are really able to do (i.e. can they "walk the walk" or just "talk the talk"?)
There is no "Quantitative" information in the Press Release - it's just more of a self-congratulatory message to the new board of directors and chairman of the board. There is mention of "capital financing" and "lines of credit", but NO QUANTITIES mentioned.
Therefore, the formula to explain the lack of reaction to the Press Release is NO QUANTITATIVE INFO = NO STOCK PRICE CHANGE (NO REACTION). (Of course, there is a chance that the stock may spike and then return back to lower levels - like true PUMP and DUMP fashion) Most likely, the stock will go up just a few tenths of a penny and just sit there. Which for most of us translates as "Not much of a reaction" because we don't recover most of our losses.
Best wishes,
Gratzi
Sky-King, Do you own ANY shares of VLXC?
What is your forecast for the next 90 days for VLXC?
Do you believe it will ever hit 0.10? If yes, how soon? If no, how high do you think it will ever go? (i.e 0.02, 0.03, a bit more, perhaps?)
Are you taking into consideration that there is New Management in place? We can expect clear communication from Management from these days forward, right? (We should expect, for example, clarification as far as Financial Figures like Cash, Inventory, Fixed Assets, etc...)
Any questions, comments, or suggestions?
We're interested in hearing from you. Now that management has changed, do you believe that we are possibly due for a nice turnaround for the company, fairly soon?
Regards,
Gratzi
You're right again. Just look what happened today. The DJIA goes up almost 500 pts for the day and VLXC doesn't move at all.
Who's really gonna buy VLXC? Everyone left holding is just waiting forever for this to 'pop' to break even from there long positions of heavy losses. Most likely it will take the Company having a lot of Cash (which it probably doesn't have) to buyback millions of shares to bring up the price. This seems highly doubtful that the Company or anyone else is gonna buy, UNLESS there is SERIOUS CHANCE of this COMPANY becoming a REVENUE GENERATING ENTITY.
Best wishes,
Gratzi
I agree with your illustration of "VLXC is now in a Coma". And you have a good point that it doesn't seem prudent to sell the shares just to get the Tax Savings from the Capital Loss. It seems that, even if it moves slowly, the stock is headed into positive territory, or at least we can't lose much more from here if it slips down further for a while. This might be the time to "get in" before it "explodes" in price (just imagine how many will feel if this goes to 0.05 or more and they could have bought in for about 0.014 or so). Think about this, who would be selling now? Only those margin traders forced to sell most likely. And those making nice gains in the recent market rally we've seen for the past 9 days or so might take a look at VLXC and be willing to pour some of there winnings in our direction. At least we agree that we expect some exciting news on the way for us.
Like I've mentioned before "Hold on Tight, It's gonna be an Exciting Ride!"
Pual, thanks for your input here.
Good luck to all.
Gratzi
Anyone here feel that VLXC can JUMP to 0.05, 0.10, 0.15, 0.20 or higher within the next 90 days or so?
Item to Consider:
With New Management at the Helm it seems that we'll have more disclosure about what we've been wondering about (Cash, Inventory, Fixed Assets, Projected Income - if any)
Any suggestions about finding out about more info?
Good luck everyone!
Gratzi
Hey, it looks like VLXC might be on the way up, base on the last couple days. The bid price changed recently from .0085 to .011 and the ask price changed from .011 to .013 to .014 in recent days. Somebody has been sneakily buying even though it shows volume of Zero, those trades must not be showing in the system perhaps. Why otherwise would the bid & ask prices be increasing?
VLXC might be on its way up. Or maybe this is just market related movements, with the last 6 trading days or so of almost each day seeing nice gains in the Dow Jones Industrial Average. It could be that if the market starts slipping back again that we might see VLXC slipping back down also. Anyone here like to guess which way VLXC will go?
If we get a really nice Press Release from the Board of Directors or maybe a NEW CEO of Veltex, it will be very interesting times for Veltex.
Everyone hold on tight for the ride ahead. We got exciting days ahead of us. There's gotta be some kind of news coming out soon!
Best regards,
Gratzi
You picked choice #3, which means you believe that the stock is gonna increase. Please explain. Does your choice have anything to do with the Recent Change of Management? Anything to do with expected Financial Figures (Cash, Inventory, Fixed Assets, etc...) What if the company has very little left in Cash, Inventory, Fixed Assets and has a lot of bills to pay its Vendors/Creditors?
Actually, as a hypothetical situation, let's say that there is $3 Million in Inventory and 30 Million Shares Outstanding. This would mean that Inventory = 0.10/share. It would be interesting to find out the Current Ratio of the Company (Current Assets/Current Liabilities). We need to know if the Company is Solvent and how much Inventory is Available for Sale.
You're right. There are so many white collar criminals out there that there's not enough good guys to take the bad ones down.
Also, you seem to have a good analysis about the direction of the stock price expected to stay the same for quite some time. Because who's really gonna take a chance with Veltex after the downward spiral in the Stock Market. Those that are severely wounded most likely won't take a chance with Veltex.
But who knows? Life is full of surprises. Maybe someone will have some special interest in buying whole bunch of Veltex common shares due to certain future plans for the company. There are those out there that find this to be quite an attractive investment for a number of reasons.
Please make your forecast, right now. What will be the overall movement of VLXC Stock for the next 30 Days?
Will VLXC 1.Decrease, 2.Stay the Same, or 3.Increase (Make your selection 1, 2, or 3?)
Thank you.
Gratzi
Good question. This stock seems to be a mystery always.
Cheers,
Gratzi
We, a group of Shareholders of Veltex Common Stock do hereby admit that we are BIG SUCKERS. We now believe that we were extremely foolish to part with our money. We were led to believe that Audited Financial Statements would be furnished based on the statements by the former CEO of Veltex Corporation, Javeed Matin in the Conference Call in late February 2007. Our being suckers, we believe, was caused by Javeed Matin's continued false reassurances that Audited Financial Statements would be eventually issued and that they would be fairly close to the Unaudited Financial Statements for Years 2005 & 2006.
We are now curious about the possibility of Veltex closing down, or if New Management will take over. We are totally uncertain as to which event will occur. We welcome any forecast anyone might have and is willing to share.
IF Javeed owned more than 50% it wouldn't make sense that he'd allow the stock to crash over 90% over the last couple years. Try calling the company. It seems that he's not there anymore, right?
So, please answer the questions:
Would you consider investing in Veltex IF Javeed is eliminated and New Management steps in?
(also, let's hypothetically assume there are approx. 30 Million shares o/s and a few million in inventory - would you invest in it?)
What would make you invest in this Company?
NOTE: If you hesitate you just might miss out on the UPWARD MOVEMENT - this could be your chance to make some BIG BUCKS! It's up to you to choose your DESTINY.
I was just trying to see if Sky-King would be willing to invest given certain scenarios (i.e. New Management, Javeed eliminated from the Company, etc...)
Here are Questions we'd all like to know the answer to:
"Where do we see the Company headed in the next 90 days?"
"Where do we see the Stock Price headed in the next 90 days?"
(Will the stock ever rebound to .25, + or - a few cents? If yes, how long will it take to get to this level?)
Just give definite answers to the following questions please:
What would make you invest in Veltex? (i.e. New Management, Audited Financials)
Do you currently own and/or have you ever owned Veltex Common Shares?
Do you feel that Veltex is headed towards Bankruptcy or do you believe that there might be a dramatic turnaround for the Company due to possible changes in the Company structure and communications with shareholders?
Sky-King, we all want to know the answers to those questions. It's what we've been waiting for.
My question to YOU is IF Javeed is kicked out of the company, AND after careful evaluation, the Company is valued at One to Three Million Dollars or higher, would you believe that it's worth investing in?
IF NOT, then what would it take for you to invest in it (besides certified audit, that's a given - I'm referring to Financial figures specifically)?
IF Javeed is eliminated from Veltex, what is your opinion about the direction of the company given that New Management steps in? (i.e. We can expect True info to be released about Financial Condition of Company).
It looks like the "Letter to Javeed" makes a lot of sense.
I'm back after a 3 month hiatus. What is the opinion here about the strong possibility of Veltex having NEW MANAGEMENT after SHAREHOLDER MEETING?
Any chance for this stock to rebound?
Dear Javeed:
How long do you plan on being CEO of VELTEX? Many shareholders would like for you to leave the company - will you be honorable and leave gracefully? Or will you tie things up in legal actions back and forth? Javeed, we feel that you haven't kept your promises on a number of issues (i.e. Stock Buyback, Audit, etc...) We suggest that you pursue other endeavors as it doesn't seem to be working out - the stock price has crashed over 90% over the last couple years!
Special Anouncement:
Hey everyone, including Sky, feel free to post "Dear Javeed" messages here. It seems that he's been reading the postings and keeping close track to what's going on here.
WOW! It's possible that JAVEED'S been watching us here closely!
So, we might as well post our thoughts addressing JAVEED directly, right?
QUESTIONS:
Will it be a matter of weeks or months that we can expect Javeed to be FIRED?
Is Javeed planning to "sink the ship" and everyone to "drown" with him?
Is Javeed spending shareholders' money to maintain the attorney's efforts to help him stay at the company?
IF there is a Management Change (i.e. Javeed gets kicked out), what do you forecast for the outlook of Veltex to be given the possible likely scenario? (When do you think Javeed will be FIRED?)
Can you offer any practical info on what to expect in the coming months for VELTEX?
Have you been in touch with any of the Plaintiffs vs. Javeed Matin and/or Veltex Corp.?
Have you recently spoken to anyone at VELTEX (i.e. Saasha, Javeed) that can provide any relevant info?
ANY NEWS?
You might be right, but the legal system moves at a slow rate it seems, and it may be possible that Javeed could exploit this tendency. He may "buy more time" with the slow legal process.
It would be interesting though to see the information for the last 6 months (i.e Sales Agreement). By the way, where did you get the info about this court order that Javeed needs to furnish the info?
Best wishes,
GratziPrego
Why in the world have you wasted so much of your time here? You could of been doing so much more with other pursuits.
We just wonder what you're all about. Are you begging for a compliment? Why weren't you in the front of the mission to Change Management?
You just let all the misfortune fall upon us while doing nothing but just typing words here.
What are your expectation for Veltex for the next few months and furhter?
Sky, what acitons have you or will you take regarding Veltex?
Sky, for so many months you've been "warning" us here, but what actions have you taken besides posting here?
Have you contacted any regulatory agencies? (Probably NOT)
YOU have invested a lot of your time here (TIME=MONEY), so you're quite a Sucker as well!
You've been allowing thoughts of Javeed and VELTEX to live "RENT-FREE" in your mind. It's been consuming a great deal of your time, and what do you get in return? NOTHING!
You're bragging, "flag waving", and constant warnings, have costed you a great deal of time. WE suspect that you actually own stock in VELTEX and are just a disgruntled shareholder like others here.
BEST WISHES - HA HA
POSSIBLE FRAUD & THIEVERY at VELTEX?
It seems that we all agree that there's a lot of suspicious behavior at Veltex.
For example:
Why don't they provide a actual copy of the Sales Agreement of the Bangladesh Operations?
Why do they fail at receiving a Certified Audit?
Why do they not follow through on the Buyback?
There's strong belief that the motive of the massive dilution of shares was meant as a weapon to weaken shareholders by decreasing their ownership percentages
(was Javeed Matin "self-dealing" - issuing shares to himself while diluting all the other shareholders percentages?)
It seems that Veltex will achieve NOTHING with the current management - replacements are necessary for success to occur.
Is it possible that the CEO doesn't care about the stock price? Is he at Veltex just for a fat paycheck, fancy cars, power, and luxuries of all kinds?
Here are 10 questions:
1. What is the likelihood that a Management Change will occur?
2. What are the chances of Veltex stock rebounding to much higher levels (i.e. .10, .20, .30, or higher)?
3. IF there is a Management Change, will there be enough cash to compensate Management for their services?
4. IF they are interested in being hired to these KEY POSITIONS, THEN will they themselves buy some Veltex Common Stock and be shareholders (vested interest)?
5. IF Management changes and there's a Press Release, who besides current shareholders will hear about it?
6. How many shareholders are there currently owning Veltex Stock?
7. How did shareholders develop an interest in this stock in the first place anyway?
8. How many shares does the current CEO, Javeed Matin, own?
9. How many shares does Javeed Matin's wife and/or relatives own?
10. Before/After the downward spiral of the stock price, how many shares did Javeed Matin and his relatives own? (Any possible inside trading going on?)
o.k., so what happens next? Do these 2 pros enter as a Management Change or not? Where does the stock go from here? UP, SIDEWAYS, or DOWN? (Please state a firm opinion).
Bid/Ask= .037/.048, this is a pretty wide spread. Any predictions where the price is gonna go for the next few days, weeks, etc...?
State your predictions here, UP or DOWN, and please be specific about price.
It's weird how the price was just under .03 a couple days ago, and then it flew up rather quickly on volume of over 40,000. I guess it's just because it's thinly traded. Also, at times they show one side of the price (Bid) and then other times the other side of the price (Ask). 40,000 shares is not much($1,200-1600 for price of .03 to .04).
What makes you think that Matin owns 50% or more of VLXC stock? It doesn't sound logical for at least a couple reasons:
1.) The Outstanding share count has been increasing constantly for the last couple years, some estimating that current o/s is about 30 Million.
2.) If Matin owned that much, then it would be in his best interest to have the stock increase in value NOT decrease.
WE see that you've been right all along about the direction of the stock price (by the way, we're NOT short sellers - please make this clear, thank you.)
Do yo currently own any shares? If no, why do you spend so much of your time occupied with this company. You seem to INVEST a lot of your time which makes us wonder if you invest your money into it as well (maybe you did and you're ashamed to admit it - we understand - we are too!)
It's NOT about SUING the company, but rather SUING the FRAUDULENT PERSON.
I do NOT have any SHORT position in this stock. I'm actually a shareholder just like you. I've been a shareholder for more than a couple years. In this time I've read all the press releases only to NOT see any of them come to fruition (i.e. Audit, Buyback). Please understand I do NOT want this stock to crash. I want it to succeed. What I'm against is being led to believe about successful performance and then when it's time to provide supporting material (i.e. Audit), nothing is delivered to us.
Many of us shareholders bought based on the Unaudited 2006 Financial Statements ($70 Million Revenue, $18.8 Million Inventory, $18 Million Fixed Assets, $53 Million Total Assets). We want this information to be true and for the stock to increase in value. It seems that the numbers are NOT true, and so we feel betrayed. We believe that a management change is necessary due to lack of integrity from current management.
New management could bring optimism and drive up the stock price as a result. This is what we want when we ask for justice and protection of innocent shareholders.
IF the numbers are FICTITIOUS, THEN obviously it would be considered FRAUD. It would not be considered a CIVIL matter, I believe it would be CRIMINAL.
It's one thing if errors were made, or write down of Inventory and Fixed Assets were necessary. But the situation doesn't seem to be such, due to such a "massive write down" that would exist - this warrants suspicion (i.e. over $18.8 Million Inventory and $18 Million in Fixed Assets on the 2006 Financial Statements with $70 Million in Revenue reported. All this, and the company sold for ONLY $15 Million Credit for FUTURE PURCHASES and Uncertain amount of Cash and Inventory - WHAT's GOIN' ON HERE?!)