I've heard that also. However since we never were able to know if he was or not president for real, him now escaping from Matin's plots doesn't change much.
Considering Mr Scharf did not answer the e-mail I sent him on February 18, I shall assume he did not get it (???) and I therefore feel it appropriate to post it in here.
FWIW, here it is:
----- Original Message -----
From: PUAL
To: Veltex Mr Lee Scharf
Sent: Monday, February 18, 2008 1:04 PM
Subject: Welcome and good luck
Context: Having seen your name on the Veltex company website, I researched what I could find on you and found a writeup describing your experience up to the time the text was published (2004). I thereafter did try to find out how to reach you directly (not going thru the company) and hope the e-maill address I now use to be good.
Disclaimer: I assume that what we see on the company website is true.
Good day Mr Scharf,
Having been a small shareholder of Veltex for close to 10 years now and having followed Mr Matin's actions for all that time, I think I can pretend to have quite a good understanding of the mess our company is now in. I therefore am happy to welcome you, hoping for the best and assuming there is still something to be done to save this close-to-be-history business.
Being a Salesperson who spent 35 years of his life in managing sale cycles relative to selling products, services and ideas and, understanding very well that Mr Matin has digged himself into a hole (BD) he could soon be burried into, I must wonder how you plan to save the company, if he continues to be in charge and to not listen to his advisors. Many persons did try to hepl Mr Matin in the past and all ended-up going away, frustrated by Mr Matin.
Just for the pleasure of doing it and not assuming you need my help, let me tell you for whatever it's worth, that for Veltex not to soon become history (except for court cases) the following steps will very rapidly have to be made:
- Whatever the story is in BD, it has to somehow be burried once and for all. I have quite a good feeling that it's not a nice story and that it's worth nothing to us, assuming we do not have out there liabilities we cannot afford.
- Assuming that to be done without thereby having Mr Matin sued, a very credible story justifying the removal of the 'BD affair' from the company we own, will have to be SOLD to the remaining shareholders who most likely still hope not to loose it all. As an example the story could look like: The plants are crippled and do need very extensive repairs and renovations and instead of investing in repairing and renovating them, we have decided to sell them for $1.00.
- Simultaneously Mr Matin MUST announce that he removes himself from any managing role in the company. He has become so critical a liability and his credibility is now so inexistant that nothing can justify him to remain in charge. The shareholders do not beleive anything he says anymore and any 'story' someone would try to present would be impossible to sell, if this someone does happen to work with and/or for Mr Matin or even be associated with him somehow.
- Then the remaining business (U.S. and Canada) should be presented for what it is, producing credible, reported audited financials, whatever it would realy say. From here on I beleive that shareholders would accept close to anything, if Mr Matin was to just be removed from the picture.
- A credible reasonnable plan of action should then be presented by a credible executive now controlling its execution. You are new to the 'affair' and therefore have the opportunity to do just that, assuming Mr Matin cannot anymore burn you by associating your name to his past and his next lies. If Mr Matin cannot understand the importance for him to remove himself, then the history of the company tells me that no one will be able to save it. The least damage Mr Matin could then suffer would be to go bancrupt and loose it all. Additionally, legal procedures could also cost him a lot in legal fees and the result would most certainly mean much more than expenses in my view. A large shareholders already look for help in view of reporting Mr Matin to the authorities (I attached copy of post # 15873). I suspect this poster not to be the only one trying to get to Mr Matin.
- Considering the presumed (???) market cap of less than $2,000,000 (all we know is that Mr Matin says there are 30,000,000 O/S, but I assume that there also are options - options were to be bought back, a year or so ago. Except for that unique reference, we never knew about these options nor do we know how many there are ???.
- Assuming you now would have personnal benefits in doing it,
I suggest that you probably can still save the company if Mr Matin has the smarts to see the writings on the wall.
There is a challenging 'selling job' to do and with my experience in marketing, I know it can be done if done by someone allowed to do it in a beleiveable context, letting the market beleive that an honest job is being performed.
For that to be (I know I repeat myself) Mr Matin will have to step aside completely. He will have to let you do this job with the support of our extremely frustrated shareholders who, after what they have been through, can be assummed to be ready to offer you such support.
Again welcome on board (if what we see on the company website is true).
Probably quite selfishly on my part, 'breack a leg' as you say in english.
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