Veltex Corporation (VLXC)

[pual]

I do not say i'm right and you're wrong ... Who the heck knows.

However, the profit and accumulated cash is all in bengladesh (see 2001-2002 audits for whatever it,s worth) and putting up the USA based operation (offices, personnel, shows, travels, ...) took a lot of cash.

My hypothesis is that, instead of "importing" cash from Veltex Mills (assuming he could have) and pay taxes, Matin borrowed from Veltex Mills.

In my last job (a multinational) Canada made a lot of profit and other countries had it much more difficult. We endedup loaning other country based companies, us showing a great balance sheet (accumulated profits and loans to collect) and them showing quite an ugly one (accumulated losses and debts).

Overall, the international head office (there was no issues related to ownership in there) look at it differently but the ountries that owed felt the pressure anyhow.

In our case, we do not realy know what the ownership sitiation was or is between Veltex corp, Veltex Mills and even KCA. This (If the above hypothesis is reality ???) makes it quite a different story ... may be.