Veltex Corporation (VLXC)

[Growth And Value]

Seems to me that the assets of Velvet Textile Mills were used as colateral for the 40 semi trucks. With gas prices rising, etc. the trucking division lost money and Matin was forced to give the trucks back in late 2003. As of 12/31/2003, the debt to the leasing company was not yet satisfied. I would guess that a lien was placed against Velvet Textile Mills for the balance owed to Volvo.

Anne Tahim didn't have a problem with ownership of the mill in 2002.

Was this debt settled in 2004?

Will the financial statements be consolidated in 2004?

Was a big chunk of the $8 Million in cash shown on the 2003 Balance Sheet used to buy K.C.A. Garments?