I'm not sure how anyone could have done this given that the appraisal results were released to the public on 5/11 which would have given VV only 3-4 months to produce strong results. Perhaps this directive was given to VV in Feb. 2011 because appraisals were supposed to have started in Nov. 2010 (according to VV), but Manning et al is now saying the appraisal started Feb 2011.
The timeline seems to be off as each party has announced different dates (what a shock!).
<In the months following the May 11, 2011 meetings, a majority of the board of directors of ValCom was of the view that the company was in need of new leadership due to its inability to achieve strong financial results despite ownership of a valuable media library.>
and
<As the summer of 2011 progressed, it became apparent to the majority of the board of directors that little or no progress was being made in monetizing ValCom's media library >
No shoot Sherlock...
<Concurrently, inaccurate and incomplete press releases were being issued by Vellardita, without the board's knowledge or consent, touting spurious actions by ValCom (including stock buybacks and debt reductions). >
Hopefully audited financials..
<We will work to complete the audit of our financial statements as soon as possible, and file all necessary reports with the Securities and Exchange Commission.>
Intend is the key word. A Safe Harbor word.
<We intend to monetize our media library. For example, we recently entered into a contract with Anthony Barlo, CEO of Microhits, to assist in collecting royalties for the media library on a commission basis and to further develop the library through multiple avenues.>
OK.
<We plan to continue to develop the MyFamilyTV Network, which would include broadening program offerings.>
I guess everything was not in one place.
<We plan to consolidate and organize the ValCom media library, as well as protect our assets in climate controlled, walk-in vaults.>
The expectations remain so low that ANYTHING these guys accomplish should be a positive for the stock. But there are many problems that they will have to overcome. Share count, especially if way higher than current estimates. Restatements...if PR's from VV were suspect, I can only imagine what the financials smell like. If very few of the PR's from VV were real, then those recently signed "contracts" from the Miami show may be suspect.
More to follow...
