We do know that debt of VDSC ...
is in the millions of dollars from the ill-fated Ocean Star Pacific debacle last year. This has not been fully disclosed either in the consolidated / unconsolidated financials , or the footnotes that any debt has been converted to shares (and thus unreported dilution). Until such time as AUDITED financials, for both companies, are provided...no one knows what the debt of VDSC or the proposed merger of the Greek company is.
I honestly believe that even Peter has no idea of what the true debts that VDSC has, nor even what he has personally guaranteed.
Peter takes the viewpoint that unless their is a court order for a "Lien Judgment", than no liablity exists. Well, that thought process is not GAAP or even disclosure of liabilities under the legal structure of "Stature of Limitations". Alot of creditors are sitting on the side lines ready to bounce, or now, there exist enough defaulted "Judgement Liens", that creditors could force an involuntary bankruptcy of both Peter personally and also the VDSC and PV Enterprises companies.
Peter is truly trying to start a maritime company, but he is in a crisis situation for the past several years...
The so-called dividend, spin off to RedTide, is nothing more than a "rinse and wash", by two older retired original promoters working part-time out of the homes. RedTide has no patents, manufacturing faciliites, sales, contracts, offices, assets, etc. Even the authority to approve the "spin-out" from VDSC may not comply to the Bylaws of VDSC and shareholder control/approval of VDSC.
My pitch remains, as since Oct 2012, ....
"Be careful. The due deligence does not support many of the company's past statements. May be some fire to the smoke; CEO truly wants to build a maritime company, by hook or ... Watch for solid announcements / PR's. Discount & ignore 100% any "forward looking" PR. Lookout for legal horseplay."
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