Replies to post #16387 on Veltex Corporation (VLXC)

[insider909]

Gratzi,
Their is no new business because they are not IN business. The shareholders did not want to invest any new money in the company to restart business. There is no one involved any more that knows the apparel business because there is no money to pay anyone. No assets of any value were ever recovered. The inventory that the receiver WAS able to seize was worthless inventory, broken in size, old styles, etc. Matin had already stolen the good stuff and used it to start his new company, Alpha Apparel. Look it up on the web. The inventory items and colors are the same as he had at the end of Veltex. The USA office contact is Matin's cell phone. Call him and ask.
There is NO legal action pending against Matin. None. Ask yourself this: why would Macklem et al be suing a bankrupt ex receiver (who is about to lose his house) for money he obviously doesn't have, instead of going after Matin???

The only way the stock is going to go up is by backing another company into the shell of Veltex. Watch.

And no, I am not bitter, just amazed..........

[pual]

'we wish it to happen based on true information' ...

I agree. There is no other way and till then, whatever the PPS, it's based on vaporware in my mind.

As for the status of the legal proceedings I haven't find anything new since a few findings I made last summer when I heard that

- Matin had to turn in 5MM shares that were supposedly issued to his wife as a result of the CA trial.

- Of the 2,000,000 Spillans' shares some 100,000 were returned to the court and the others would have been cancelled.

It doesn’t look like Matin has very many shares left, if any at all. In any case, if he has some it will have to be in certificate form and if he tries to negociate them, they will be ceased by the new transfer agent enrolled by the new management team.

Some stocks taken back from several persons who were not able to prove they paid for them have been cancelled also but I do not know how significant that is or not ???

Sometime last summer also I was told that Both the SEC and the FBI were actively investigating Matin. I suspect however that, considering the environment, this case wasn't seriously followed thru considering its real small financial value. It doesn't mean nothing will ever be done but if something is to be done, then it's going to be in a kind of long term future.