Replies to post #10510 on Veltex Corporation (VLXC)

[pual]

Whatever Veltex is or is not, what you and I want to beleive or not, we only can discuss what an proven unreliable source says, right or wrong.

The issue (in my mind at least) is we have financials (possibly right) of companies we cannot even know for sure we own or up to what point we do.

Till Matin accepts to manage this company as a real publicly held company, doubts will keep the PPS in the current range. You're never sure that financials do represent reality (enough scandals recently to render doubtful any shareholder) but in our case, everything we could say we know comes from a source which has hidden facts from us for years (Note that I didn't say "lied" since even that I couldn't affirm).

Wasn't it for a hidden fact Matin is stuck with (whatever it is) if Veltex was a $60,000,000 a year company generating profit of $10,000,000, of 2 things 1:

- Matin and his close one would buy back all shares they could put their hands on at current price and/or

- The most reputed auditting firm would audit this company 100% and issue a very detailled set of audited financials to be duly reported to SEC and the market.

Till then, we own HIGHLY SPECULATIVE shares and have reasons to beleive that our money is still at HIGH RISK and have justification to HOPE that the thruth lies between 10% and 100% of what Matin says.

10%: Current PPS would be justify assuming a profit of $1,000,000 per year and a multiplier of 10 or so,

100%: Suggested PPS of Matin ($ 10,000,000 profit) could be in the double digit figure.

Bottom line, I beleive (I repeat myself) that Matin did hide a highly significant fact to us some time ago, cannot admit it openly without risking legal problems, works at getting around them with his lawyers as soon as he can afford it and then, and only then, will he be able to issue financials we will be able to beleive even if they will seem hard to understand.

If any of what Matin says is thru, I hope this could happen sometime around the end of first quarter 2006 when a seriously audited set of financials (FY 2004 and FY2005) could be released.

Honestly, if by summer 2006 I haven't seen that, I personally could decide to may walk away with my money (hopefully) after 7 years of waiting and having fun debating the situation.