8-14-97
To ALL:
Since I raised the question re Veronex, I wish to clear the air and my conscience. Without wishing to devote considerable time to personal paper research I'm relying on my memory (I'm an old man) so details may escape me but the core of my report is true.
As a really green investor, at least 12 years ago, I bought maybe 400 shares of International Veronex.
At that time it was involved in a minor partnership arrangement with Triton Oil Co. somewhere in Indonesia. The two companies almost immediately got involved in a lawsuit about who had paid what and who was owed what. The lawsuit has been truly nearly interminable and still continues in several legal venues.
Initially the court system awarded everything to Triton leaving Veronex a broken, financially exhausted company. I had access only to Veronex' side of the story. According to Veronex, Triton falsified records causing Veronex to lose everything.
Somewhere in here there was a reverse stock split.
After a couple or three years, a reversal of that judgement was achieved in favor of Veronex.
All activities of the company ceased, apparently for years.
More lawsuits ensued. A. Mr. David Hite became President of the Company.
Mr. Hite sued Veronex' attorneys for their failure to adequately defend the company. Veronex won this suit and received an award of approximately $5,000,000.00. Part of that money was recently used to buy/contract with a programmer (from Hawaii, as I recall it) this Y2K solution software.
After hearing nothing from Veronex for several years, except for information re the legal activities, suddenly, their interest abruptly changed away from Oil exploration/production to offering a solution to the Y2K problem.
I do not know a single person connected to this company. I am not a paid consultant of Veronex (nor anyone else).
I own, as a result of my initial investment, a grand total of 71 shares of Veronex.
Now then, would I mind it were the stock to go to $125 per share?
I've learned something of the parameters of the Y2K problem from the good folks who contribute to the SI thread. It's just impossible for me to believe that one man could have written, some time ago, a simple program which "automatically" solves the Y2K problem for most companies ----- when sophisticated programmers are repeatedly telling us that it just ain't that simple and that perhaps billions of dollars will have to be spent to reach a solution.
Were the Veronex software solution the real answer, the Company's story would make history and we would all have heard about it long before now, it seems to me.
Why is this the first instance I've heard of a firm "patenting" its software regarding the Y2K problem? Or, is it well known, except to the writer, that each and everyone of the dozen or so firms frequently mentioned herein have all patented their software products?
I keep tabs on my investment portfolio via Yahoo's My NEWS page. Like many other similar investment web sites, in addition to reporting the activity in the price of a given issue, one can click on the stock symbol and any late news is served up to the reader. That's how I found out about the Patent application of Veronex---which is to say, no hard printed mail out was received. Since you folks interested in this thread seem to know so much about the various companies, I introduced it into the thread to see if anyone else had ever heard of it relative to Y2K. I had been sorta surprised, since Veronex announced this program several weeks ago, that SI had not alluded to it in one context or another.
Respectfully
William H. Ferguson |
