Verdult the Real Deal

Verdult - State Corporation Commission Says No way - to Verdult's False Allegations

The State Corporation Commission says - No way toVerdult's allegations of stock being false.

   

On 14 january 2010, The Corporation received a letter from the State Corporation Commission of Virginia. The State Corporation Commission stated that they had closley and thoroughly investigated the allegations of the Verdult's which allgede that the stock the corporation owns was in some way not valid. The State Corporation Commission Investigation detremined that no action was warrented based upon the Verdult's allegations and that This matter was clsoed as for as their office was concrened.

To see the State Corporation's Comission letter clcik on the letter above.

Not only were the Verdult's allgeations unfounded a multi-million dollar judgment has been recived again the Verdults for defamation.

More on this will be posted shortly.

 

Until the Corporation's actions, no records of sales were kept

No records of sales were kept Until the Corporation Acquired Artwork

Prior to the Corporation's involvement no records of sales were kept of Verdult artwork. In addition no major website that track art maintained any sort of record on Verdult. Most of Verdult sales were taking place in the barter arena, where works were alleging selling for $35,000 to up to $150,000 on barter or trade dollars – not United States Cash.

According to the Corporation's auditors, in order for Verdult art to remain on our books, instead of barter, exchange or trade dollars a cash value must be placed on the artwork.

In short, other than barter or the shadowy sales by Troy Verdult, there was no defined market for William Joseph Verdult artwork. This condition allowed individuals like Troy and William Joseph Verdult to place astronomical values on the artwork without any supporting documentation or actual sales for such artwork. In short what was taking place was that, people like Troy and his associates were claiming an artwork sold for $42,000 or $65,000; yet when asked they could not produce one document that would support such a value.

While on the other hand, they would tell the public that a piece was worth $125,000; not based on any factual evidence; then instead of attempting to get an unsuspecting customer to pay such a value – they would sale four or five pieces of that art for about $1,000.00 – while telling the public that the art was selling for thousands. This condition in our opinion – while great for people like Troy and associates were really duping the public as well as impacting the value of our investment.

The Corporation in conducting due diligence in discussions with the actual purchaser as well the auctioneer of the King Tut artwork that was allegedly worth millions of dollars, found out that the works now on display at Tanglewood Resort not for millions of dollars but the entire collection sold only for $90,000.00. While $90,000 is certainly a good sum of money it is a far cry from the alleged multi-million dollar sales.

In making this determination, we had to conduct further due diligence to ensure that the artwork we were holding on our books, in light of our findings and our auditors request, were truly worth what was claimed by the gentleman who sold us the art.