I write on behalf of the management of Malta Shipyards Ltd and refer to Joseph Cala's letter entitled Value Of The Shipyards (September 27).

Leaving aside the derogatory and impertinent remarks aimed at anyone in Malta who has not made obeisance to Mr Cala and given credence to his remarks over the last few months, I would like to focus on his statement that:

"[His] company will pay cash to buy the entire shipyards' operation and [they] aren't interested in owning the real estate because [they] are shipbuilders. [Their] company has received $300 million in tax free bonds from the State of Alabama."

Purely for the record, Mr Cala's company are not shipbuilders and the "$300 million in tax free bonds" allegedly received from the State of Alabama are, in fact, tied to being spent in Alabama.

Precisely how Mr Cala intends to use this sum, if it is ever made available to him, to purchase a shipyard in Malta is not immediately clear.

The record also shows that Mr Cala's corporation suffered net losses of $800,000 and $900,000 over the last two years, at least according to its latest published accounts. Mr Cala, in the meantime, pays himself $352,000 annually.

It is also unclear what lies behind Mr Cala's repeated attempts at denigrating Malta Shipyard's management and giving an impression that his corporation is anything more than what it is: a corporation defined as a "Penny Stock" Pink Sheet company whose shares are traded "Over the Counter" (OTC). In the US financial markets, the term "Penny Stock" commonly refers to any stock trading outside one of the major exchanges and is often considered pejorative.