Is Visual Edge IT an Ongoing Con Job?

by ray stasieczko July 26, 2026

The ongoing insanity of a delusional dream. That is how I describe it! In the 3rd qtr of 2023, and of course the tragedy for the shareholders that occurred in the 4th qtr of 2025, the industry became aware with absolute clarity that Visual Edge IT was a financial failure in its relationship with Ares Capital, its BDC Lender.

Those stories I have discussed numerous times. In this article, I want to discuss the hypocrisy of failed leaders who lived off the welfare of their lender and brag about their success.

Obviously, the previous CEO is still living in a fantasy, as we all witness him engaging throughout social media. In reality, the current leadership should block him from engaging with anyone associated with the company, which, under his leadership, one could easily define as a con job! In short,(knowing your BDC Lender took massive write-offs and losses all the while bragging about the company’s greatness is defined by me as a con job!)

In case anyone needs a reminder of something the old ceo said, let me paraphrase: the Football Hall of Fame is a great thing to sponsor if you can afford to do it! Yes, I screamed WTF when he said that.

Having something fail is not the issue; it’s when the leadership continues to ignore the failure, hoping the teams they lead forget. It's impossible to move forward with needed meaningful change if you don't accept the realities 'of the past.

Visual Edge IT is a textbook financial disaster in its relationship with its BDC Lender regardless of what the old CEO says, or what the new CEO who took the helm in July 2025 says.

Let’s recap the old CEO’s playbook before I share thoughts on his replacement.

When the Old CEO sat in an interview with Frank Cannata in November of 2023, that is when the entire industry should have awoken to the absolute disingenuousness of the CEO of Visual Edge IT as he sat there and discussed all his great plans regarding production print and IT services.

Keep in mind that at the end of Sept 2023, Ares Capital took its largest quarterly loss on Visual Edge IT, roughly 50 Million Dollars. The loss was associated with a senior subordinate loan that had been in nonaccrual for over a year.

The reason this is still an issue with me and extremely important is simple. The timing of the CEO sitting for an interview was, by all measures, a strategy to deflect the conversation from Visual Edge IT's financial failures by presenting a company going through a successfully orchestrated transition.

That November 2023 conversation was definitely a WTF moment for me and should have been for the entire industry as well.

The CEO showed his true character, a character I describe as completely disingenuous, or some could say, a delusional mindset. He sat through that interview knowing that Ares Capital had taken a massive loss on Visual Edge IT less than 60 days before that interview.

Ok maybe some reading this would be nicer and say he just forgot! Whatever the motive, the conversation was disingenuous and delusional. I would add the interviewer should have known as Ares Capital publishes a 10q every qtr and 10k annually where the Visual Edge IT loans are clearly laid out.

The bottom line: the OLD CEO should have never participated in an interview he knew could easily be researched and determined as complete Bullshit.

So, here we are only a few days from another published Ares Capital 10Q—July 29th. Yes, I will do an episode and look to see if the unrecognized loss of 3 million dollars shown on the first Qtr 10Q has grown, or if Ares Capital dumped the entire asset and sold it off.

But before the episode, I also want to recap some thoughts on the new CEO and his new leadership team.

Early in his assignment, he appeared in an article where he shared his vision, which was more of a litany of what I described then as more of the same delusional thinking about transitioning a roll-up of print/copier dealerships into a nationwide IT services company.

Well, it has been a year, and the new CEO still has his job; of course, he was at the helm when Ares wiped out all the shareholders in a financial engineering scheme to prevent a liquidation as loan maturity dates arrived in the 4th quarter of 2025.

I often think that Ares Capital was already discussing an exit strategy with a buyer before the New CEO was even hired. The December 2025 event cleaned up ownership and positioned the company to be sold. If the sale didn’t happen in the 2nd qtr 2026, and we will know on the 29th when the latest 10q will be published. I would conclude Ares Capital could be sitting on a unsellable complete disaster.

A couple more things worth noting regarding the new leadership team: many question whether anyone on the leadership team actually understands the print business.

With print being the core deliverable and basically the funding source for the transition to an IT services company, based on the thinking that Ares Capital is done throwing good money after bad. Who is looking out for the print business? The answer to that question is why I believe some coming-soon exit strategy is probable. Maybe dumping all the print business, for example.

The current debt load with Ares Capital is all in PIK except one small loan, all with maturity dates in 2029. Of course, one would have to be naive to believe Visual Edge IT will stay in this situation with Ares Capital until 2029. As most would think, the December 2025 liquidation-preventing measure was, as I previously said, a cleanup to position a sale.

Some closing thoughts: I suggest the VEIT LLC leadership stop communicating altogether if a sale is imminent because whatever you say is irrelevant. However, if Ares Capital has no buyers, I don’t think it matters what is said because I don’t think anyone believes anything that is said.

The company should have been ripped apart when I suggested it to Ares Capital a couple of years ago. Individual marketplaces would have had value to some of the industry’s dealers.

If Ares Capital continues adding to debt through PIK loans on the next maturity date in 2029, the most likely result would be a liquidation, as I can’t be the only one who has zero confidence in a miraculous turnaround over the next two and a half years.

I think if we don’t see a sale soon, the buyers may have left the table and decided on a strategy to wait for a liquidation event.

One thing is for sure: the remaining employees of Visual Edge IT, whose new corporate name is VEIT LLC, which was created as part of the financial engineering in December 2025 to avoid liquidation, should be given more respect than the old leadership and new leadership have shown.

Maybe start by telling employees and the world the realities of the old CEO becoming chairman of the board when he was replaced as CEO in July 2025. I believe the old CEO's capabilities and strategies were the cause of the company's financial failures. So, no logical person could believe the accolades anyway.

The luck I wish for VEIT LLC is for the employees, as they have all been riding a rollercoaster traveling on tracks of insanity for way too damn long.

I look forward to one day sharing the last chapter in the story on VEIT LLC (Visual Edge IT), the non-financial performing Ares Capital Asset! Stay tuned!

Ray Stasieczko, host of The End Of The Day With Ray!