  We continue the analysis of the ghost wedge states in the oscillator
formalism by studying the spectral properties of the ghost matrices of Neumann
coefficients. We show that the traditional spectral representation is not valid
for these matrices and propose a new heuristic formula that allows one to
reconstruct them from the knowledge of their eigenvalues and eigenvectors. It
turns out that additional data, which we call boundary data, are needed in
order to actually implement the reconstruction. In particular our result lends
support to the conjecture that there exists a ghost three strings vertex with
properties parallel to those of the matter three strings vertex.
