Yes, PNCH fell 38.7% today on HEAVY trading. There were over 67-million shares traded today. That may have set a daily record, but not sure.
So… who’s to blame for the decline??? Well, certainly Joseph Collins is high on the list, but what about Steve Samblis? And, what about shareholders? Yes, we said shareholders. How could shareholders be to blame you may ask. Well, if you go back and re-read the lower half of yesterdays post here, you will see what we mean. Disgruntled shareholders are bashing the stock, company, executives, flippers, bashers, and the anyone else they can think of. Its a shame really… this is the same company they supposedly invested in last week and were posting the virtues of, now they are bashing it mercilessly as a POS stock. Folks, this company was earning revenue last week… and it will be earning revenue next week also. Yes, there is squabbling between the owners, but this squabbling will get resolved, and the company will be the same company it was last week. Owners squabbling is nothing new, and not unique to PNCH. It happens ! Companies get past it, and so should you.
Now… maybe a better question would be… who CAUSED this decline. The bashing shareholders are simply reactionary to the cause. Many believe Joseph Collins is to blame, while some say Steve has some contributory blame here also. Many believe Mr. Collins acted selfishly, as his statements were interpreted as being about money and power (i.e. the lack of). Mr. Samblis on the other hand is accused by some for not being more accommodating to Mr. Collins’s requests. In other words Steve should have worked this out with Mr. Collins before he went public with the press release. Truth is… not enough information is known for any reasonable person to draw any conclusions as to cause, or blame assessment. What anyone knows is what each side has been willing to divulge. There is a saying (and song also)… “there are 3-sides to every story… yours, mine, and the whole darn truth”.
This will get resolved, and for the sake of the shareholders (of which Mr. Samblis and Mr. Collins are significant ones) this should be resolved quickly. HOW it will be resolved is another story. How many men could simply put an issue like this behind them and continue on like nothing happened? Tougher issues have been resolved between other men without lasting harm to the relationship, however lesser issues between other men are left to cause bitterness and resentment for a long time. Stay tuned…
In the meantime, we think the PPS has found a bottom and will likely move up from here (after all… its a good company, with assets, that produces a product, and revenue). If you were waiting for cheap shares… your wait is over. For all the things that could cause a company’s PPS to fall… this is one of the better things to happen. There could be far worse things that could cause a PPS to fall… none of which are present here. They will either work this out, or they won’t… but it is very unlikely either of them will cut off their nose to spite their face (i.e. ruin the company to spite the other)… they both have too much to lose.