Yes, its true… after weeks of IC Punch Media, Inc. CEO Steven Samblis saying he would never lose the PunchTV assets he purchased… he agreed to rescind the Asset Purchase Agreement and divest his company of all Punch assets. See the Collins “Letter to Rescind the Asset Purchase Agreement” here.
Many were struggling to understand the WHY behind the sudden turnaround in his previous stance that he would never lose the assets. Mr. Samblis responded here, to the question here. Also, here is the 8-K SEC filing which notifies the public of the action, and company name change.
Needless to say, this action took many by surprise. The surprise wasn’t so much about the divestiture action itself, given the turmoil between the company principals… it was the that the action took place in such a short period of time between the demand for such by Collins, and the numerous previous vehement denials of Samblis that he would ever do so.
Months since the original purchase of PunchTV had been spent extolling the benefits of the asset purchase to the then IC Places, Inc company. Great emphasis and attention was placed on the increase in the asset value of the business, and great plans were envisioned for the promotion of the newly formed company. Just when everything looked as though the plans were paying dividends, in the form of increased revenue from the broadcasting division… news of the turmoil surfaced.
At first, many were clamoring for information on what was going on between the owners, for it was just a few days earlier that they had both appeared together at the very successful UpFront promotional gala for the company. Accusations surfaced, asserted by Mr. Collins, that Mr. Samblis had been less than forthright with Mr. Collins compensation. Rebuttal accusations then surfaced by Mr. Samblis about Mr. Collins having been less then forthright about running the broadcasting side of the business. Shortly thereafter came the above referenced demand letter to rescind the original asset purchase agreement.
When Mr. Collins posted the demand letter on the PunchTV website, many, including Mr. Samblis thought Mr. Collins had simply lost his mind. That is about the time Mr. Samblis began his vehement denials that he would ever let those assets be returned to Mr. Collins. You can follow many of those assertions by reviewing the posts outlined in the post referenced above (here).
So… here we are. The Asset Purchase Agreement for PunchTV has been rescinded. Mr. Samblis has already taken actions to start his own broadcast network, entitled VU Television. He has, or is in the process of, divesting himself from anything and everything PunchTV related. He has started on a new website here. There is not much material on the site yet as it has just been created from a template, so you may need to disregard much of the template text you see at this time. As far as any other plans, they are sketchy at this early stage, but the concept is, Mr. Samblis will build a better broadcast network than PunchTV and Mr. Collins could provide, and there will be no negative connotations of being associated with Mr. Collins in the future.
We understand that if you are new to this news you may have many questions that were not answered in this recap type post. However you can find more complete details on our website here. There you will find information, complete with documents and links as far back as September of 2012.
Stay tuned… this journey into the new VU Media broadcasting company has just begun. Hang on for a wild ride. Its too early to tell how these events will effect the PPS. We do know that the turmoil was not kind to the PPS, however only time will tell if the progress form here on out will be accepted or rejected by investors.