Let see if we have this straight. Steven Samblis, CEO of IC Punch Media states in a post on Investors Hangout that the reason he delayed the launch was because just hours before the launch (and on a Sunday), he sealed a deal to acquire a file library with over 2000+ hours of programming. And that had the deal fell through, he would have launched as planned. WHAT’S WRONG WITH THAT PICTURE ???
So there’s enough programming to launch with 8-shows… but because he sealed the deal for 2000+ more… he has to delay. Help us understand that reasoning. So if 8 shows was enough… why is more a bad thing that would cause a delay??? And while he is unlikely to answer that question, why not throw in a few more he will likely not answer. Why does he talk “shows” when he speaks about the 8-shows… but talks “hours” about the 2000+ in the film library? Seems like apples and oranges. Or, perhaps, smoke and mirrors? And one more… “film library”… where have we heard that before??? Punch maybe ? I wonder if the new library Mr. Samblis just acquired was the old Punch library?
We wonder what the PPS would have done today if the launch had taken place as planned, (and announced to the public numerous times), along with the news that in addition to launching ON SCHEDULE… we just acquired another 2000+ hours of programming. I guess we will never know, because Mr. Samblis’s decision to delay caused the stock to fall another 25%. The PPS is the CEO’s report card… and Mr. Samblis just failed the test… and perhaps the course, with the decision to delay the launch. The investors of the company spoke loud and clear today. We suspect there will be more voices heard tomorrow, although with the volume today of 187-million shares, apparently quite a lot voted today already.
Just think… if creditability was not an issue with Mr. Samblis… these might be some really cheap prices to buy up some shares. However with not knowing what the next big disappointment will be, and no confidence there will be any indication of a possible disappointment put forth by Mr. Samblis… even buying at these low prices could cost you a lot of money if the PPS continues to fall over this next month. Buyer beware !