slicrick50: “jealous”… try insulted, swindled, deceived, mislead, outright lied to, and just all around pissed off!
“Steve makes his own money and can spend it anyway he see’s fit.” In concept we would certainly agree, HOWEVER… unless Mr. Samblis works at WalMart on the weekends… it’s NOT his own money, its investor money ! Anything Mr. Samblis does, Hollywood Fast Lane etc. included, is as a result of investor money. And since IC Punch Media is not showing any profit, OR simple revenue currently, where else is “his” money coming from?
Everyone is aware that the Authorized Share amount has doubled over the past year or so, and the Outstanding share count has constantly risen in every quarter for many consecutive quarters. Mr. Samblis is funding/financing IC Punch Media (VU Television Nertwork) with investor money via share sales (convertibles). Even Mr. Samblis has admitted using shares to run the company, i.e pay expenses to keep the company afloat (while at the same time asking investors to focus on his statements that he has not sold “personal” shares in over a year). No, of course he is not selling his own personal shares… he is selling YOUR shares. He sells investor shares while maintaining his personal stash just in case the PPS does move north – he still maintains his insanely large share count. In fact, because he inserted language into his employment contract that he must maintain a controlling share of the outstanding shares, he just issues himself more personal shares when he runs low on investor shares and needs to print more. Much like the government printing money when they run out of what they printed previously, so they can spend even more. In fact, the sale of convertibles actually works in his favor, as the more convertibles he sells, the higher his personal share count must increase to maintain the majority control.
And… even if it were true that Mr. Samblis is working at WalMart on the weekends making “his own money”… as a CEO of a public company that is swimming (drowning) in red ink, the optics of those pictures do damage to the company’s investment prospects. Potential new investors doing their DD on the company, and seeing the financial losses being incurred, then seeing how the CEO spends the investment dollars of his current investors, will likely not go anywhere near this stock. We suspect that is the reason they were deleted from the Investor Hangout site. Those pictures were not favorable to the cause, and in fact were damaging to the cause – and the MOD that deleted them knew this. They were deleted just like many other posts are deleted because they are viewed by some (MOD & assistant MOD’s) as unfavorable, and therefore arbitrarily deleted so others could not see the information. People arrived at the Hangout because they didn’t like the censorship on LieHub, only to arrive at the Hangout and find the very same thing going on, only in a different direction. Wrong is wrong regardless of the justification.
“If doing things that could bring investors, partners or buyers to the table should be a good thing, I would think.”. Here again, in concept we would agree, however it didn’t appear those were “investors, partners, or buyers” in those pictures ! If, for instance, Alki David we laying in bed next to Mr. Samblis … then MAYBE the viewer could assume some business was being conducted, however it didn’t appear there were any investors anywhere near the area where any of those pictures were taken.
If Mr. Samblis had an ounce of public relations intelligence in him, he would have never posted those pictures, even if he was on his own personal time, using his own personal money. That is the point of this entire post (and replies). This is but one more example of why Mr. Samblis needs to step down as CEO, and let control of this company pass to someone who has a business sense for turning companies around. The concept of a broadcasting company who’s primary distribution channel is aimed at emerging technology is a sound one, and possibly a highly profitable one. However, just because it may be a good idea doesn’t mean it will automatically be successful in spite of a CEO at the helm that is making mistake after mistake and not taking responsibility for his actions (and in-actions). Even a great idea can be squandered into oblivion.