PNCH falls to PINK status, and is headed for trip-zeros (again) after 3 reverse splits. This performance would be hard to duplicate even if you tried.
WOW… textbook picture of what NOT to do when running a company ! And… we believe all of this – ALL OF THIS… could have been prevented had Mr. Steven Samblis, CEO of IC Places, Inc. just acted like a normal CEO. But instead he ridiculed and berated his investors that asked him questions he did not want to answer. He made terrible business decisions by letting his ego and arrogance influence his actions and decisions. He misrepresented the information about the company and its performance. His actions of hiding behind multiple aliases on message boards only served to reinforce the thinking that he was avoiding being held accountable for his actions and statements.
Mr. Samblis’s actions just reinforce the concept of… you can change the name of the company, you can change the ticker symbol, you can even change the core concept of the company from a website to a broadcast multimedia company – but the one thing that did not change through all these 9+ years… was the CEO ! The history of this company, and the actions of its CEO should be taught in business schools around the country. Failure, and what leads to it, is teachable, and many could learn from the avoidable mistakes of Mr. Samblis.
Will Mr. Samblis quit? Highly doubtful. As long as there are people willing to invest without researching Mr. Samblis’s past, he will likely continue on… likely using other people’s money of course. However… there are a dedicated group of [previous] investors out there that will do their very best to educate potential investors about Mr. Samblis’s past business decisions, actions, and performance.
It appeared Mr. Samblis just didn’t understand the power of today’s technology regarding the ease of recording historical events, and access to historical information. He also didn’t seem to understand the power of the investing community in getting the word out about the company, and his actions running it. With today’s social media vehicles, its financial suicide to actively offend those that you need to rely on for support. It will be said by many investors that lost money investing in this company, that it was the naysayers that caused its downfall. We say… that is putting the carriage before the horse, for if there would have been no bad decisions, misrepresentations, investor disrespect, and poor performance of the company… there would have been nothing to bash. Mr. Samblis gave the naysayers everything they needed to bash the company, and handed it to them on a silver platter. They were only doing what needed to be done to warn others about what was likely to happen to their investments if they continued to believe in Mr. Samblis.
Look up Train Wreck in the dictionary, and you are likely to see a picture of the IC Places train careening off the rails, with Mr. Samblis at the controls, with a dazed and confused look on his face. As they say… its just a dam shame, because it was a preventable disaster.