Controversy finds Mr. Samblis again…

Well folks, it seems as though controversy can find Mr. Samblis, CEO of IC Places, Inc. just about anywhere.  Coincidence or deserved… you be the judge.

We came across this bit of information by happenstance.  Please refer to the 2 graphic illustrations below.  It appears this has been an ongoing situation for some time, dating back to what appears to be 2007.  However, if you notice the rebuttal date, its August 7, 2014, a little over a month ago. (click to enlarge)  Here is the link to the original info.

   RipOffReportRebuttal

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Now, if you look at the graphic which lists the 4 complaints, you may notice a pattern in the geographical area the complainant indicated they were from.  See anything familiar?  It seems to lend credence to the rebuttal poster’s claim that it is the same person.  Which leads us to another “coincidence”.    It is the opinion of many that Mr. Samblis has been using false aliases on investment message boards since his company’s stock value has plummeted to next to zero.  If the rebuttal poster is correct in their assertions that it was the same poster that posted the 4 individual complaints… it appears the use of bogus aliases is something Mr. Samblis may be familiar with as far back as 2007.   Interesting, right?

Now, you need to ask yourself… is the rebuttal poster creditable?  Well, it appears they are intimately familiar with the situation, and Mr. Homer Gray.  Someone who has no first-hand knowledge of the situation would unlikely go into such detail in such a rebuttal.  It would appear the rebuttal is creditable by most standards.

Although this appears to be an old situation, it appears it is ongoing judging by the latest complaint date of 8/29/10, and the rebuttal dated 7/7/2014.  Also its interesting to note that in the complaints, the amount keeps increasing, as if the complainant needed to aggrandize the amount in relation to the vindictiveness they are apparently exhibiting.

So folks… you have the information… you be the judge.  Perhaps either the rebuttal author, or Mr. Samblis, will contact us to set the record straight.  We would welcome the input from either.

Uh-Oh… here we go again !

Well… it appears Mr. Steven Samblis is in a bit of a legal pickle again.  Apparently he is being sued again.  The below attached graphic was obtained from the Los Angles Superior Court website (click to enlarge).  It appears this is a current and ongoing legal action, with an appearance due on 10/27/2014 at 8:30a for an order to show cause.

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It refers to Case Number:  14U05173 – WESTWOOD HOLDINGS, III, LLC VS SAMBLIS, STEVEN M.   Not a lot is known about this action yet, as the investigation is still ongoing.  We have attempted to contact the plaintiff attorney, FELMAN, DAGGNEHURST & EL DABE, however as of this writing there has been no response.  We are also pursuing the actual court documents filed with the court to obtain more details about the case details.

A brief internet search for this firm returned the following results (again, click to enlarge).

Samblis_CourtDoc_3

As can be seen by the graphic, they are “a Boutique law firm in Sherman Oaks handling landlord tenant law”.  This information of course begs the question… is Mr. Samblis being thrown out of his home/apartment ?

A brief internet search for the plaintiff returns this information:

Samblis_CourtDoc_4_WestwoodHoldings

Now… if our speculations are correct, and Mr. Samblis is in fact being evicted from his apartment, one could reasonably assume it relates to a financial obligation such as overdue rent.  One could also reasonably assume that if Mr. Samblis is having difficulty paying his rent, he would also be having difficulty paying for the cost of filing the 2nd. quarter corporate filings.  In our most recent post we speculated as to the most likely reason Mr. Samblis has not filed the report yet.  Of course one could suppose Mr. Samblis spent the rent money on the cost of preparing the report, however that is unlikely because the cost of the filing preparation (accounting work) is likely to far exceed a few months rent.

Stay tuned folks, hopefully more information will be discovered about Mr. Samblis’s financial situation.  Perhaps the court documents will offer a window into Mr. Samblis’s finances.  Perhaps investors may learn the whereabouts of any revenue associated with Mr. Samblis and/or IC Places, Inc.  Wouldn’t that be something… if it took a landlord/tenant dispute to learn about Mr. Samblis’s finances.  If anything were to be learned as a result of this action, it certainly would be troublesome if any financial information that were to be uncovered in this action were to be in conflict with any previously filed SEC reports.  Oh-my !

Late, and now REAL late, filing !

There has been a lot of speculation surrounding the missing 2nd quarter report from IC Places, Inc.  The CEO, Mr. Steven Samblis is, as usual, not providing any details on it’s whereabouts, or, when investors might expect it to be filed – if ever.  This of course leaves investors to wonder and speculate on the “why” behind the late/missing report.

Meadow2009, a poster on Investors Hub, as usual, has introduced some very compelling theories as to why the report may be late.  Several of Meadow’s theories involve speculations regarding the new accounting firm, Hartley Moore Accountancy Corporation, and their review of IC Places, Inc.prior to creating the report.  Meadow speculates that the new firm may be taking extra time to thoroughly review IC Places, Inc., and all their related financial activities.

Although Meadow’s theory may be accurate, may we suggest another theory… namely Mr. Samblis is broke and can no longer afford to endure the costs of preparing these reports.  Not only the normal cost of preparing the report, but as Meadow suggests, the new accountancy firm may be requiring more fees because of the more extensive review that should be done in order for the new firm to sign off on the report.  I am reminded of the principle – Occam’s Razor… to paraphrase, the theory with the least assumptions is likely the most accurate, i.e. the simplest explanation is usually the best.

One needs to remember some history here.  In this recent post we outlined some thoughts about the Hartley Moore Accountancy Corporation announcement.  It’s worth a read, or re-read if you have already seen it.  In this post we remind readers that Mr. Samblis now has some history regarding terminations within the company, namely the previous president.  You may also be reminded that Mr. Steven Samblis has a documented history of making grandiose press releases, only to find out later that the information put forth in the press release wasn’t worth the paper it was printed on.  Many, and some would say all, of those press releases turned out to be misrepresentations, and/or failures.  Some would say that Mr. Samblis simply puts out the press release in an attempt to move stock for his financiers, with no intention of following through on the subject of the press release.

So… could the Hartley Moore Accountancy Corporation announcement have been simply another failed or fraudulent effort to mislead investors into thinking Mr. Steven Samblis was moving forward with the rebuilding of the company?   Given that there have been documented situations, namely the past president’s “firing”, which documents would support, turned out to be a gross misrepresentation at best, and, previous press releases announcing shows and initiatives that failed to materialize… it would be easy to conclude that the press release about Hartley Moore was nothing more than smoke and mirrors, and that it is unlikely they are working on anything for Mr. Samblis.  Although they may have been “engaged” to do work, it is unlikely they will actually do any work until paid.  If they have followed any of the readily available information about Mr. Samblis and his Company, IC Places, Inc., perhaps they are requesting payment in advance.

Also, it is a viable theory that Mr. Samblis is broke.  At least broke in the terms that he previously was accustomed to.  There was a time when the PPS of the stock was over a penny, and it was easy to pledge shares to the likes of Asher to acquire operating funds, and to fund his personal expenses.  However, of late, the PPS is in the dumper, reverse split after reverse split has failed to breathe new life into the PPS, and, there appears to be a concerted effort by those previously burned by Mr. Samblis to inform any perspective investors of the history of this company and it’s CEO, Mr. Steven Samblis.  At some point even Asher will be reluctant to purchase convertibles for fear of not being able to move the shares in the open market in order to make a return on their investment.  Asher may have already shown resistance in the form of higher conversion requirements.  Increased risk always demands higher initial costs, and there is certainly increased risk with IC Places, Inc. of late.

On the subject of operating funds… the above begs the question, what is Mr. Samblis using for operating funds, as well as supporting himself on the personal level.  There is a huge controversy over revenue… as in where is it going if there is any.  To date, of late, the filings have shown NO revenue.  It seems unbelievable, and perhaps fraudulent, that advertising is being shown on Mr. Samblis’s websites, the company is well into the contract with ClearVision, and there is ZERO revenue.  Not talking “profit” here, simply talking “revenue”.  Many have asked the question… WHERE is the revenue being recorded, because it’s a reasonable assumption that there is in fact some revenue.  Seems simply unbelievable that Mr. Samblis works months and years and cannot generate even $1.00 of revenue.  Hopefully Mr. Samblis is not doing something illegal with the revenue if there is any.

So folks, there you have it.  Many, many questions, and no answers from the CEO, Mr. Steven Samblis.  From time to time Mr. Samblis posts on the message boards, many say using bogus and misrepresenting aliases, however he chooses to use the time to attack posters and investors (i.e. shoot the messengers) instead of addressing these very important issues.  What does that tell you ???

 

Could trouble be on the horizon…

Lions, Tigers, and Bears… Oh my !   Could difficult days be ahead for Mr. Samblis, CEO of IC Places, Inc. (ticker PNCH) ???

Here is a post on Investors Hub that quotes an article from the Wall Street Journal entitled “SEC Casts Wide Net in Probe of Microcap Stock“.   In the article it states “The Securities and Exchange Commission is investigating the auditor of Cynk Technology Corp”.  Guess who the auditor was… Mr. Peter Messineo.  Recognize that name from anywhere?  How about here: (click to enlarge)

Messineo_CFO_PNCHThis is where it gets interesting, and could cause some difficult days for Mr. Samblis.  If you have ever followed high profile prosecutions , you will know that the authorities nab a key figure, like an accountant in the organization, then under the treat of harsh punishment, they cut a deal with the authorities to reduce or eliminate their punishment for rolling over on the principals.  This is a smart move of the SEC.  It is likely much harder to hold the principals accountable for any wrongdoing because they are insulated somewhat by the people they have work for them.  However, get one of them to roll over on the boss, and now its a different ballgame.

Now… as the article states, Mr. Messineo has not been accused of any wrongdoing.  However, as you know the SEC would not be saying he is a target of their investigation, while it is ongoing.  It is well known that the SEC keeps the details of their investigations close to the vest until enforcement action has commenced.  So… stay tuned.

There was an interesting quote from Mr. Messineo in an Bloomberg article here.

Messineo_Quote“...doesn’t always follow what happens to shell companies after he audits them“.  Wow… so is he saying PNCH is a shell company ?  This is an interesting quote from the former auditor of PNCH.  It seems as though Mr. Messineo has already begun to distance himself from previous companies he audited.  One wonders if he has any allegiance to his former boss Mr. Steven Samblis.  If put in a squeeze by the authorities… will he maintain any loyalty to Mr. Samblis.  One would think he likely knows where any skeletons may be buried.

One needs to put this article into perspective with other such recent articles relating the the  SEC enhanced enforcement activities of penny-stocks.  It would appear the SEC has penny-stocks in their cross-hairs, and if not actively investigating specific companies, its radar of such has been turned up a notch or two.  It appears they are getting serious about cleaning up the penny-stock side of the stock market.  This will spell bad news for companies that their primary product is selling shares of the company to fund a CEO’s lifestyle.

By the way… Mr. Samblis has been unusually quiet on the message boards lately.  One has to wonder why.  Bueller…. Bueller…. Bueller ?

 

ANOTHER extension ???

Yes folks that’s right… Mr. Steven Samblis, CEO of IC Places, Inc. files yet another extension to the quarterly reporting.  Seems like this is a pattern now also.

One thing we did see by the extension, they changed their corporate address (click to enlarge).  Here is their new corporate headquarters, nestled right between the CVS Pharmacy, and the detailing shop (courtesy of Google maps).  Is that Mr. Samblis’s  Yukon there in the parking lot, or is it a detailing job ?  Where’s the Bentley?   Is this where Mr. Samblis operates the “servers” that power his vast ImaginationTV empire?   Is this the hub of all financial activity?

ICPLA_CorporateThis (address listed in the extension)  is actually the studios of Empire Media Center, one of IC Places “partners”.  There are several pictures of the inside of the Studio on their website, but none of the outside.  Is that not a selling point?  And, in the picture below, one needs to ask… which of the 2 offices does Mr. Samblis call his?  One wonders how he runs the TV and broadcast empire from either of these offices.

ICPLA_Corporate2From their website they boast of “2000 square feet of studio space”.  That’s about the size of a strip shopping center store.  Does that include the detailing shop space also?  By looking at the exterior of the building it seems hard to believe this quote from the IC Places press release announcing the partnership.

Empire Media Center, located at 3915 San Fernando Rd.  Glendale, California features one of LA’s largest permanent green screens which has been used in the production of TV shows, music videos, commercials, and photo shoots.  The studios offer full time news sets, fully furnished interview sets, office spaces and large event facilities.

We are not sure which office Mr. Samblis occupied at his old address, but at least that location had better curb appeal, AND indoor parking.

ICPLA_Corporate3Oh well… it will be interesting to see what the filing says when it finally gets published.  Stay tuned.

Is WEED coming to PNCH ???

The buzz lately has been around the question of… will Mr. Steven Samblis, CEO of IC Places, Inc, be turning the company into a marijuana related company.

Well… lol… Mr. Samblis has said no when previously asked if he would turn the company into something related to marijuana, however, given his history on vehemently denying he would do another reverse split… we guess nothing is “off the table” in his efforts at keeping the gravy train moving.  We suspect Mr. Samblis would not rule anything out in his attempts to revive the once lucrative flow of cash he previously enjoyed.  One can only imagine the ridiculous ideas that may have popped into his mind in an effort to save the company from extinction.  Ideas such as Drive-in TV, frequent company name changes, arguing and disrespecting shareholders, yo-mama comments on a public message board… and the list goes on and on.  It appears the only thing Mr. Samblis is really good at, is running the company into the ground.  After three reverse splits in about 9-years… the PPS trades in the trips as of this writing.  Some really great results there Mr. Samblis.

We think this post on Investors Hub sums up the situation best. (click to enlarge)

WeedPostThe post’s reference to Mr. Samblis having been a stock promoter in the past can be documented here, and here.  As is written in the article, Mr. Samblis promoted stocks via a magazine, and email.  So… as the poster infers, Mr. Samblis is well versed in how to promote stocks that need promoting.

Now… what we have a hard time understanding is, if the SEC had a problem with Mr. Samblis simply not disclosing the amount he was paid instead of simply stating he may have been compensated for the endorsement, a minor interpretation of the rules so to speak… then how can they currently ignore investigating what many believe is Mr. Samblis’s current efforts  at stock promotion using false pretenses such as aliases on a message board supporting his company?   Many would call his current actions deception pure and simple.  Perhaps the SEC has a current investigation in progress, no one would know because the SEC does not reveal, or comment on, ongoing investigations.  But if they do not have a current investigation open, then the SEC would be missing an excellent opportunity to investigate what many believe is a company CEO, who previously had an SEC complaint filed against him, engaging in deceptive actions in an effort to promote the purchase of stock in his own company.  If the suggestion that Mr. Samblis is in fact using these aliases to promote the sale of his stock, it would seem that Mr. Samblis is thumbing his nose at the SEC and their regulations, having been a focus previously.  Certainly the SEC and its enforcement power has the ability to determine if the allegations are accurate.

And… as if that wouldn’t be enough for the SEC to start an investigation, there is the revenue question, i.e where is any revenue being recorded.  There is an excellent post here by Milesblue42 over on Investors Hub which outlines the issue and asks the questions.  In fact, Milesblue42 has been asking excellent questions relating to revenue and where any is at.  It’s very hard to believe that when viewers see ads displaying on Mr. Samblis’s websites, that those ads are being displayed free of charge.  We previously visited this subject here.  Also, there is a related article here that reports on another CEO that had “allegedly commingled investor funds among the two companies, and stole or misappropriated more than $230,000 for his personal use and enrichment…”.  Is Mr. Samblis commingling funds or misappropriating any investor funds?  Many believe he is.  One would think the allegations suspected by many would be sufficient grounds and serious enough for an SEC investigation also.

Stay tuned folks… never a dull moment when Mr. Samblis is involved.

Is the CEO practicing fraud ?

It appears to be common knowledge and/or belief that the CEO of IC Places, Inc., Mr. Steven Samblis, is using false pretenses to motivate investors by using multiple aliases on message boards.  It is believed that the most recent attempt to do this by using the alias “JapanInc” has been thwarted by the Administrators of Investors Hub.  That alias has been suspended until March 16th, 2017 (see below graphic, click to enlarge).  His other alias HollywoodFastLane has been “booted” also.

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It is also a widely held belief that he has used (and perhaps continues to use) other aliases such as “dotd“, “mrighttrade“, and “zurich” to name a few, in order to promote the company and attempt to appear the endorsement is coming from an independent investor or potential investor.   If this action can be proven to actually be conduct by Mr. Samblis, and at this point there is little doubt by many who know his practices and writing style, this appears to an an actionable activity by the SEC.  Take a look at the below graphic.  It is an excerpt from an article here that details a provision in SEC regulations that regulate such activity.

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The SEC regulations were aimed at prohibiting “any manipulative or deceptive device or contrivance.”,which basically means any intent, action or vehicle, such as message boards, to contrive a scheme to mislead others.

Let’s look at the sections a (a), (b), and (c) of the Act.

(a) To employ any device (message boards), scheme (appear to be another person), or artifice to defraud.  Obviously the use of an alias and indicating the writer/poster is an impartial contributor is covered by this statute.  This is probably the most blatant disregard for integrity with investors.  Its shameful if a CEO of a public company feels the need to deceive investors by masquerading as satisfied investor.  Can he not find at least one investor that actually supports his company ?

(b) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.  WOW… several instances come to mind that would fall under this section, such as the use of aliases for one.  Regarding the second part relating to “omit” facts that would perpetuate a false and misleading statement… how about Mr. Samblis not commenting on the $194,000. per airport deal with Clearvision.  Mr. Samblis let that VERY material fact go unclarified to this day.   Also, SEC 10-K/Q filings and statements regarding no lawsuits against the company (details here), and statements made regarding the president’s departure (details here).  Additionally Mr. Samblis’s statements about selling shares of the company to finance ongoing operations (details here).   We could go on and on but its obvious that there are many examples that would fall under this section.

(c) To engage act, practice, or course of business which operates, or would operate as a fraud or deceit upon any person, in conjunction with the sale of any security.  Many would argue that the entire premise of IC Places, Inc. is to sell shares of stock to finance the whimsical lifestyle of Mr. Samblis.  After almost 10-years of doing business, and after 3 reverse splits of the stock, the PPS hovers just over triple zeros again.  Mr. Samblis left intact the 2-billion share structure which many believe is in force to allow Mr. Samblis to sell as many shares as he needs to keep the cash flowing in.  Currently, it appears, there have been several new companies initiated that are outside of the corporate veil, and many believe much of any revenue is being diverted to those companies in order to shield such from corporate investors, (details here).  If any, or much, of this is accurate, those actions certainly constitute fraud and deceit upon any person in conjunction with the sale of any security.

Should you agree that the above should at least be investigated by the SEC, here is the link to their complaint page.  The SEC treats all tips, complaints and referrals as confidential and nonpublic, and does not disclose such information to third parties, except in limited circumstances authorized by statute, rule, or other provisions of law.  There are also additional confidentiality protections if you so desire.  See the enforcement tips page here for details.

There is an excellent quote from Edmund Burke… “The only thing necessary for the triumph of evil is for good men to do nothing.”  Will YOU further Mr. Samblis’s actions by doing nothing ?

Is the CEO a liar… #2 !

Can you believe anything the CEO says ?   We discussed this subject here in a previous post.  That’s why we call this post number 2.  WOW… something just came to mind when thinking about the CEO and number 2… but we digress.

There is an ongoing controversy on the message boards about the Mr. Samblis, CEO of IC Places, Inc. selling shares of the company stock.  There are numerous posts accusing Mr. Samblis of selling shares, and numerous replies by Mr. Samblis (many of his replies using his bogus aliases, dotd, mrighttrade, and zurich, etc) stating he has not sold any shares.  Who is correct ?

 Let us be the first to say… Mr. Samblis is telling the truth… he is not selling shares.

 HOWEVER… its important to understand the concepts behind each position.  When posters say Mr. Samblis IS selling shares, they likely mean… company shares are being distributed into the open market, thereby increasing the outstanding share count.  When Mr. Samblis says he is NOT selling shares… he likely means he personally is not selling shares, and/or, he is not selling any of his “personal” shares.

Keeping that in mind… lets look at the play on words/terms Mr. Samblis uses frequently.  When posters accuse him of selling shares, he denies such, and makes the statement that “he has not sold any shares”.  Well, in his mind that is a correct statement, because he is thinking “personal” shares.  He is right (recently) when he says he has no shares to sell because he retired his personal shares.  So technically he is correct in saying “he” has not sold any shares.

Now, Mr. Samblis is the CEO of the company, and as such he can direct the board (which consists of himself) to direct himself (as CEO) to dispose of company stock.  So… Mr. Samblis is not selling shares… the CEO is.  See the difference ?  When Mr. Samblis speaks (or posts a message), its important to distinguish between is it Mr. Samblis speaking on his personal behalf, or speaking as the CEO of the company.  In reality they are one one in the same, but technically they are 2 different entities.

Now… given the above, can poster’s accuse the CEO of selling shares… NO.  Because the CEO is not really “selling” shares… he is putting them up for collateral to secure loans from firms like Asher, in order to acquire funds to operate the company and maintain his personal life, (i.e. pay himself for the superior performance he has achieved as CEO of the company).  (example here)   So… here again, Mr. Samblis is technically correct in saying (speaking as the CEO) that he has not sold any shares.  Even though the shares have not been “sold”… they are no longer available for use, i.e. they are “encumbered”.  Think of it this way… if you own a home, you likely have a mortgage on it, meaning you borrowed the money to buy it.  The lender has secured a lien on the home/property insuring repayment of the loan.  You can not sell the home/property until you pay back the loan, so in effect the home cannot be easily sold as you could with something you owned outright.

Now, with the home mortgage scenario, someday you will pay off the mortgage and the home will be yours free and clear to do as you please.  With the shares pledged to Asher, its likely the loan will not be repaid (that’s the business model of firms like Asher) and therefore the ownership of the shares will transferred to Asher… thereby allowing Asher to sell the shares in the open market to recover the funds loaned out initially (plus a very handsome profit).  Think of it like foreclosing on a home to satisfy the loan on it when the homeowner defaulted on paying back the loan.  Its important to understand that’s the business Asher is in.  Some businesses sell widgets… Asher sells stock pledged to them by desperate companies that can’t get funds anywhere else.  The practice could be called legal loan-sharking.  So… the only “selling” of shares in this scenario is done by Asher, not Mr. Samblis personally, or by Mr. Samblis as CEO.

So… when Mr. Samblis says he has not “sold” any shares – AND… poster’s say he HAS sold shares… can they both be right… YES !  However, as you have seen, the end result of Mr. Samblis’s actions as CEO of the company, is to CAUSE shares to be sold in the open market, and in turn cause the outstanding share count to increase.

So, there you have it… semantics.  Mr. Samblis is excellent at creative word choice in his press releases and message board posts.  Many readers quickly read through his PR’s and postings and frequently do not understand why he uses the words he uses.  However, make no mistake about it, he uses those words for a reason.  There is thought behind his choice of words.  Yes, he has made some boneheaded statements in the past (and will likely in the future) but overall he is extremely careful in the words he uses and the meaning behind those words.

Those that use this tactic do so to deceive and mislead.  Read (and interpret) their responses closely.  People that have intentions to deceive and mislead will either A) deflect (some call it pivoting) to another subject to draw the questioner (and readers) off the subject of their original question, or B) shoot the messenger in an effort to discredit the questioner, thereby attempting to cast doubt in readers minds that the questioner is somehow defective and therefore lying, or C) pick and chose which questions to answer (or what parts of the question to answer), or D) use creative word choice to respond.  Then, when questioned as to the meaning of their word choice, they utilize one of all of the above tactics to respond again.  Its a cat and mouse game and if there is no sincerity on the respondents part, you never will get your question answered, because most likely they found the question to difficult and embarrassing to answer… and therefore never will.

When reading Mr. Samblis’s responses, be they by himself, or using any of his many aliases like dotd, mrighttrade, and zurich, etc. read the words carefully and try to think about their alternative meanings, and if those alternative meanings mischaracterize the response.  See if you can spot any of the above mentioned tactics used by those attempting to deceive and mislead.  Then… call them on it !  As an example… posters say the T/A is “gagged”, and Mr. Samblis says that is a lie.  How about if posters start saying the T/A will not give out share structure information.  Our guess is… Mr. Samblis will not respond.  He responds when the term “gagged” is used, but try rewarding it to read… the T/A will not give out PNCH share structure information.  Each has essentially the same meaning, but the latter does not allow Mr. Samblis to say that’s a lie.

See how many questions you can get Mr. Samblis not to answer.  A no-answer response is in fact an answer.  If he doesn’t answer the question, readers can pretty much assume the question was accurate.

 

 

 

 

The company you keep…

The company you keep.

We wrote yesterday about the choices Mr. Samblis has made in running IC Places, Inc, and specifically the choice to bring Mr. Warren Zide on as a member of the IC Places, Inc Board of Advisors, as well as head producer for its in-house production division.  We referenced Mr. Zide’s bankruptcy issues, as well as his reported financial difficulties in owing the state back taxes to the tune of over $500,000. dollars.  Apparently that was not the full picture.  Check out this link.

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Apparently Mr. Zide has something else in common with Mr. Samblis other than fiscal mismanagement… they have both been sued!   Yes that’s right… you may remember Mr. Samblis’s legal issues here, where he was sued for breach of contract… well Mr. Zide apparently was sued for non-payment of a loan, and the money involved far exceeds Mr. Samblis’s legal judgement.   According to the written account at the link provided above, Mr. Zide has a judgement against him (and his company Ham and Eggs, Inc.) for $750,000. plus interest.  It is unknown at this time if the judgement has been satisfied, or perhaps included in the bankruptcy.  However investors would likely welcome a full and complete disclosure of the situation.

Most would agree, Mr. Zide’s financial difficulties are significant relative to the value of IC Places, Inc.  It begs the question… will this financial situation negatively impact  a) Mr. Zide’s performance (how can you keep you mind on your work with that kind of financial situation hanging over you), and b) will this financial situation have any influence on Mr. Zide’s decision making if/when he negotiates any contracts for IC Places, Inc. and/or Mr. Samblis.  Perhaps Mr. Zide will have no access to either the company checkbook, and/or any financial activities of IC Places, Inc, however that aspect of Mr. Zide’s employment was not discussed in the press release about such.  Mr. Zide’s financial difficulties were not discussed in the press release either.

Now… you may remember the controversy over the last president’s departure (details here).  The controversy centered around the disclosure of a legal judgement.  Mr. Samblis stated that the judgement was not disclosed and that was grounds for termination (although we now know that was not accurate).  Well… looks like we have a very similar situation here.  The situation of Mr. Zide’s apparent judgement seems to be identical to the previous president’s situation.  It begs the question… did Mr. Samblis know about the judgement prior to being Mr. Zide  being brought on, and if so, doesn’t that render the reason given for the president’s departure insincere?   Did Mr. Zide disclose the judgement, and because he disclosed it does that mean judgements are not a factor in hiring decisions?  Or, are judgements only a factor in smearing the reputation of the person should they decide to leave the company?   Interesting, right?

Folks… the actions of Mr. Samblis get more bazaar by the minute.  What will be next ?  Stayed tuned, there are likely to be more bazaar situations surface as time passes, and the saga of Mr. Samblis’s trials and tribulations unfolds.

Follow the money…

Things that make you go… hummmmm.   Check out the below graphic (click to enlarge).  The graphic is excerpted from this page here.  Check out the highlighted filing date.  Mr. Samblis… why so many companies?   (it gets even more interesting following all the links on that page).

ImageAnd who is Preston Blackwell ?   Is this the same Preston Blackwell here ?   I wonder where Mr. Samblis and Mr. Blackwell met ?  What qualifications did Mr. Blackwell have to warrant being Secretary, Treasurer of IC Places ?  Cutting lawns?

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Perhaps the above is old information but it speaks to frame of mind when making management decisions.  According to Mr. Samblis’s newest associate choice, Mr. Warren Zide (learn more here), apparently his selection criteria has not improved much over the years.  Apparently its hard to unlearn hard wired tendencies.  They say… you are who you associate yourself with.  How does a person who made millions recently, file for bankruptcy and owe the state over 1/2 million dollars a short time later ?   Then, with those stellar qualifications Mr. Samblis appoints him to be on his his Board of Advisors and as head producer for its in-house production division.  Should this guy be advising Mr. Samblis and running parts of the company?  It appears Mr. Samblis doesn’t need any more help with negative finances, and at generating zero revenue… he is doing quite well on his own running the company into the ground !  Maybe Mr. Zide was brought on to advise IC Places, Inc. on bankruptcy ?   Its something apparently Mr. Zide has experience with.

You just can’t make this stuff up folks… stay tuned for more !