There has been plenty of speculation and assumption surrounding the status of the company since the Joseph Collins (self-proclaimed CEO) of IC Punch Media started his crusade to (what many think is) effort to regain control of his company… that he SOLD to IC Places, Inc in June of 2012. Now… no one that we know has seen the contract of sale, but its highly unlikely there was a buy-back (or take-over) clause in the contract. Selling the PunchTV assets is no different that selling any other assets… say your car for example. Have you ever bought a car, only to have the (previous) owner come back to you in a year of so later and demand it back??? That is ridiculous right? Well, that’s what’s going on here. Collins wants the company back, and he is simply claiming it’s his now. Well… it simply doesn’t happen like that. There this little thing called due-process.
Now, the shareholders have been clamoring for information on the status of the hostile takeover, and rightfully so. Although Mr. Samblis has been, what appears to be, as forthcoming as he could possibly be to date, given the legal ramifications of releasing such information… shareholders still want more. Many have been calling for a formal Press Release on the matter. Well today Mr. Samblis issued, in our opinion, about the most unambiguous statement to date that any CEO could possibly issue. Because it was posted on Investors Hangout, a public message board, this is about as close to a Press Release as one can get. As a shareholder, if you can not consider this to be a de-facto, highly informative, and precise press release… then maybe you simply shouldn’t be invested in the company. Here is the post from Mr. Samblis:
“So we are all clear. I have two law firms dealing with this and it is taking the time needed to file this. Nothing I can do about that to speed up the process. IC Punch Media owns all the assets of Punch TV. Our group has over 51% of the voting shares of the company. JC and is minions are attempting to use our assets illegally to try to create revenues for themselves. That phone number you called is the number for the offices that JC has which was part of what we purchased. Ramous and JC are in that office and will clearly say whatever they want, no matter how wrong it is. During this transition we are having to deal with people like this that have no knowledge of the law and the laws they are breaking this includes Ramos and JC. They also control access to the website and are doing the same with that. None of this changes the fact that we paid JC and Punch TV almost 7 million dollars in stock for those assets and for JC to run those assets for us. We own these assets and will take over control very shortly. This is not a fight we wanted. We are taking the legal steps required to remedy it in the quickest way possible.”
So… is there ANY doubt who owns what… and who is legally in control of the company ??? We think not !