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 !