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.
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.