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Yes, its true, another disappointing day.  PPS fell almost 33% on over 35 million shares traded.  Conventional wisdom points to the Late Filing form that was filed today.  There was built-up anticipation for the 10-k form to be filed today, and when news hit that it would not be filed, the stock took a dive.

There is a lot of anger being exhibited on the message boards today over this action.  And who could blame them.  Many are upside down on their investments, and with the CEO dropping hints that this was going to be a really good 10-K (“the best he ever worked on”) they were looking forward to a significant rise in the PPS today.  It appears many feel not only disappointment, but also betrayal.  The CEO first stated that the K would be filed 3/29.  Then it was learned that due to the 29th being Good Friday, the K would be filed on 4/1.  Then today learning it was delayed again.  And, many still remember when it was initially thought that the K would be filed 2/15.

This may be much to-do about nothing.  The CEO posted on LieHub (snubbed the Investors Hangout board once again) to say the K would be filed later this week.  Here is the actual quote: “We filed an extension today because we need a few extra days to Edgarize the K with all the additional assets and other items fully listed. We are very excited to put this out later this week.“.  However, in light of the above, we can understand how some, maybe many, would be skeptical about that statement at this point.

Those that felt betrayed that Steve didn’t give investors a warning that the report might, or would be, late,  perhaps doesn’t understand the strict limitations a CEO has imposed on what, when, and how they can release information to the general public.  There have been some recent news that one CEO is under investigation by the SEC for making a statement on Facebook about some business aspects of his company.  The safest thing any CEO can do is speak through PR releases, and in the case today, SEC filings.  We feel… filing late is the last thing Steve wanted to do today.

HOWEVER… the filing of reports just doesn’t sneak up on you… as a CEO you know when they are due… months and years in advance.  So, although there may have been external circumstances that caused today’s late filing notice… good planning anticipates obstacles and allows for such.  Since this report is a detailed accounting of events that happened in the past, this report could have been completed long ago.  Theoretically this report could have been completed say in mid to late January.  If it takes 10 business days to complete the report, then a prudent planner doesn’t wait till 10 days before the due date to start the report.  This is a year-end report for 2012.  The year ended over 3 full months ago.  The financial data was established over 3-months ago and would have not changed no matter  how long you waited to start the reporting.  We feel, today’s issue could have been totally avoided had more priority been given toward this report.  And we feel, given the significance of this report, it should have been given a higher priority.

Now, having said that, we feel people overreacted at today’s news.  But… that’s investors for you.  They frequently get spooked at the slightest things.  The real reason many are upset over the late filing notice today is… greed.    The anger, frustration, and betrayal would have been minimized, and short lived had the PPS not taken a dive.  Why did the PPS take a dive… investors got spooked and sold.  People lost money today on their investment.   When they woke up this morning they thought they were going to see a substantial increase in their investment portfolio.  When that didn’t happen, they looked for someone and something to blame.

Did IC Punch Media change business strategies today, did they lose any affiliates today, did they announce they were having financial troubles… no, they announced the reporting – on 3-month old data, would be a few days late.  As one poster put it… “BFD”.  PNCH is still the same company today as it was yesterday.  The data will not change because it will be reported a few days late.  If the report was going to be great today, then it will be great later this week also.  Even after the notice of delay Steve still says… ” We are very excited to put this out later this week.“.

So… yes, we are disappointed also, but we did not sell today.  We will wait, because we believe the numbers will be good, and the company is good.  We also believe that the company is growing everyday, and our investment will grow along with the company.

Later this week we anticipate today’s activity will be a distant memory.  When the PPS starts back up, those that were extremely disappointed today, will be all smiles next week, next month, and next year.