Yes, that’s right folks… apparently Mr. Samblis, CEO of IC Punch Media, Inc. has planted the seed that he is rescinding the rescind agreement. See the graphic below.
According to this Investors Hangout post, which appears to contain information taken from the IC Places Facebook page… Mr. Samblis states we “have revoked the recession agreement“. Notice Mr. Samblis states he “have“, indicating an action that has already taken place.
So… if the original agreement to rescind has been revoked, then Mr. Collins is President again. Mr. Collins now owns some 350 million shares of PNCH again. Mr. Collins is now on the Board of Directors again, etc, etc, etc. Folks… you just can’t make this stuff up as the comics say.
Keep in mind here folks… Mr. Samblis has a creditability issue. He also has a financial issue, in that, the stock price is at rock bottom and is about worthless for raising capital, badly needed to keep PNCH afloat. He needs to prime the pump as they say in order to instil some hope in investors minds in order to get the stock price back up to the point that it can generate some much needed capital to finance the ongoing day to day operations. And he will likely have a trusted surrogate promote the activity.
Also… its not clear if the original rescind agreement (which by the way to our knowledge has never been made public in or outside of any corporate filing) is actually valid and enforceable. It has to be assumed that Collins has access to attorneys also, and there must be some reason he never returned his shares. But of course no one knows if that is accurate either. Take a quick peek at this document talking about contract rescission here. (and yes, it states California law at the top but other states are similar and was only referenced to illustrate the complexity of such actions). As you can see, its not as simple as simply stating out loud, or wishing it to be that makes it valid. Court action is needed for that. Neither party here likely has the funds for a court battle so it likely remains a stalemate until its validity is adjudicated in a court of law. And if the original rescind action is complex… what about rescinding the rescind agreement ??? Try looking that action up on the internet… lol.
Yes, perhaps Mr. Samblis has been successful at getting some content removed from YouTube, but also perhaps just temporarily due to the validity of the rescind agreement… i.e. who is really the rightful owner of the Punch name. It is very easy to get YouTube to pull content, specially when a DMCA request is filed. It is much easier for YouTube to pull the content in question and avoid any legal issues for themselves than it would be to fight a court battle over the posters right to post the material. However it is likely Mr. Collins will contest the removal, and if his argument is robust, the content will likely reappear. Here again, YouTube will not want to get in a legal battle over exactly who has the legal rights to the name at this point and will likely take a neutral position lacking court sanctioned documents citing who is the legal owner of the material and/or name.
This Collins/Samblis feud is a real mess folks… and it is not likely to be settled for a long long time given the financial status of both men. So… don’t get your hopes up too high.