Well, finally, after some 8 days since the actual reverse split… Mr. Steven Samblis, CEO of IC Places, Inc (formally IC Punch Media, Inc) breaks his silence and speaks to the reason(s) he ordered the reverse split. See the post here. And in true Samblis form… the blame is redirected elsewhere. How many times have investors heard this?
As we predicted in our post here, and again here, it appears the main reason Mr. Samblis cites for the reverse split is “Getting the company healthy is a major initiative. The reserve split was necessary to achieve this.” i.e. he did it all for the investors! If you are an investor do you feel special now??? Do you feel Mr. Samblis is looking out for YOUR best interest?
Another reason Mr. Samblis cited for doing the reverse split is our websites ! Apparently he thinks our websites are one of the reasons the company is doing so poorly. Apparently Mr. Samblis thinks that if he can silence us, the company would do much better. He is probably right in that concept overall, however what he apparently fails to realize is that even if he is successful at silencing one of his critics, there will be more that pop up in our place. Does Mr. Samblis really think ALL his critics can be silenced? Bad decisions and the resulting opinion of such are going to be talked about publically nowadays… this is the internet age.
Mr. Samblis appears to be exhibiting more of his arrogant and vindictive tendencies in singling out one particular critic over all the rest. Has he forgot about and ignored the loudest critic of all… LieHub? (which by the way, maybe we better change how we characterize them, after all they have been pretty good at accurately predicting the future with respect to Mr. Samblis) How about the scores of investors that have lost money on their investments in his company, which he then ridiculed and chastised on a public forum when they asked questions about his actions as CEO ?
Mr. Samblis appears to be so delusional in his thinking that folks talking about the actions he has taken to bring the company to the point it is currently… is the reason the company is at the point it currently is. In other words… stop talking about all the bad decisions he has made because that’s what is causing him to make those bad decisions. This would be laughable if it weren’t so sad. Mr. Samblis needs to focus on making better decisions in order to move this company forward and overcome his past decisions that have brought this company to where it is today. Thinking he can silence people talking about his decisions is just a waste of ill-focused energy. Get a grip Mr. Samblis and start focusing on better decisions that will bring this company back from the edge of insolvency.
He also states “After I refused to pay the outrageous money to the man that holds and runs these websites he turned them all into attack sites.” Well, re-read the above if you think they are “attack” sites, however if you want the real truth about what transpired regarding why Mr. Samblis does not currently own the sites he refers to, read the actual written exchange between Mr. Samblis and the owner of those sites here. You will also notice in this string of emails that Mr. Samblis OFFERED twice the previously agreed upon price for the purchase of those sites, and the owner rejected that offer and refused to sell the sites. So, once again, Mr. Samblis attempts to mislead the readers/investors into thinking what he wants you to think. Its a good thing there is a written record of the exchange or some readers just might be influenced by Mr. Samblis’s attempts to mislead.
We thought this was an interesting post (click to enlarge) by a frequent poster on Investors Hangout about what another CEO did when his company did a reverse split. Its interesting to note the result of this CEO’s actions. We will leave it up to you to decide which appears to be the better decision made by the 2 CEO’s in question here.