Yes folks, after hundreds of millions of shares sold over the last few days, and the massive pumping effort by what many believe were Asher paid surrogates… the the PPS closes today at .0002 ! The bright side of the pump is now there are likely scores of brand new truth-tellers who now join the mass of folks who understand what is going on with this company and it’s CEO Mr. Steven M. Samblis. Many feel pity that so many fell prey to the pumper’s misrepresentations, but it wasn’t like they weren’t warned, or like the information wasn’t readily available. The sad part is… given that Asher likely has well over a billion shares to unload (see here), there will likely be more of these pumps, and likely soon. As the company races towards that 4-billion authorized mark… it appears yet another reverse split is all but a certainty. And remember… In Mr. Samblis’s employment contract, he must retain majority control of the company, so the reverse split would need to happen well before the 4-billion mark is reached. WOW… what a hot mess !
So… Mr. Steven M. Samblis, CEO of IC Places… sells the flagship website that so many old time investors invested in. The sale prompts a few questions.
1) WHY was it sold? Why would any CEO sell a proven cash cow like the IC Place.com website? Well… maybe the cash was needed elsewhere. Seems pretty desperate to sell your flagship namesake. Is Asher putting the squeeze on Mr. Samblis because it’s so tough for Asher to sell the collateralize shares now? Perhaps having to resort to the extra expense of paying promoters to pump the stock so hard on the message boards is eating into their profits. Wouldn’t it be poetic justice if they were paid in shares and they were unable to unload them to the unsuspecting novice investors? Maybe that’s why a few of them are still pumping even after the initial massive pump all but failed.
2) Who would buy it? If you look up GVNTV on Google, it looks very similar to Imagination TV. Hummmmm ! Was there any previous relationship between the two ? AND… wouldn’t you love to see the prospectus given to GNVTV on the value and revenue generated from ICPlaces.com? How does one sell something that, according to the SEC filings… makes not one-red-cent ??? Who buys something that makes not one-red-cent? Wow… what-if… the prospectus indicated significant revenue – why didn’t that revenue make it onto the SEC filings ? Lots of questions surrounding this sale ! Perhaps the SEC would be interested in seeing the prospectus, or, perhaps the IRS.
3) What was the sale price ? Will the revenue be recorded in the next SEC filing? Will shareholders see any of the money from the sale ? ICPlaces.com was likely built and maintained with investor funds – will investors see any of the sale proceeds? Are any of the sale proceeds going into entities owned by Mr. Samblis that are not a part of the public company ?
4) The selling of the company’s flagship namesake would seem to be a material event that would trigger an 8-K SEC filing, however some 4-days (at least) since the sale, and no 8-K filing. Those early investors of IC Places, Inc remember all the grandiose predictions for the site, and the company as a result… yet it’s sale does not rise to the level of a material event. Wow… what would then ?
So… to all the new bag-holders out there… welcome ! Consider it your moral obligation to inform the next batch of uninformed prospective investors of your experiences. Don’t feel embarrassed, or ashamed… many have experienced a significant loss on this company also. Maybe YOU can prevent someone from experiencing what you, and many others have, by telling anyone who will listen what happened to you.