Iconic Brands Inc (ICNB)

[ctrumabll]

Bellissima was partially owned by Iconic, that went 7.

[Whiplash_Investor]

That is odd. Was this BK chapter 7 or 11? Was it for just some subsidiary of Iconic Brands?

Just trying to see how this could be.

[rosee]

https://swimsuit.si.com/swimnews/how-supermodel-christie-brinkley-built-award-winning-wine-brand-bellissima-01hwdj17cd2p

Article doesn’t say anything about Chapter 7 ??

[ctrumabll]

One might be able to get it for 50 cents a case now...

[brojazzy]

Rich is a piece of shit, when is he going to stop fking over his shareholders? No clue how he sleeps at night....my guess is by cramming cheese burgers down his gullet

[TRUSTUNITS1000000]

0.000000001

[ctrumabll]

xoxo...stock going to $2

Missed it by *that* much.

[The Energizer]

did anyone try the dino luzzi energy drink

[ctrumabll]

Remember "Green Grow Farms"?

[ctrumabll]

I think you will find Brinkley cares way less than you hope.

[rosee]

I assume Christy looking for a buyer. I don’t think she want it auctioned to random anybody

[packerfan9]

The acquisition of Pop Top. That was losing millions same as ICNB. Was death blow to this stock. Rich made a very bad decision. Just grew losses by millions. We see what happen to stock. Only matter of when ICNB goes bankrupt as well.

[FroMagic]

"Motion to Approve Stipulation Omnibus Motion under Rule 9019." Filed by TopPop.
https://www.pacermonitor.com/public/case/49390403/TopPop_LLC
Hearing 2/28. Should be interesting.

[TRUSTUNITS1000000]

What are they doing now the company

[TRUSTUNITS1000000]

Did she convert her 50%

[TRUSTUNITS1000000]

With Cb terrible

[TRUSTUNITS1000000]

0.0001 too funny

[ctrumabll]

Between having to pay the people who actually make the prosecco and Brinkley's cut, the margins are thin.

[FroMagic]

Sprinkle with pixie dust and count to three. Duh. ROFL.

[ctrumabll]

And just how is this shell supposed to be magically scrubbed clean?

[TRUSTUNITS1000000]

0.0001 LOL

[packerfan9]

Like I said. Tiny revenues. Lost millions on that.

[rosee]

Bellissima sales about $1M Q1 2023. Reports not filed for last 3 quarters but should be able to find out more once monthly operating reports filed w bankruptcy court

[Dspetry]

$3.4M is sales in 2022
I'd imagine $3M+ in 2023.

[packerfan9]

Since it never sold much and always tiny revenues. Since it losses millions. What value? It be starting over since not much market presence.

[FroMagic]

Curious as well, but no idea. It's the one asset with real value. I believe the next hearing for both toppop / icnb is 1/10 (wednesday).

[rosee]

Company in liquidation. Agreement was signed in 2022 in case of liquidation:
any such event, an “Iconic Liquidity Event”), Iconic Brands shall, whether or not it is then a Member or otherwise has an ownership or other interest in the Company, within ten (10) business days of the date of occurrence of such Iconic Liquidity Event, notify each Member in writing of the occurrence of such Iconic Liquidity Event and engage, at its expense, an independent third-party appraiser reasonable acceptable to the Minority Member (the “Appraiser”) to determine the enterprise value of the Company (the “Company Value”), which determination shall be completed within thirty (30) days of the date of such Iconic Liquidity Event……
pon dissolution of the Company, the Company shall be terminated, and the Manager, or if there is no Manager, such other Person(s) appointed in accordance with applicable law to wind up the Company’s affairs (the “Liquidator(s)”) shall liquidate the assets of the Company as promptly as possible, but in an orderly and businesslike manner so as to not involve undue sacrifice. The proceeds of liquidation shall be applied and distributed in the following order of priority:

(a) first, to the payment of the debts and liabilities of the Company (other than any loans or advances made by any of the Members to the Company) and the expenses of liquidation;

(b) second, to the creation of any reserves that the Liquidator(s) deem(s) reasonably necessary for the payment of any contingent or unforeseen liabilities or obligations of the Company arising out of or in connection with the business and operation of the Company;

(c) third, to the payment of any loans or advances made by any of the Members to the Company; and

(d) thereafter, to the Members and the Manager in accordance with their respective distribution priorities set forth in Section 13(b) of this Agreement.
https://contracts.justia.com/companies/iconic-brands-inc-2924/contract/243883/

[Dspetry]

Do you have a link to the filing you are looking at?

[rosee]

question:what will Bellissima LLC appraisal be?

[FroMagic]

LOLOL. I'm still searching for where it says ch 7 in the following 5 words “Gotta scrub clean the shell.”

Huh, how about my full quote.. "gotta scrub clean the shell at this point for whatever comes next."

Nope, still don't see ch 7 mentioned there either.

Ch 7 is liquidation.

But a company can actually multi task and prepare for the next re-use of the shell. It's what happens to make it more attractive. How or what they specifically choose to do is up to ICNB.

Whatev.

[TRUSTUNITS1000000]

Competitive

[TRUSTUNITS1000000]

Anyone try the drinks

[TRUSTUNITS1000000]

0.0001 terrible

[ctrumabll]

Your quote:

“Gotta scrub clean the shell.”

Do tell how a Chapter 7 will do that.

[FroMagic]

I didn't say that. Try reading. I implied it's time to start thinking ahead as to what comes next since 7 liquidates.

[ctrumabll]

Do tell your brilliant theory about how a 7 leaves a clean shell.

[rosee]

He get 15 percent of whatever auction price of Bellissima LLC , this not included in shares. ICNB only own 54% of Bellissima

[rosee]

agreement say in event of liquidation Bellissima LLC will be auction to highest bidder, after independent appraisal

[FroMagic]

gotta scrub clean the shell at this point for whatever comes next (a new co reverse merges into ICNB?)

Richard DeCicco: common stock 24,686,893 shares.

worthless.

[Whiplash_Investor]

Well, that’s the end of that.

[packerfan9]

Since they have no way to make a profit has to be cp 7.

[rosee]

court doc now says $ICNB agreed to convert to Chapter 7, liquidation

[packerfan9]

that's managed properly with a competent leadership. Rich will not leave. So never going to be any competent management.

[ctrumabll]

Damn. That kool-aid is so high-test, you could fuel a rocket with it.

[ctrumabll]

Nah. The paperwork from day one was set up so CB never committed her own money.

[rosee]

Big fan of @christiebrinkley & They believed the pretty “investor presentations” about Toppop and Bellissima. $30 million a year forecasted, etc etc . Now ICNB in liquidation. Their retirements money gone. So sad

[packerfan9]

Rich is making his money even as he failed shareholders.

[whizent1]

This totally makes sense. She’s making money, regardless of how low the share price is. She’s guaranteed to make Bank.

[brojazzy]

Retirement fund? In a freakin penny stock? Good grief, why on earth would someone do that

[Drugdoctor]

Yea, I do wonder if she financially supported the company enough back in the days when Bellissima was being rolled out with large distributors and with the Publix contract. That was her golden opportunity to buy some advertising in the Atlanta market and promote her brand. I do seem to remember a rented airplane pulling a banner over Atlantic City beach, and a couple of billboards, as being about the only promotion, other than her Instagram, that wasn't enough to sell the juice at premium prices... But the blame falls squarely on Rich, who failed, and that freezy pop thingy that destroyed the rest of the company...

Oh well, just glad I quit trading it after I saw just how bad things really were. What did it for me was when he reported NET PROFITS, for one year, then charged the expenses the next month, in a different fiscal year. Oh well, live and learn... GLTA