So we are are all on the same page. Joe Collins has proven himself to be dishonorable businessman. When he sold Punch to IC Places two years ago he immediately stepped in and tried to hostility take over the company. He did this by lying to the public in fake press releases saying he was now CEO and Chairman of the company when in fact he was not. He told the public Punch was in 50 million homes when in fact they where in about 1 million. He lied to the public at the beginning of the deal saying they had 12 million in advertising commitments when if fact they had none. He lied to the public saying that the company issued false filings in regard to the CEO's employment contract which had been in place for 7 years and which he had in his hands from day one of the negotiation to sell to IC Places.
It turned out Collins was just to lazy to look at the docs in his hands at the time of the deal. When he finally did look months later, because he was called out on his hostile take over attempts, he realized his battle to steal IC Places would be stopped due to the employment contact.
After all the lies and attacks by Collins, IC Places agreed the best thing was to rescind the deal to buy the Punch assets. IC Places would give back all Punch assets and Punch would give back the stock.
Well, IC Places gave everything back and to this day Collins has never returned the payment he received.
BTW... The Punch TV website is filled with more lies. None of the shows under "Hot Shows" are on Punch TV. Most of the Affiliate stations listed do not broadcast Punch.
Don't get me wrong, we are happy that Punch is now public because it gives us assets which we at Imagination TV (Formerly IC Places and IC Punch Media) can now go after.
We have retained a new law firm today and are going to do exactly that.