Iconic Brands Inc (ICNB)

[Whiplash_Investor]

As President of all his own companies, he can legally funnel money to United Spirits, himself through rental fees, big salaries, or his other companies by showing consulting fees, brand license fees, you name it. That’s not illegal, just lousy fiduciary responsibility. Now as far as civil law is concerned, he’s not fulfilling his fiduciary responsibilities to shareholders and easily proven. Any big Stock (deep pockets) would see lawsuits galore, but Pinks and many penny’s do not (near empty pockets). This is because to file a lawsuit, you need a lead plaintiff and a lawyer. The big Stock lawyers will sue on contingency. No lawyer will sue on contingency any Pinkie CEO. I’ve talked to them. Every one of them will say you’ve got a solid case and none of them will work without a huge retainer. They know you can’t collect from a Pinkie CEOs, no matter what you win. And you will win, but that’s just a judgement, an uncollectible win. And shareholders have been robbed enough and just don’t have the additional funding to fund a lawsuit to win only 60% of their money back (lawyer gets the other 40%).

So there you have it...Pinkie scams abound, staying just this side of the fraud laws, using Safe Harbor forward looking statements, but no real actions they promise. It sucks, but that’s reality. Hope this helps explain.