Oh I think that, when you get into a deal with Southridge, you are in deep poop. I would say that dealing with Southridge is like dealing with the Devil, but the Devil has higher ethical standards.
So, here are the possibilities. It is "heads Southridge wins, tails you lose":
80% chance Bellissima fails. Brinkley gets bored, or all those sales reports were "massaged," or it turns out that the demand for mediocre prosecco at California sparkling wine prices isn't that high. Southridge and the other insiders convert, dilute the &*(%$# out of the public shareholders, do a R/S, and load ICNB up with a new product for the next round of suckers;
or,
20% chance Bellissima succeeds. You will find out just how little ICNB owns. United Spirits is still getting the margin for doing the importing, for instance. Rich and Southridge still own personally 49% of Bellissima Spirits, LLC, which appears to be where any worthwhile trademarks and copyrights are kept. And then there are the royalties. Southridge and their pals will convert all of their various notes and preferreds using their "death spiral" discounts, diluting the current shareholders to near oblivion, while Southridge and their pals feast on the profits.
I think that there is a lot being obscured here. Like whether Rich's much-vaunted "cap on conversions" is serious, or if a huge conversion is ahead. The delay in the Q4 financials should concern people. It makes me suspect that there is something in there that management wants to avoid revealing for as long as possible.
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