Correct. For the newbies, Imiloa is a long-timer. Indeed, I'm going back to read old posts, and I think I'm seeing that it was none other than Imiloa who broke the news on IHUB that PINR was being bought out to be a film company (see post #23878).
And yes, as the recent Form 10-12g/a notes (it is a wonderful document!) this transfer occurred in April of 2009.
So, it isn't fair to blame Mark for splits prior to 2009 -- and yet this blame keeps happening.
That being said, as Imiloa notes, 2009 and beyond is Mark's responsibility.
Well, it is sort of Mark's responsibility. But folks here know how the penny stocks work, right? Mark was only able to buy PINR because PINR was riddled with convertible notes. To hear Mark tell it, he wanted to run a film business and naively ignored the fact that folks had serious hooks in it. By later that same year, in November, the O/S had bloomed to 2B shares, and yet Mark was starved of capital.
Here's an interesting factoid some (cough, cough) historical posts have missed: In the following years, Mark was able to claw back over 1B of those shares. But the convertible debts were still a huge problem -- and it appears that some by then were Mark's fault. In any event, in 2012 alone it appears that about 1B shares were issued back out. Again, these were "non-cash" events. Despite all those shares getting issued, Mark that year fronted the company $6,000 for rent! And yet we've been told that MIKP was rolling in cash from massive dilution... Hmmm, I don't think so.
MIKP was FUBAR the moment Mark took over, in terms of shares and notes.
I'm not sure what all of this history is worth in terms of helping investors think about the current company. Luckily, this time around Mark has been able to clear MIKP of all convertible debt. Clean slate compared to way back when Mark started as CEO.
PS -- As part of my research, I came across the purchase of St James Films, which we were told was purchased for $500K (see my post #104635, which explains the error a poster made). Seriously, $500K? OMG. It is important to have a sense of scale and to read things carefully. Anyone studying the history of this company knows that only one $500K transaction ever occurred -- and that was a massive convertible note for which shares were issued in 2012. Nothing else comes close. Looking at the Form 10-12g in 2014, you can see that the St James Films deal was for shares. And while Mark might have boasted that he got $170K worth of assets, he only paid $125K (and that was in the form of preferred shares that rapidly became worth much less).
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