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Originally Posted by Dax
I still dont buy that: They own 39% but we are not associated with ibill crap  Cuz those shares are not really shares  |
There are 3 reason the 39% isn't material
1) They own common not preferred stock
2) They had to take a loan from Marc Bell in order to buy the stock, and the stock is colateral. So Marc owns a note equal to the value of the stock they bought.
3) We have since issued new stock so they only own 22% now.
You may say...mike this sounds crazy. I know.
Webmaster may think iBill was trying to rip them off, when they had their sights higher.
They wanted to raise money in the stock market, and they really wanted to be able to say....we own #1 adult billing company...AND...we own top adult brand company. The reality was not the issue for them. As long as they could say it, and it would seem credible they could find some suckers to pump the stock. As long as they could add the word 'Penthouse' to the bottom of their press releases they were happy.
The result is...iBill dudes do not call the shots at Penthouse. They don't come to our offices and walk around talking on their cell phones. We don't report to them. We don't ask them if we can make posts on GFY calling them assholes. They wanted to be able to say...We have iBill..We have Penthouse...we are going to go thru the roof...buy now!
What a crock.