Can someone help me understand this (Steve perhaps). I have reviewed 6 posts, (all dated prior to 5/6 (when JC issued his "Letter to Recind Assest Purchase Agreement" - post numbers, 25775, 26791, 27428, 27706, 27775) wherein Steve seems really adamant that Punch was bought and paid for and he appeared to have no intentions of ever giving it up (see below, "We will never lose them"). Then, on 5/6 JC issues his rescind letter, and then 7 days later we find out all of those assets were (or are to be) given back.
Everyone thought JC was nuts thinking he could just rescind the purchase agreement... yet that appears to be exactly what happened. I just can't get my head around this, using the information that has been provided here today... what happened??? It appears, (again using the information provided here today)... that JC got exactly what he was asking for. In fact, some could argue he got back something better than he sold due to the investments and expenses involved with obtaining affiliates and development of shows, etc. during the time Steve owned the assets.
Yes, I understand there are advantages to distancing from the Punch brand if the accusations of mismanagement are true, however it appeared as thought Steve did not buy the management... just the assets. What, if anything, is Steve getting from the deal other than the distance from the Punch brand ? What is the cost to shareholders for this distancing and asset giveback?
In addition, in post #27705, dated 5/5/13 he stated "Once the assets are secured, we will proceed with civil actions against the parties as well as assist authorities with anything they need for criminal actions against these people." Now today we are to understand that "I don't plan on wasting my time with him." in response to a question about such.
The actions outlined today appear to be a complete reversal of a strongly stated position just several days ago.