I was watching a bicycle race in the Olympics, and the announcer recognized right away that the lone cycler in the lead was doomed because he insisted on pushing all the wind by himself; and would eventually be caught by the pack, who were efficiently aligned -- something to do with power in numbers and wind resistance and all that. He was, and they did.
And so it goes with PNL. They need to align themselves … with funding and a bigger player with staying power. Time is no longer on their side. Major players like CMRC are entering the B2B scene with vigor. Cash is burning at 200k per month, etc. It is time to set the right course.
I don't know why the power play with Bohn and Morgan didn't work out, but it is not the end of PNL. They still face the same issues and priorities they did before. But now they have looked the beast in the eyes and have finally acknowledged that customer counts are not materializing, that the business model needs to change to a transaction fee basis, and that venture funding needs to be arranged.
Whatever momentum Bohn and Morgan put in place will be revealed in due time.
If they planted any seeds, they are still entitled to a 5% commission, per the 8-k filed on 9/29:
"In the event that Bohn, Morgan and/or GlobalNet, or
any of their respective Affiliates, shall at any time first introduce to the
Company another Person after the date hereof that (i) causes an equity or debt
investment to be made in the Company or (ii) enters into a contract or other
arrangement with the Company that results in the Company actually realizing
revenue from such introduction, the Company shall pay to GlobalNet 5% of the
amount of such investment or revenues."
If they came aboard but planted nothing, we may be better off righting our course now.
We may be flailing like the Olympic swimmer who barely finished, but we are determined to finish nonetheless. I'm not sure what to make of all this flailing , but PNL has been preparing for this opportunity for a long time, and I'm still holding.
GK |
