Does VNTN still have an investment in Solutions Media? I see that Solutions Media filed for Chapter 7 bankruptcy. See the bottom of this news release:
President, CEO of San Jacinto, Calif.-Based Investment Firm Resigns
By Don McAuliffe, The Press-Enterprise, Riverside, Calif.
Dec. 20--SAN JACINTO, Calif.--Peacock Financial Corp., whose diversified investment strategy included real estate, pro soccer teams and Internet startups, this week joined a growing list of companies suffering from dot-com hangovers.
The San Jacinto-based company announced that Steven R. Peacock resigned as president and chief executive of the firm, whose stock price has gone from about $2 to 2 cents a share in the past 10 months.
Peacock, who founded the investment company in 1994, will remain as a director but will not be involved with day-to-day operations, company officials said.
Robert Braner, president of iNetPartners Inc., a company-owned subsidiary, will serve as interim president until a full-time replacement is named.
He declined to discuss specifics about Peacock's departure except to say he worked hard for the company, but now "it's time for a change."
He said Peacock will continue to focus on Peacock Sports, Inc., a wholly owned subsidiary of the company and owner of the San Diego Flash pro soccer team.
Braner said the company, which will eventually drop Peacock from its name, is about two weeks away from announcing new financial partners that will allow the firm to revamp its investment strategy.
He said Peacock is talking to a handful of firms, a process that began several months ago when the investment company announced plans to restructure its operations.
Rather than invest in startup firms with no track record and no cash, the new Peacock will focus on proven firms.
"We are going to acquire companies that immediately deliver profitability to the bottom line," said Braner, former head of Automobili Lamborghini USA who joined Peacock's board in November.
He also said he would "bring a new level of competence" to the board with the addition of several new directors.
Braner said Peacock wants to avoid the kind of surprises that led to the last month's Chapter 7 bankruptcy filing by Solutions Media, a San Diego-based parent of Internet record label Spinrecords.com.
Peacock had invested $125,000 in Solutions Media, whose major investors also included Venturenet Capital Group, a Temecula-based venture capital company.
Braner said Peacock was a minority investor and had no control over the situation, but said the demise of Solutions Media reflects the drubbing that dot-com firms are taking.
"We were all disappointed that occurred," said Braner. "Those kind of companies are getting knocked sideways."
In the third quarter Peacock Financial said it lost $3.1 million even as revenue rose 92 percent from a year earlier to $1.2 million. The company attributed the red ink to rising overhead and administrative expenses.
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