Gene Simmons-Backed Cable/Internet VOD Startup’s Strange Ways

This is definitely among the most-unusual of content plays we’ve covered here: NGTV, otherwise known as “No Good Television,” a developmental stage company, filed for an IPO with SEC last month and withdrew some parts (or a specific form out of the whole filing) of it today…the cable VOD and content provider is backed by Kiss-frontman Gene Simmons…he is the chairman. The other cast of characters (execs) is very colorful, as Ben’s investigative story here explains. NGTV does not presently have a CEO, though it has burned through three in two years.
The LA-based business, not yet launched, develops and owns entertainment programming, focusing on uncensored interviews with celebrities and uncensored music videos and will distribute through a PPV, VOD distribution deal with iN DEMAND. Also, it is planning online distribution through Google Video and others.
Based on the figures in the S1, the company would have raised approximately $30.4 million if the overallotment is exercised, plus another $25.2 million if warrants are exercised. As of March 31st, 2006, the company has accumulated a deficit of approximately $21.6 million and a working capital deficit of approximately $12.7 million, while generating no revenues.
The S1 filing is here, and the partial form withdrawl notice is here. I’m not clear on the intricacies of these SEC forms and what it all means for the IPO, so take my statements at their face value.

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