"Still possible that SPPH is a fluff play"
It's not a "fluff play", it's a black and white pump and dump operation, and Dr. Max Arella CEO of Spencer Pharma and Director of fellow scam ProtoKinetix is a criminal fraudster, as is his associate and probable gangmaster, Jean François Amyot.
It's entirely clear:
I am very happy to defend my contention that SPPH is a criminal conspiracy in court, but Dr. Arella has been strangely reluctant to follow up his initial threat (posted in the iBox above) to sue me.
The unadulterated and incontrovertible truth is that SPPH is a scam, pure and simple, and Max Arella and his associates are engaged in a criminal conspiracy to defraud the investing public:
Spencer Pharma is buy no means the first scam pharma company that Arella has been involved with.
Horizon Health International,HZHI, which recently did a reverse split in order to set up the next big dump, is one of Arella's previous pump 'n dump operations. Others include BISU, AFLB and in all probability ProtoKinetix (I no longer have any doubt about PKTX, or the others).
Behind most of these scams is the figure of lovable cuddly French Canadian penny stock fraudster, criminal and (ex?) Director of Spencer Pharma, the man behind both Hilbroy Associates and IAB (ItsAllBull - for once, truth in advertising!) Media, one
Jean François Amyot.
Here's the rest of the scoop on the Spencer Pharma fraud:
Spencer Pharma has repeatedly lied with every PR it's ever issued.
For example, here's the supposed timeline for the (entirely mythical) buy-out:
"the Offeror will send a notification mailing out to the Company's shareholders five business days after the funds are placed into escrow and or proof of funds for the offer; it is anticipated that the funds will go into the escrow agent on Monday, January 31st"
ih.advfn.com/p.php?pid=nmona&article=45645272
That means that Shareholders should have had a mailing from Al-Dora/Al-Dorra/Al Durrah on Monday, February 7, especially as SPPH have claimed that they received the deposit more than a month ahead of scheduled delivery of the balance of the funds:
"Spencer Pharmaceutical Receives $500,000 Deposit From Al-Dorra
Date : 12/21/2010 @ 9:00AM"
ih.advfn.com/p.php?pid=nmona&article=45740745
And yet here we are on March 2, and not a single peep from Al-Dora/Al-Dorra/Al Durrah about their offer to SPPH shareholders apart from mysterious documents being faxed to individual shareholders - which would of course be a totally illegal breach of Reg FD to add to all of SPPH's other crimes.
With fewer than 9 business days between now and March 17, it is impossible for this buy-out to happen according to the necessary legal processes for buying out a publicly quoted company.
You'd think SPPH might want to notify its shareholders about that.
Odd, isn't it. (Not really - Al-Dora/Al-Dorra/Al Durrah doesn't actually exist outside of Arella and company's crooked PRs.)
And here's another much-trumpeted timeline:
"According to management, the company has signed confidentiality agreements with several companies and has begun talks over the distribution and formulations of its MET4 and Ibuprofen formulations as well as the co-development of several new formulations. The company expects to be in a position to sign a memorandum of understanding and or licensing agreements on or before February 10, 2011."
ih.advfn.com/p.php?pid=nmona&article=44916000
This was the "offer" SPPH were making to their marks before they were forced to admit that previously announced timelines for Met4 development, and talk of accelerated approval in the US and Canada, were all pure lies.
It will not have escaped your attention that February 10 has also been and gone.
None of this is particularly surprising, given that:
1) Spencer Pharma is literally worthless. Their sole asset is a patent which I suspect would collapse with any serious challenge, and is for technology that can be, and is, worked around by any number of other SR/MR technologies. Their liabilities outweigh their assets many times, and they have no cash to speak of (less than $300 at last count).
2) Their business model, as I have described in the iBox and in a "sticky" post, is unworkable, except as a cover for a pump and dump operation. Their "product", Met4, is millions of dollars and many years from the market (assuming it works, which is no slam dunk) and even if it reaches the market, that market niche is already fully satisfied by low-cost generics.
3) They are in default to their so-called research partners, INSA. They haven't even made a single payment to them. INSA are no longer even mentioned on Spencer Pharma's website, and the INSA rep on their Ad Board has also disappeared.
4) Spencer Pharma's CEO is associated with other scams such as HZHI, BISU and AFLB. HZHI is run by a convicted slum landlord and bootlegger- gangster Rocco DiFruscia, whose greed has killed people - and although Arella resigned as Chairman recently, he has said he will continue to be associated with the company.
5) A mysterious third party has paid in excess of $250,000 to various penny stock promoters such as IAB to duplicate and reproduce SPPH's PRs on their sites. No doubt coincidentally, message boards such as this are at the same time flooded with highly optimistic and uncritical parroting of SPPH's clearly false PRs.
6) Strategema Capital, supposedly Spencer's consultants on this phantom buy-out, have denied any significant involvement in the Al-Dora/Al-Dorra/Al Durrah deal ,and confirm that in spite of asking for details of that party, none were ever supplied by Dr. Max Arella. This in spite of repeated requests.
7) The Kuwaiti third party allegedly making the buy-out has a UAE-based mobile phone number as its sole contact. This company which has been variously described as Al-Dora, Al-Dorra and Al Durrah in materials is NOT related to the petroleum services company Al-Dorra (www.al-dorra.com/), which is the only entity identifiable on the web that has a name like the one given by SPPH's PRs. The alleged buyer has never issued a public statement confirming SPPH's PR claims, nor indeed any other kind of public statement.
8) The two named principals of Al-Dora/Al-Dorra/Al Durrah,
"chairman, His Excellency Dr. Bandar Al-Dhafiri and its CEO His Excellency Hussein Al-Awaid"
www.marketwire.com/press-release/Spencer-Pharmaceutical-Discloses-Al-Dora-Holdings-as-the-Buyout-Offering-Entity-1354658.htm
are untraceable via the Internet, even though with the "His Excellency" title they should be Gulf Royalty, not a group normally associated with anonymity.
9) If Al-Dora/Al-Dorra/Al Durrah actually wanted to buy Spencer Pharma, then they could have gone on to the open market and bought a significant slice of SPPH for way less than $1.10 per share. The average daily volume for this stock shows simply that it is being flipped by day traders and there is no party out there with a serious interest in the company.
