Replies to post #272695 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

I agree with your conclusion that it probably isn't safe to draw any conclusions :o)

I took a quick second look at Pikes investment in ADY. While the NDA was pr'ed on 9/27/05, I have yet to run across an indication of when (or if) the agreement expired. What I did find was filings subsequent to 9/27/05 (2/16/06 & 2/9/07) that showed that ADY sold Pike some convertible notes that were, along with some existing warrants, converted into common shares. So it seems (insert disclaimer here) that, while open market trading might be improper, Pike might be able to make further investments in, or be issued warrants by, SPNG that could subsequently and by their terms be converted into common shares. Doesn't seem right, but does appear to have happened.

When I have a chance I'd like to look into this further to determine, if possible, when that NDA was terminated and what kind of investment activity actually occurred while it was in effect.