Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
The only thing that amazes me is that both of these low lifes are not rotting in jail. And my guess is they never will.
Well after several months the shocker is this is still going on. I lost about 3500. Good news is that I still have 2000 shares left. Oh! That's not really good news cause that won't even get me a cup of coffee.
I can't wait for this to go to trial, and I really hope justice is served. Jail is almost too good for these guys.
I bet they eventually try and deal with an offer to drop their suit against you. They need to start reducing their problems and stop pretending innocence. One would think they would throw themselves at the mercy of the court and call it a day. I can't for the life of me figure out what goes on in their brains...
Any reasonable person would recognize the mess they are in and attempt to cut their losses........of course reasonable is a stretch in this instance.
Yes you are right. I was delusional for a moment thinking do these guys have any dignity at all....sheesh putting dignity and those guys in the same sentence makes me eligible for some mental health treatment.
I rarely wish any bad will on anyone, but I'm making an exception for this guys. Hopefully they will get what they deserve - a lot of time in an unpleasant place.
Even the contemplation of reaching out to the very people they bilked is so unbelievable to me........what planet is this guy from? Who in their right mind would give him a penny? You can't make this stuff up. When I first read this my blood began to boil. This is absolutely insane.
Responses are showing up blank on my computer?
This can't be real!
I find the whole Chapter 11 thing ridiculous. Chapter 11 is normally re-organization. For that to happen there needs to be some sense of realistic positioning (and some $$$) to make it a viable proposition. I don't see that even a remote possibility. What I do see is Chapter 11 being a stall tactic. Why I don't know. Chapter 7 or just going away makes more sense, unless that is perceived as guilt, which these guys will never admit. At the very least I believe these guys may suffer from NPD (narcistic personality disorder) - or they are just out right sociopaths. Either way I hope justice is served and they get exactly what they deserve - jail time.
Usually means bankruptcy proceedings
Thanks. I am one of those. Just signed up for Pacer three days ago. Should have two years ago! BTW I kinda like the word "Spongtards" as it is so politically incorrect!
I admit I look here to some clarification to much of what I read but each day it gets better. One thing is for certain, at least for me, keeping track of the events isn't easy, setting up a good timeline helps. Following this saga is more of a hobby now. A hobby that has taught some hard lessons!
These guys are experts at stringing people along.
That is the best summation I've read on here; and, it's accurate.
Normally they must already be at least 30 days late to have the insurance suspended. Most states and most insurance companies have a 30 day grace period.
Perfect. Thanks.
Can anyone provide a link to the court transcripts?
That's absolutely correct. I never for a second thought I needed a private investigator to see who the principals really were. Just one of a number of lessons learned.
Yes, that's exactly what I meant. Thanks.
Does anyone know how long HFBG has had the CE?
Exactly. When someone asks what's your investment level, the answer is the amount that doesn't keep me from sleeping. IF the stock has you up at night, you may want to give it serious consideration: Is it that good? Do I have too much money on the table? Can I affort that loss? Skepticism is a smart quality in the land of penny stocks. You will win some and you will lose some. The trick is mitigating the latter.
Clearly a faltering financial position is one of concern - even if the horizon looks fabulous. Because if you can't stay afloat to get to the horizon - it ain't gonna happen.
Help me out here. I just finished reading the Rosen filing...wow.
But what if anything can be extracted from these guys? Jail time would be just fine, but the money, if any, is long gone. Attach personal assets? Are they protected by the corporate veil?
Sells are 10X buys today. Very ugly. Something happen?
Just thinking...purely speculative...purely because this story just keeps on getting more interesting. Okay here goes:
1) SPNG is in all sorts of trouble, putting it mildly.
2) The investigation information results is pretty well established, and probably more to come.
3) Pike is a respected investor according to most here.
So here's a thought I had. Is it remotely possible that Pike was purchasing on behalf of the investigators to see how primary owners of SPNG handled the money? People might say that's entrapment, but I would think that you can't get trapped unless you are doing something wrong..
To Moderators: Is there anyway we could get a timeline listing of PRs, Sec docs, etc for the past year or so? The present picture may tell a thousand words, but the devil is in the detail.
Someone needs to put this all together and write a book. I can't keep up!
Sorry Josh...I am at work and right now that screen is Off! lol
Agree. I purchased some and I'm watching. Right now patience is key.
It is interesting that the sells (according to streamer) are out pacing the buys by 2:1. Is this a lack of confidence in long term, resulting in flipping every time it hits the 5+ area?
Quick thoughts:
1) Packaging is defintely going to attract younger crowd.
2) Concept is very good.
3) CE needs to be removed, this will provide an opportunity for those a bit shaky to flip less and allow PPS to rise.
4) Need to see in retail markets, for brand recognition.
These things, to me, provide the legitimacy the company needs to be a real player in this market.
9th annivarsary.
When you get to the website, select the down arrow for "Old Tier."
Then select "Pink Sheets No Information."
You have to go to the website: http://www.otcmarkets.com/pink/marketactivity/corpActions.jsp?index=11&symbol=HFBG&actionDate=1273636800000
It went from Pink Sheet Stop to Pink Sheet Limited, that's a positive. The CE, however, remains.
They also had to surrender their passports.
Why when you look at the streamer on this site, do you see only buys for SPNG. Happened yesterday too.
Nice! But in this case the Sec is a day late and a dollar short. Should have been done for past crimes.
You are absolutely correct. What I think happens (primarily to what is called a newbie here), happened to me to some degree, is a friend says this is a stock you should buy and really pumps it. So people go out and open an online account and buy some shares. At this point they are totally trusting: they are unaware of boards like this one, Caveat warnings, gagged TA's, and on and on. They have full time jobs. So they are learning this stuff slowly over time - year or more just to learn the basics (stocks are a lifelong learning endeavor). Who really knows how to read 8ks, 10ks, Forms, Sec rules,etc (no one in a less than a few years)? You have to join a board like this one to get the in puts so you can start piecing it all together. And, particularly in pennyland, reports and DD is so very important. The unskilled eye thinks a report is okay, not realizing they need to be a bit skeptical if, for instance, it is unaudited. You also need to be, as you alluded to, a quasi super sleuth to dig in and get information that is not readily available. Had I known two years ago, what I know now -....well I didn't so I lost nearly 3k. I am really happy though, because I am going forward a much smarter guy today then in the past. But it was a lesson learned the hard way. Now if I hear someone say they want to get into the stock market - the only advice I give them is study first, go to ihub, and learn about dd and the things you need to research. Be PATIENT! If you miss one, there will always be others, but be patient. Everyone thinks stock X is the once in five life time stocks.....so they are in a hurry (greed) thinking they will lose the opportunity - so they jump in and sooner or later it becomes a very costly lesson.
That's the part that really frustrates me. If you rob someone with a gun, in most states, you can NEVER own a gun again. Here, it seems, you can rob them via false everything in the market; and, come back and do again! There should be no way people found guilty of this sort of thing should ever be allowed to participate in a public company again. Am I over reacting? Don't know, but this guy has paid very little and rewarded a lot. There needs to be a significant punishment, and not just monetary.
for Phunnibone.
Doesn't sound like a Well's notice is ever a congratulatory type of thing:
http://www.seclaw.com/docs/wellsnotice.htm
Post 318226 is a great character reference, this part especially:
“I would speak to Metter, and he'd say, 'Just stick with it; it'll get better,' but it never did,” recalls Mr. Townsend, who filed a fraud claim in 1998 and was awarded $457,000 by an arbitrator.
But Mr. Metter told his client that he had no intention of paying the award, according to a suit Mr. Townsend filed in federal court in 2000. A judge confirmed the arbitration award. Still, Mr. Metter wouldn't pay, even though his compensation that year was $242,000, according to court records. Mr. Townsend ultimately settled for $30,000, which Mr. Metter paid by refinancing the mortgage held in his spouse's name on his Greenwich home.
Mr. Townsend's case was just one of several to hit Mr. Metter at about the same time. An arbitrator awarded another cheated First Cambridge client $108,000 and granted $250,000 to another defrauded customer at Mr. Metter's next firm, Madison Capital Markets. In April 2001, a month after a fourth angry investor sought $550,000 in damages, Mr. Metter filed for bankruptcy. In his petition, he listed $30,000 in assets and $5.1 million in liabilities, including a lease for a Bentley.
“Keep your mouth shut”
That is unbelievable to me. Everytime I read it my head pounds with disgust.
Does it make a significant difference if the report is unaudited?
Thanks. That's what I thought. Was hoping there was a site that posted such information.