I've been following the stock for awhile, and have a long position (unfortunately) for the past few months.
Re: the recent dilution and Metter's statements, why would SPNG issue shares to RM Holdings at a 40% discount if they had full intentions of buying them back at loan value?
How about issuing less shares at $1.00 per share? This would prove they had full intentions of buying them back.
The filing said this is an 'option to buy back...' Which means it doesn't need to be executed. So right now based on the facts we have, we all need to assume that these shares won't be repurchased in 2010 and will go to market. Coincidence that this is the timeframe that the 144 restrictions ease. Steve and Metter hold something like 11M shares each (plus or minus some) and are not taking salary. Not very much, which would make me assume they're counting on some profit from the RM Holdings shares.
As far as the restriction on the shares, I've heard 6, 12 and 24 months. I've also heard that since there's an option to buy these shares now, they CAN NOT be sold regardless until the option period is over (2010)
I'm hoping (actually demanding) that management will start getting specific on this issue.
Impossible to truely try and value this company when the variables that should be someone known constantly change.