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patchman, first things first..........
1. what is the intrinsic value of SPNG
--------- Dicon, Licensing Agreement with HHBrown
--------- Licensing Agreements with Viacom, Marvel, Disney, etc
--------- Retail Outlets & Sales
--------- Plant, facilities & equipment
--------- Warehouse, facilities & equipment
--------- add anything that I may have left out
--------- Liabilities .. business
--------- Liabilities ... Legal
2. what is the OS ..after a forensic audit
3. Write up a business plan
It is worth going through this exercise...a chap11 will allow this. Shareholders may come out O.K or get diluted out. But if the plan is good, they can buy new shares at an attractive price. Marvel survived Bankruptcy!!!
Patchman, why make assumptions when you do not have the facts!??
C'mon patchman you surely know more than that!! New management, entirely new, no connection with old......if convinced of the technology/products, can write up a sound business plan inclusive of share restructuring. money is not a problem. all legal problems should attach to old mgmt. it can be done but not by some disbelievers!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
patchman, I was replying to this item #
patchman, there will be management change and so everyone would want to do business with SPNG as long as the products are selling. There is monies to be made....some of the product like medical and cosmetics will be big money makers.
Don't know about (1).
DEFENDANT SPONGETECH DELIVERY SYSTEMS, INC.’S
OPPOSITION TO PLAINTIFF SECURITIES AND EXCHANGE
COMMISSION’S MOTION TO APPOINT A RECEIVER
https://docs.google.com/fileview?id=0B9_KO0qEl518MjBhODZlNjAtNTc5MC00Y2E2LTljYjItNWE4YjkzZTljMTBm&hl=en&authkey=COnZ5aIG
loanranger, mark your calendar for 23 July...anyways, that is my mark. Hope to hear about the OS i.e schedule of shareholders..that's what I want to know first!!! But you may think otherwise!!
OA, you do make some good points and they do happen. In most instances NSS happens when hedgies loan out to small cap companies collateralized with restricted stock. Also in most instances, NSS occurs when they start perceiving that the company is not generating sales/profits. But NSS is NSS and FTDs should not be allowed to exist over long, extended periods of time!
loanranger...you are not accepting the fact that flexibility exists in the judicial system process and that the BK court is an avenue for providing shelter/protection to distressed companies. If you do you will realize what I mean!! Over and out.
patchman, normally speaking I do not spend my time answering trivial business questions but I will anyways, this time.......
OA...lets focus on SPNG...NSS is not a fairy tale!! The Haverford Group is not a fly by night entity....they were paid to study the NSS malaise and come with recommendation to minimize the extent of NSS currently prevailing in the US capital markets. I am putting the link for review.................
https://docs.google.com/fileview?id=0B9_KO0qEl518Y2EwNTZmM2MtOTY5OC00MmFlLWJiNGUtYzQ0ZjkzMDU3OTc4&hl=en&authkey=CMCBsvEH
Over and out!!
I don't need your advice!!! And NSS is not a MYTH it is CRIMINAL ENTERPRISE!!!!!! Read the link again,.,,,,,,,
https://docs.google.com/fileview?id=0B9_KO0qEl518Y2EwNTZmM2MtOTY5OC00MmFlLWJiNGUtYzQ0ZjkzMDU3OTc4&hl=en&authkey=CMCBsvEH
Is that the same game the Hedgies indulge in ...NSS, which I believe is selling Phantom shares. In case you are not aware of this study report by the Haverford Group, here is a link....this study was financed by FINRA & NASD!!!!
https://docs.google.com/fileview?id=0B9_KO0qEl518Y2EwNTZmM2MtOTY5OC00MmFlLWJiNGUtYzQ0ZjkzMDU3OTc4&hl=en&authkey=CMCBsvEH
Thanks dude, I need all of it!!! LOL!!
Time is your best friend in legal situations. I guess you didn't know that!!
Without going into excruciating detail...... I guess the way the issues were presented implied that they would have a very negative impact on the BK petitioning process. But my response implied those issues don't pose a nuclear threat to the BK petition. I believe the petitioning party will be asked to rectify. Time will tell.
I am looking at this very objectively, the same as you do with all of your posts/analysis.....
No I am not saying it is a load of BS and neither am I a lawyer. But as I have observed, there seems to be a lot of flexibility on how the lawyers, courts, etc approach a case. Important thing is that the petition has been filed and now it needs to be scrutinized......for example, I doubt if BK Court rule allow Involuntary BK proceedings against a subsidiary and a voluntary BK proceedings against the Parent plus Subsidiary. There seems to be a conflict. As far as attorney representation, I will not be surprised if it comes a day or two prior to 23 July. I don't know what surprises may pop up but if SPNG is to continue its business, it better get this right!!!
I believe everything is due 23 July 2010..... this includes all the schedules A-H, plus financial statements, attorney disclosures, etc. And I think your Issues will be resolved.
So what are you saying...that the application will be rejected???
Sitting on top of a Volcano! The Q' will it erupt??
Voluntary BK petition (chap 11 re-org) for SPNG & Dicon filed by Ira Minkoff, US BK court, Southern Districk NY.
Following are the statements issued :
1. Financials are due 23 July 2010 and
2. Plan to emerge from BK due 11 Aug 2010.
Looks like there is a prepackaged BK filed.
Responding to SEC's motion for Receivership!!
I found the answer TEX, thanks. It is in this link and the top sticky!
http://viewer.zoho.com/docs/nccbcD
It is a response only!! I have seen the court order (GA) appointing a trustee for Dicon LLC and an app for Chap 11 for Dicon signed by Ira Minkoff!!
Which court document are U referring to?? As far as I have seen Dicon has applied for Chapter 11 and SPNG's lawyer has responded saying that the SEC's request for Receivership should be rejected!! Can you provide a link where it says SPNG has applied or has been granted Chap 11??
Those pages filed by the SEC in the court are all allegations that the company is a fraud....BUT NO PROOF!!!
It only goes to show that some are are fearful that an independent 3rd part will discover massive discrepancies between the company's stock transfer ledger, the TA's records and the DTC's records. I am not going to rehash some glaring mistakes found in the TAs records. Please reread my past posts.
mr.P, I will gladly accept the verdict..as long as the OS count has been done by an independent 3rd party.
you are wrong about the count. lets get a verification done.
yes, that particular transaction is out of balance!!!! you are denying the mistake. shame on you.
Risicare...look at this dichotomy......
you are saying......."..those 415 million shares were issued at $0.001/share to RME during the 3rd quarter ending feb 2009.." And it did happen but then you go on to say this "Together with the 500 million share buyback that SPNG claimed, but never occurred, " And it did not occur!!!!!
Just dubious inference on your part.
This from the TA's(!!!) records....Take a look at file 07-23.pdf, page 6/26 and get to transaction block number 3969. This block show CEDE Totals being rolled into a new CEDE Total.
The total number of cancelled CEDE shares = 781.823.000
The total number of issued CEDE shares = 1.772.325.479
This results in CEDE having an excess of 990.502.479 shares which is ~ 1 Billion shares.
So 1B subtracted from an OS of 3B equals 2Billion shares.
The above red flag warrants further investigation....a forensic audit of OS count done by an independent third party.
http://docs.google.com/fileview?id=0B9_KO0qEl518YWZiMmJhODctYWY1OC00MzU4LWFlZWYtMWEyZTg1MDAwMDIx&hl=en
Nope you are wrong!!
Please tell me why and if you have links supporting your explanation paste them. Also please elaborate on the roles of each participant, the Company, TA, DTC, B/Ds & the SEC. TIA
The TA's list shows 1Billion shares in excess issued to CEDE. I believe that number is more like 2 Billion. O.K next in line??!!!
No the courts have not affirmed 3B OS...they just admitted affidavits of the TA & Moskowitz.
You are wrong, the TA does not have the definitive OS number. In fact the originating source is the Company's Stock Transfer Ledger. And FYI...the TA's list is full of mistakes.
That was not the point I raised.....the point being that the trials were being postponed by applying for the exclusion dates towards the trial date countdown requirement of 70 days (I think).