Yes, I've gotten to the point where it is only matter of time for me that SPNG will be suspended.

Yes, nobody seemed interested in your suggestion.

LOL - the most fun stock ever -

Yes and?

I posted plenty of proof that it should be suspended. Only the SEC can make the determination of a suspension.

You know, I keep hearing that argument, but what does it matter if the sp was $.02 $.28 or $50 when the company gets suspended and moved to the grey sheets at no bid x .0001. In the end all but the traders will have lost their investments.

that's what it looks like.

You are lucky, I just did a survey of stock volume versus sp over the last couple of months, and I came to the conclusion that more than 50% of the retail shareholders in SPNG are now below water. Of course there are those that claim their portfolio is up 2800%, but the majority is now approaching the "deer in the headlights" point, where one keeps holding despite knowing that the sp will keep dropping long term.

.08 is getting hammered right now

now down 5%

.0848 x.0854 looks like another rush for the exits.

Huh? Why do you say that?

Why do they PR that they owe back rent and are about to be thrown out? Is this supposed to help the share price?

YA has not declared default as of yet, that's how I read it. We should know soon where we stand IMO

He claimed today that he controls 300 million shares

Here is an intro my bold:

The Laws That Govern the Securities Industry
* Securities Act of 1933
* Securities Exchange Act of 1934
* Trust Indenture Act of 1939
* Investment Company Act of 1940
* Investment Advisers Act of 1940
* Sarbanes-Oxley Act of 2002
Securities Act of 1933

Often referred to as the "truth in securities" law, the Securities Act of 1933 has two basic objectives:

* require that investors receive financial and other significant information concerning securities being offered for public sale; and

* prohibit deceit, misrepresentations, and other fraud in the sale of securities.

The full text of this Act is available at: http://uscode.house.gov/download/pls/15C2A.txt. (Please check the Classification Tables maintained by the US House of Representatives Office of the Law Revision Counsel for updates to any of the laws.)
Purpose of Registration

A primary means of accomplishing these goals is the disclosure of important financial information through the registration of securities. This information enables investors, not the government, to make informed judgments about whether to purchase a company's securities. While the SEC requires that the information provided be accurate, it does not guarantee it. Investors who purchase securities and suffer losses have important recovery rights if they can prove that there was incomplete or inaccurate disclosure of important information.
The Registration Process

In general, securities sold in the U.S. must be registered. The registration forms companies file provide essential facts while minimizing the burden and expense of complying with the law. In general, registration forms call for:

* a description of the company's properties and business;

* a description of the security to be offered for sale;

* information about the management of the company; and

* financial statements certified by independent accountants.

Registration statements and prospectuses become public shortly after filing with the SEC. If filed by U.S. domestic companies, the statements are available on the EDGAR database accessible at www.sec.gov. Registration statements are subject to examination for compliance with disclosure requirements.

Not all offerings of securities must be registered with the Commission. Some exemptions from the registration requirement include:

* private offerings to a limited number of persons or institutions;

* offerings of limited size;

* intrastate offerings; and

* securities of municipal, state, and federal governments.

By exempting many small offerings from the registration process, the SEC seeks to foster capital formation by lowering the cost of offering securities to the public.
Securities Exchange Act of 1934

With this Act, Congress created the Securities and Exchange Commission. The Act empowers the SEC with broad authority over all aspects of the securities industry. This includes the power to register, regulate, and oversee brokerage firms, transfer agents, and clearing agencies as well as the nation's securities self regulatory organizations (SROs). The various stock exchanges, such as the New York Stock Exchange, and American Stock Exchange are SROs. The National Association of Securities Dealers, which operates the NASDAQ system, is also an SRO.

The Act also identifies and prohibits certain types of conduct in the markets and provides the Commission with disciplinary powers over regulated entities and persons associated with them.

The Act also empowers the SEC to require periodic reporting of information by companies with publicly traded securities.
Corporate Reporting

Companies with more than $10 million in assets whose securities are held by more than 500 owners must file annual and other periodic reports. These reports are available to the public through the SEC's EDGAR database.
Proxy Solicitations

The Securities Exchange Act also governs the disclosure in materials used to solicit shareholders' votes in annual or special meetings held for the election of directors and the approval of other corporate action. This information, contained in proxy materials, must be filed with the Commission in advance of any solicitation to ensure compliance with the disclosure rules. Solicitations, whether by management or shareholder groups, must disclose all important facts concerning the issues on which holders are asked to vote.
Tender Offers

The Securities Exchange Act requires disclosure of important information by anyone seeking to acquire more than 5 percent of a company's securities by direct purchase or tender offer. Such an offer often is extended in an effort to gain control of the company. As with the proxy rules, this allows shareholders to make informed decisions on these critical corporate events.
Insider Trading

The securities laws broadly prohibit fraudulent activities of any kind in connection with the offer, purchase, or sale of securities. These provisions are the basis for many types of disciplinary actions, including actions against fraudulent insider trading. Insider trading is illegal when a person trades a security while in possession of material nonpublic information in violation of a duty to withhold the information or refrain from trading.
Registration of Exchanges, Associations, and Others

The Act requires a variety of market participants to register with the Commission, including exchanges, brokers and dealers, transfer agents, and clearing agencies. Registration for these organizations involves filing disclosure documents that are updated on a regular basis.

The exchanges and the National Association of Securities Dealers (NASD) are identified as self-regulatory organizations (SRO). SROs must create rules that allow for disciplining members for improper conduct and for establishing measures to ensure market integrity and investor protection. SRO proposed rules are published for comment before final SEC review and approval.

The full text of this Act can be read at: http://uscode.house.gov/download/pls/15C2B.txt. (Please check the Classification Tables maintained by the US House of Representatives Office of the Law Revision Counsel for updates to any of the laws.)

http://www.sec.gov/about/laws.shtml#secexact1934

SPNG - the company (or at least its supporters) claim that they are still a 1933 company and therefore are not required to file 8k's etc. until 60 days after the 10k (showing assets of more than $10mm)
Alfie aka Doug Furth claims to control 300 million shares out of the supposed 722 million OS (yes that's 41%) and he too claims he is not required to file (although he did file a 13g last year for 40 million shares)

Is anyone here familiar with the 1933 vs/ 1934 company stuff?

winning brand didn't do so well today

.0007, this might be a no bid in 2 weeks. Tom where is the Pre-14C? You know it takes some time until you get it approved LOL

There won't be any Chapter 11 bankruptcy, IMO the SEC will suspend trading at some point and charges will be filed.

It becomes more and more clear that I was right from the beginning aabout SPNG. I have been told that I was wrong when the sp was at $.15-$.28 as well, A lot of shares traded at those prices (almost 3 billion) a lot of investors are losing a lot of money here.

Well, I hope you sold for a 2500% profit. If not, don't worry Doug Furth will buy all the shares and hold them for a higher price right?

yep, I have been posting most of that for over a year now.

I have a feeling it is beginning to sink in what the game here is. I feel sorry for Doug Furth and his 300 million shares - not. LOL

nope

yes there is, but I let the SEC have the last word.

So how many shares do you control? Why are you telling us that you buy all the shares here yet you refuse to tell us how many shares you have. You know you are required to publish the number if you own more than 5%.

yep, you can't have it both ways, claim there is an 722 million OS and that you are buying more than 40 million shares without out amending your 13G

How many shares do you have?

lets see how high the bounce will be, I doubt it will bounce much.

free fall, so far I see no support.

It touched .015 already yesterday, there isn't much support.

Huge - oh - yes, I think you are right. Now you have me worried as to where they will get money from for that huge undertaking, if they ever get it. Must be $$ millions they will need. I don't think a painted van and a couple of racks will do it.

Todays discussion topic.

I thought that the last $1 million was for that national account?

$30,690 / $.016 = 1,918,125 shares. Of course once this 504 is finished, Eric will take out a new one, as he apparently told shareholders already.

not always, I know a company where the preferred shares converted to 100 common for each preferred with voting rights of 100 per preferred share.

I meant B shares of course, I thought they were preferred.

Again, no not true. management already has control because of the preferred shares they have. You can own the entire A/S of 2.5 billion common shares and you still won't have the majority votes because the preferred shares have more. Management can (and probably are) sell as many common shares as they want without having to fear losing control of the company.

"THE A/S WAS RAISED TO PROTECT MANAGEMENT CONTROL. "

No, you better start reading the filings, management always had majority control of the company. Your argument has no merits.