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Slow progress in JDZ
Fresh indications emerged this week that both Nigeria and the archipelago of Sao Tome&Principe are tiring of slow progress in pursuing exploration and production in the highly prospective Joint Development Zone, writes Barry Morgan.
A less than conclusive probe Obo-1, which was non-commercial, was drilled in Block 1 in May 2006 by US supermajor Chevron but little has happened since.
Nigerian President Umaru Yar'Adua reassured his Sao Tome counterpart President Fradique de Menezes that he would exert pressure on all companies with acreage in the JDZ to begin drilling.
Menezes said his visit to Nigeria had primarily been to request assistance in lobbying the companies such as China's Sinopec, Addax Petroleum and US-based ERHC Energy to start exploration and production.
“We have no means like Nigeria to make the big companies fulfil the obligations they signed with the JDA because those companies also operatein the Nigerian economic zone,”Menzes said.
He said that he wanted see action on blocks 2, 3, 4, 5 and 6, which he said“were completely ready”.
Under the bilateral protocols, Nigeria will earn 60% and Sao Tome 40% of all oil and gas revenue yielded by the JDZ.
http://www.upstreamonline.com/hardcopy/news/article170300.ece
the well was deliberatley sunk off-structure
Last year, the partners revealed that the probe, drilled by Tansocean drillship Deepwater Discovery in a water depth of 1720 metres, hit 150 feet of hydrocarbons amid industry speculation that the well was deliberatley sunk off-structure to determine the aerial extent of the targeted play.
Indications that a world-class discovery had been found were initially backed by public statements issued by Nigerian Energy Minister Edmund Daukoru, but neither government officials nor company executives have subsequently said anything about the tight-holed probe.
http://www.upstreamonline.com/live/africa/article126603.ece?service=print
And the Follow up news: the quantity of oil did not justify commercial production........
Chevron lifts lid on Obo discovery
By Upstream staff
Chevron has finally acknowledged that last May's Obo 1 wildcat in the Joint Development Zone between Nigeria and Sao Tome & Principe was an oil discovery.
However, country manager Tim Parson, speaking at the weekend in Sao Tome, said the quantity of oil did not justify commercial production.
He said further exploration is planned 'very soon' to prove up the potential of Block 1, in which the US supermajor has a 51% operating stake alongside ExxonMobil (40%) and Norwegian-Nigerian tie-up Dangote-Energy Equity Resources (9%).
Last year, the partners revealed that the probe, drilled by Tansocean drillship Deepwater Discovery in a water depth of 1720 metres, hit 150 feet of hydrocarbons amid industry speculation that the well was deliberatley sunk off-structure to determine the aerial extent of the targeted play.
Indications that a world-class discovery had been found were initially backed by public statements issued by Nigerian Energy Minister Edmund Daukoru, but neither government officials nor company executives have subsequently said anything about the tight-holed probe.
The consortium paid a total of $123 million for the block, believed to be one of the most prospective in the JDZ, which is managed by the Abuja-based Joint Development Authority, set up by the governments of Nigeria and Sao Tome.
http://www.upstreamonline.com/live/africa/article126603.ece
I am also now into PAAS , IMO they are the leader in Silver Miners as company structure and investor friendly looking out for shareholders goes, IMO - CDE is selling out us shareholders, giving away shares, paying themselves in dillutive shares , selling future production at prices that in 1-2 years the market will crush us for , BUT - I own CDE , lots of it , just bought some more common recently and hold CDE CALL options, but I am a pure SILVER bull , love Silver long term , Hold more physical silver then I care to disclose , CDE needs to start thinking about long term of the share structure IMO - They just issue shares , sell production for quick cash wo thinking of the long term effects.... But I am into Silver stocks for LONG term , sure yes I love quick profits but have ot think long term in a lot of these miners , just tough right now to get money and pay for new mines and explorations.... IMO BUY SILVER....
And some Nat gas and Oil
For the Long term....
HL=arg - I also own HL - They have debt issues - overhang from better days of easy credit - IMO HL is going to get scouped up - they will not find it easy to refinance debt and or sell shares with the balance sheet... Now WHEN , when Silver gets above $15 it will lift ALL boats , but read HL cost per ounce from recent filings. And the creative financing these miners have to use these days cause problems with PPS , as well as needs to hedge in an increasing commodities market like CDE has done, is going to cause problems down the line....
Per HL:
During the fourth quarter of 2008, Hecla produced approximately 2.5 million ounces of silver at an estimated cash cost of $7.50 per ounce, net of by-product credits
http://finance.yahoo.com/news/Hecla-Reschedules-Debt-bw-14244947.html
Also: This is another reason:(CDE has sold similiar deals - see the HUGE open interest in CDE CALL Options - covered calls sold - I wish I would have done more DD before buying CDE call options - IMO it is same scenario as HL)
The reason for today's wholesale call-writing is most likely associated with the provision embedded in the terms of the underwriting agreement, which attaches warrants to each share convertible at $2.50 for four years. This will likely cap the share price for Hecla and is enough to allow option traders to sell implied volatility and collect premiums at the strike price, which ought by definition to be worthless.
Nearly 7,000 calls were sold at the March 2.5 strike for six cents, over 8,000 calls sold at the June 2.5 strike for 18 cents, and finally, over 4,000 calls sold at the January 2010 2.5 strike price for 43 cents
http://www.forbes.com/2009/02/05/hecla-ge-gold-personal-finance-investing-ideas_0205_wells_fargo.html?partner=yahootix
lol... I hope so! I bought ALL 3 under 1.00..... !
The LAST thing Doug and "The Group" want to do is buy the company, Dougs and his group SELL STOCK , IMO it is a thinly veiled , manipulated trading pattern type of system , IMO They SELL , They SHORT , They trade shares back and forth thru a network "The Group", they work hard to confuse retail investors into selling and buying while the group takes advantage of the manipulated action on other side of the retail trades , knowing when news good or bad is coming out in advance , they are making tons of cash on a manipulated trading pattern, then when the range gets to tight , retail catches on and drys up , they DUMP and move on to the next penny ....IMO
what r u reading? Do you know the Doug Furth Signature group philosophy? Please understand - THEY SELL THE STOCK... They CAN WILL DO Short those certs you know....
The Signature Fund investment philosophy centers on the concept of the investment of “mezzanine capital,” whereby long-term equity investment is provided to the company, while simultaneously being liquidated on a short-term basis by the Fund as it transitions out of such investment via its proprietary methods and networks. Unlike many other private equity investments that end up taking on a toxic profile to the recipients due to arbitrage and control issues, the Signature Fund works to liquidate its investments in a responsible manner that actually benefits the underlying company, helping in the formation of a solid shareholder base for future needs. The methodologies employed to accomplish such objectives formulate the basis of the Fund’s proprietary competitive differentiation and advantage.
The Signature Fund seeks to generate superior returns that would compare favorably to most other forms of investment, while working to mitigate as much risk as possible via the implementation of its investment philosophy and proprietary liquidation strategies. It is the objective of the Fund’s managers to generate successful venture capital type returns while maintaining a blue chip investment risk level.
http://thesignaturefund.com/philosophy.html
Review Signature Doug Furth philosophy:
Read it cloesly:
The Signature Fund investment philosophy centers on the concept of the investment of “mezzanine capital,” whereby long-term equity investment is provided to the company, while simultaneously being liquidated on a short-term basis by the Fund as it transitions out of such investment via its proprietary methods and networks. Unlike many other private equity investments that end up taking on a toxic profile to the recipients due to arbitrage and control issues, the Signature Fund works to liquidate its investments in a responsible manner that actually benefits the underlying company, helping in the formation of a solid shareholder base for future needs. The methodologies employed to accomplish such objectives formulate the basis of the Fund’s proprietary competitive differentiation and advantage.
The Signature Fund seeks to generate superior returns that would compare favorably to most other forms of investment, while working to mitigate as much risk as possible via the implementation of its investment philosophy and proprietary liquidation strategies. It is the objective of the Fund’s managers to generate successful venture capital type returns while maintaining a blue chip investment risk level.
http://thesignaturefund.com/philosophy.html
Got to the website > Read cloesly > Sounds to me , In My Opinion , "The Group" is selling when retail investors are buying and buying when they are selling, creating profit off the volatility of a high profile 1933 penny stock with feverish supporters and committed detractors, playing the SEC loop holes combined with strong investor sentiments , making good monies trading stock , registered and unregistered , very interesting for sure. IMO it is a very slick form of short-swing trade , and IMO they are doing it legally , as legally as can be done , they are the best at it , this is what they do for a living , make the company "insiders" and related insiders corps holding stock millions $ just from the retail, non insider, trades up and the retail trades down , you can give away few hundred milion shares, for cheap and make bundles of cash creating action with the shares , Of course this is IMPO - In my personal opinion , but from what I read on Furth and "The Group" he has a really slick thing working ,. the trick is to be buying when others are selling and selling when others are buying , and you dont know what way they are going to create the flow , will it go up on good news and down on bad? or like we see lately the opposite>? IMO money can be made, IMO money can be lost by retail chasers , but they need chasers! AND insiders ALWAYS MAKE MONEY, when retail loses money insiders make money ,, when retail wins money insiders win money , but the loses are only for retail investor, insiders make $$$ on BOTH sides up and down.... IMO
Of course they are trading back n forth , selling , shorting , rinse repeat.
Have you read the Signature website?
Have you read about Doug Furth and The group?
Do you watch this stock trade daily?
Do some reading into various forms of "short-swing trades".
Read some of the very recent and past allegations made against Furth and "The Group" Then read the Signature(Doug Furth) trading philosophy:
The Signature Fund investment philosophy centers on the concept of the investment of “mezzanine capital,” whereby long-term equity investment is provided to the company, while simultaneously being liquidated on a short-term basis by the Fund as it transitions out of such investment via its proprietary methods and networks. Unlike many other private equity investments that end up taking on a toxic profile to the recipients due to arbitrage and control issues, the Signature Fund works to liquidate its investments in a responsible manner that actually benefits the underlying company, helping in the formation of a solid shareholder base for future needs. The methodologies employed to accomplish such objectives formulate the basis of the Fund’s proprietary competitive differentiation and advantage.
The Signature Fund seeks to generate superior returns that would compare favorably to most other forms of investment, while working to mitigate as much risk as possible via the implementation of its investment philosophy and proprietary liquidation strategies. It is the objective of the Fund’s managers to generate successful venture capital type returns while maintaining a blue chip investment risk level.
http://thesignaturefund.com/philosophy.html
IMO SPNG is using a form of short-swing trade to create profit for insiders thru the recent deal with Signature and the Furth "Group" ....
Here is some info on short-swing trades: VERY Interesting when you take into context with the way SPNG stock trades.
http://www.unclaw.com/chin/scholarship/swing.htm
As you ALL know very recently allegations have been made against Doug Furth and "The Group" for creating a short-swing trade system to profit in another stock. He has also had previous allegations of similiar equity manipulations..... IMO he is using a form of short-swing trade to profit for himself and insiders, keep watching the stock , it will continue to make wild unexpected swings, goes up when it should do down , goes down when it should go up , but they will get narrower and narrower , they must keep you retail folks buying not selling, selling not buying , they dictate when you buy or sell, they play your buys and your sells to profit, it is all a game to beat up retail investors on both sides of the trade, in a hot penny stock like SPNG with A feverish following they can crush some major profit - In My Personal Opinion.
IMO
andy , imo , that smell u r getting a whiff of is leading u in the right direction.... but does not mean u cant find ways to make few bucks playing off the manipulations.... be careful.... InMyPersonalOpinion IMO SPNG stock is being manipulated and IMO they have hired on one of the best in the business to create trading profit opps thru a form of "short-swing" trades.. or let me see how can I say that better > thru the development of proprietary exit strategies for investors and companies in order to meet the needs of both sides of the contemporary investment spectrum...
http://thesignaturefund.com/about.html
What does SPNG management say about Furth and Signature and the allegations in the federal lawsuits? These federal allegations have been known since May 2008 , Do they have a vetting process at SPNG or do they make deals with just anyone with a money to lend for stock? IMO the allegations are very serious and someone at SPNG needs to let us shareholders know why this deal was made , what is the purpose of doing deal with Doug Furth and "The Group"? Has SPNG management commented on these allegations?
More DD on Doug Furth from the GWSC.OB Form 10QSB/A filed on 25-Sep-2008.
We were unable to fulfill numerous contracts we had been awarded by competitive bid due to the failure of Douglas G. Furth individually and dba Millennium Consulting Group, Inc., a defunct Ohio corporation, and his affiliates, to provide financing which had been promised and on which we relied to finance our significant expansion. Mr. Furth's conduct in this regard is the subject of a pending federal lawsuit which we have filed and which names Mr. Furth and his affiliates as defendants. Further information regarding this lawsuit is available in Part II, Item 1 below.
http://biz.yahoo.com/e/080925/gwsc.ob10qsb_a.html
Correct > A fellow SPNG poster sent me this info > Yes > Both Moskowitz, and Metter were on the Board for Western Power + equiptiment..
http://yahoo.brand.edgar-online.com/Default.aspx?companyid=1783&formtypeID=66
Officers, and directors located on bottom right part of screen... Clearly states both Metter, and Moskowitz on the board..
http://finance.google.com/finance?q=OTC:WPEC
xcuse me? Doug did NOT file orignal suit in this case , now in Blue chip he MIGHT have , read go to justia.com u will see, Doug has NOT filed any federal suit - Please provide link or retract post as false > FIRST RESPONDER FILED SUIT FIRST
http://dockets.justia.com/docket/court-cacdce/case_no-8:2008cv00586/case_id-416779/
First Responder Products Inc v. Douglas G Furth et al
Plaintiff: First Responder Products Inc
Defendant: Douglas G Furth, Mark Fixler, Jag Enterprises LLC, Michel Attias, Brendon Attias, Timothy Garlin and Does
Case Number: 8:2008cv00586
Filed: May 27, 2008
Court: California Central District Court
Office: Southern Division - Santa Ana Office [ Court Info ]
County: Orange
Presiding Judge: Carney
Referring Judge: Abrams
Nature of Suit: Other Statutes - Securities/Commodities/Exchanges
Cause: 15:78m(a) Securities Exchange Act
Jurisdiction: Federal Question
Jury Demanded By: Plaintiff
Play the manipulation , get in tomorrow under .015, wont go much lower , maybe get a few .014s , SPNG will then trade up to .022 or little higher by end of week , it always does , it is such a clear and calculated manipulation , IMO "The Group" pumps it up and sells cheap shares at the top , then shorts it back down to .015 with restrcited shares , they make money up and make money down , IMO it is a modified short-swing trade being directed by insiders and the new SCHD13 holders , Mark my words , SPNG will trade up over .022 by end of week , then short it back down to .015 or slightly under within couple days, then cover , do it again, pump dump , tout short, rinse repeat.... IMO
I read all these posts about NSS theories, How many pinksheet/OTC scams have you seen the NSS theory thrown out to cover up the truth? It is tatic #1, then you see posts about FINRA conference calls that dont exist, Mystery buyers#2, I see all these forward looking "Intends to" PRs, SEC filings with intentionally confusing verbiage , Undisclosed private companies owned by family members of insiders paying for operating costs (and not getting paid? yeah right) , Purchase orders listed under revenues and A/R, SCHD13 filers with multiple alledged securities violations, Lawsuits against top insiders by a DRTV non recourse stock loan financeer and not disclosed...
I do NOT doubt for one second SpongeTech has real products, and IS selling products, AND I also do NOT doubt they have a deal working with Viacom... I am also sure the stock price is going to go UP a LOT and it is going to go back down A LOT.....
What I am saying is this company has HUGE RED FLAGS and until they act like a real company, and start to operate without all of these red flags, Penny Subpenny is how you will calculate the PPS..... I dont care how many Viacom Spongebobs they sell, until they stop with the pinksheet mentality and OTC games, and start disclosing properly SPNG stock will continue to be a penny stock gamble and NOT an investment,,.... InMyOpinion
lol..... Typical OTCBB DD - Cant verify anything.....
How do you know this DarkLady:
Per your post:
"During the previous administration FINRA wouldn't even return their calls. Now they are having conference calls, they are talking."
Is this FACTUAL PUBLIC information, or , PER YOUR POST , PER YOUR WORDS, NOT MINE is it just :
PER YOUR POST:
"There is a hodge podge of views, unsupported accusations, innuendo, lies, attempted falsification and attempts by some to convince....."
I do NOT recall seeing an PR, 8K, other , informing anyone of FINRA conference calls, let only even a report or mention of a single FINRA communication? Please explain how you come up with this information as factual , OR , are you just doing exactly what you accuse others of doing?
Steven Moskowitz
CFO/Director/Treasurer/Secretary/COO
Spongetech Delivery Systems, Incorporated
New York , NY
Sector: CONSUMER GOODS / Cleaning Products
Officer since June 1999
44 Years Old
Steven Moskowitz has been Secretary, Chief Financial Officer, and a Director since June 1999. In February 2006, Mr. Moskowitz was appointed to serve as our Chief Financial Officer. Mr. Moskowitz has served as a director of RM Enterprises International, Inc. since April 2001, and as its Secretary since March 2, 2004. He has been a director of Western Power and Equipment Corp. (OTCBB) since February 11, 2003. Since June 2003, he has been director of Tiburon Capital Group, a privately held holding corporation, and since May 2000, he has served as Vice President of ERC Corp., a privately-held marketing consultant. He serves as President, Chief Executive Officer, and as a Director of International Brand Group Management, Inc., a publicly traded company. He has served as President, Chief Executive Officer, and as a Director since December 2007 for and MAP VI Acquisition, Inc., a public reporting company Mr. Moskowitz also serves as Chief Executive Officer, President and as Director of Vanity Events Holdings, Inc., a publicly traded entity. He served as Vice President, Marketing and Business Development for H. W. Carter & Sons, a distributor of children's clothing, from 1987 to 2002. He was President of the H. W. Carter & Sons division of Evolutions, Inc. from 1996 to 1997. Mr. Moskowitz served in various capacities at Smart Style Industries, a manufacturer and distributor of children's apparel, from 1986 to 1987 from sales assistant to Vice President Sales and Marketing. Mr. Moskowitz also serves as a Director of National Stem Cell, Inc. (NHGI.PK) since January 2007. He received his B.S. in Management from Touro College in 1986.
http://people.forbes.com/profile/steven-moskowitz/73914
The PR says "Dubai Export Import Company, in Dubai" sure sounds like they are in Dubai.....
SpongeTech(R) Re-order of 210,000 Auto Care Kits Sponges from Dubai and a New Order of Test Unit of Our New Kitchen and Bath Sponges
NEW YORK, Aug. 4 /PRNewswire-FirstCall/ -- SpongeTech® Delivery Systems, Inc. (OTC Bulletin Board: SPNG - News) is pleased to announce that the Dubai Export Import Company, in Dubai, has a second re-order and it is for 210,000 units of our patented Auto Care products and a NEW order of 10,000 test units of SpongeTech®'s new kitchen and bath sponges, which is the company's newest product line in the household cleaning product division. This translates to an order in excess of $4,250,000 from this company. This order will be paid in full prior to shipping. We expect to ship this order in its entirety by December 15, 2008.
SpongeTech®'s COO, Steven Moskowitz said, "We are very pleased with the third and biggest order of 210,000 units. The first in November was 11,000 units, the second was 55,000 units in April, and now this one. What a show of positive response to our products in Dubai! This provides us an indication as to the success we will be seeing in the launching of our new product lines from our other divisions. We are confident that our customers will order our other SpongeTech® products as they come to market. SpongeTech® is on its way to becoming a worldwide household brand."
http://www.spongetech.com/index.php?option=com_content&task=view&id=69&Itemid=43?section=13
wadirum1> In reply to your question/post > PLEASE READ THE 10 > IT IS NOT CLEAR AT ALL >
Per the filing it appears SPNG is listing $11 million of "purchase" orders as sales and Accounts receiveable.(?) I cant get IR to answer the question on phone or email , I just sent another email , will call him again tomorrow and ask again.
IMO the A/R and sales disclosure in this filing are very deceptive and not at all clear, When the product SHIPS and or you collect the monies you list the sale, Yes? IMPO listing "purchase orders" as sales and accounts receiveable before you produce THE ENTIRE order and or ship the entire order and or get paid for the entire order , for ALL of the product is deceptive....
IMO it appears they completed the "final test procedures" and got final approval for the 2 new sponges and then listed a years worth of Purchase orders as a sale? NOT CLEAR at all......
Per the filing:
Revenues
To date we have received purchase orders of $4.7 million for Puddle Pal’s Children’s Sponge products and $6.4 million for Uncle Norman’s Pet Sponge products.
7. Revenue Recognition
Sales and services are recorded when products are delivered to the customers. Provision for discounts, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. In instances where products are configured to customer requirements, revenue is recorded upon the successful completion of the Company’s final test procedures. For the six months ended November 30, 2008, three customers, SA Trading Company, Dubai Export Import Company and New Century Media, accounted for 82.9 percent of sales.
http://www.sec.gov/Archives/edgar/data/1201251/000114420409002030/v137081_10q.htm
Ask yourself > Are not ALL products: "configured to customer requirements"
How much of SPNG sales revenues and A/R are booked when " products are delivered to the customers" and how much is booked when "In instances where products are configured to customer requirements, revenue is recorded upon the successful completion of the Company’s final test procedures." Why NOT disclose exactly how much revenue and A/R is booked for each catagory and why not diclose exactly why they have this verbiage in the filing and what odes it mean?
Also ask yourself why under "revenues" do they list 2 LARGE Purchase orders? Are they claiming these orders are completed, sent out , paid for? Or are they a years worth of work that will sent out thru the year? Why NOT diclose why they are listing Purchase Orders under revenues in the filing?
IMPO this is VERY deceptive.
I could not find a PR listed under Viacom?.eom
I just sent another round of emails to both , will call both 2morrrow, I would like some clarification on Initial Purchase orders and accounts receiveable , The 1O had some very confusing verbiage , and would like to get an update on viacom , the viacom dealexpires 12/2010 , they really should be selling products soon, yes?
Tori Fernandes DOES NOT REPLY to email or phone , I have tried numerous times , just asking for update on spongebob and or any type of confirmation of the deal , NO REPLY , same goes for Bill Young, I have sent him emails and phone calls, asking for some clarifications/confirmations , no answer.....
InMyOpinion SPNG is listing initial Purchase orders as Completed sales and A/R.eom
In My Opinion SPNG books are cooked
share structure has issues for sure , I can see ABTG being a really good buyout candidate , the LONG TERM outlook for the tech is great , but it is going ot take a long time , I doubt the current ABTG structure can last that long , will only go so far , your theories are on target IMO.
RE: First Responder Products Inc v. Douglas G Furth et al
GWS Technologies filed an amended complaint and names The Signature Fund , Signature Management, LLC , among others.... Also see below , Includes complaints filed with FINRA , In My Opinion (IMO) this IS what Sponge Management should be doing > Forcing FINRA , SEC , other regulatory agencies to smoke out the manipulation of SPNG stock.... Unless of course , they are aiding and abeiting some sort of arms length short-swing trading type of behaviour... Not sure , It would take proof I dont have to prove any such behaviour against Sponge , but for sure , SPNG is being manipulated and for sure one of the large shareholders has had past and current ALLEGATIONS made against him and his "group" for security manipulation... What does Sponge Management have to say about the relationship with Doug Furth "group"? Have they ever publically commented on Furth and or the ALLEGATIONS made against him and his "group"?
From GWS Tech filing:
On August 7, 2008 we filed a First Amended Complaint adding, among others, defendants Comprehensive Financial Services, LLC, an Ohio limited liability company; The Signature Fund, a purported Ohio limited partnership; Signature Management, LLC, an Ohio limited liability company; Marc J. Bernstein; Legent Clearing LLC, a Nebraska company; UBS Financial Services, Inc., a California company; and National Financial Services LLC aka Fidelity Investments National Financial Services, a Massachusetts company. Our investigation into this matter is continuing and we anticipate naming additional defendants and additional causes of action.
On September 11, 2008 and September 12, 2008 we filed complaints with The Financial Industry Regulatory Authority (FINRA) against defendants Legent Clearing LLC, National Financial Services LLC aka Fidelity Investments National Financial Services, and Financial West Group, brokerage and clearing firms which the company believes aided and abetted stock manipulation on September 10, 2008, resulting in a significant decline in the Company’s stock price. Those complaints are currently being investigated by FINRA.
http://www.sec.gov/Archives/edgar/data/1365983/000111650208001559/gwstechnologies10qsba.htm
BINGO.... we have a WINNER here!.eom
short-swing TRADES:
short swing rules
Definition
A rule that restricts company insiders from making short swing profits. The company and/or its other shareholders are entitled to recover the profits earned by the insider.
http://www.investorwords.com/4562/short_swing_rules.html
Doug Furth and "The Group" have alledgedly used this tatic in the recent past. Per GWS TECHNOLOGIES, INC (GWSC.OB) Form 10QSB/A on 25-Sep-2008
http://biz.yahoo.com/e/080925/gwsc.ob10qsb_a.html
That makes PERFECT SENSE , IMPO Doug Furths "GROUP" is hard at work on Spongtech stock..... IMO
Dougs' group has been getting some recognition for all of the hard work they have done on some other projects .........
Plaintiff: First Responder Products Inc
Defendant: Douglas G Furth, Mark Fixler, Jag Enterprises LLC, Michel Attias, Brendon Attias, Timothy Garlin and Does
Case Number: 8:2008cv00586
Filed: May 27, 2008
Nature of Suit: Other Statutes - Securities/Commodities/Exchanges
Cause: 15:78m(a) Securities Exchange Act
LEGAL PROCEEDINGS
On May 27, 2008, as previously reported, the Company filed a lawsuit in the United States District Court, Central District of California, Case No. SACV08-00586 CJC (PLAx) alleging securities law violations and fraud against Douglas G. Furth individually and allegedly dba Millennium Consulting Group, Inc., a defunct Ohio corporation; Mark Fixler; JAG Enterprises, LLC; Michel Attias; Brendon Attias; Timothy Garlin; and various DOE defendants for disgorgement of short-swing profits in violation of the Securities Exchange Act of 1934, Section 16(b) and for recovery of damages for fraud and deceit. These defendants, collectively, refer to themselves as “the Group”. The amount of defendants’ short-swing profit liability is unknown at this time but the Company intends to engage in expedited discovery to determine defendants’ trading profits which, by statute, must be returned to the Company. The lawsuit also sought the return of one million shares of stock given to the Group Defendants as consideration for alleged consulting services which were never performed, and which allowed the Group Defendants to engage in, as the Company alleges, illegal manipulation of the Company's stock
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6166680-71351-76415&type=sect&dcn=0001116502-08-001559
Who said that? That is not what I said? What I am trying to say is after reviewing daily trade volumes, with NO increases in share price, The OS/AS , share structure of this stock is in the HIGH BILLIONS and it is GROWING almost daily. You can NOT trade a billion shares in 2-3 days and have no raise in PPS , barely even an uptick of .0001, unless you have MONSTER dillution , please be real , but that is IMPO of RCCH , has nothing to do with any other pennies or the 504 RCCH chose not to disclose to investors AND still choses NOT to disclose to investors, while at same time gagging transfer agent , hello.... anyone home? It is MONSTER DILLUTION KNOCKING , I know you can see me thru the peepp hole , please dude... be real....
Well I strongly suggest you get your own copy of it. RCCH is off my radar , It is clear the share count is in the hundreds of BILLIONS , no monies to be made here IMPO - You cant go long with an unlimited supply of new shares entering market daily , RCCH is just one large monster checking account for managment to sell as many .0001 as they can until house of cards collapses, IMPO
No I dont mind , why would you say that? What I am saying is , Furth has a very sorted past, with multiple allegations of security manipulation , a pattern of manipulating OTC type penny stocks is emerging and alledged. The board mods here obviously think he is very important person to SPNG, SEE IBOX, much more then just a shareholder. Correct? I dont see your picture and outline in the IBOX. >?
I got some .052 today, I have held ABTG for many many years , avg .0695 now, I am holding for .12 , then will sell 1/2 hold rest and see how it unfolds ,I have a lot more shares then I would like to admit, this was one of my first OTCBB stocks , have always thought it was great business , great technology, but always disapointed in the share price , I bought large at .15 first time around, then again at .10 , but never could sell , I knew the time would come , I loaded up on some really low .02s to get my average down , I have more then I should in an OTC, but looking good now, I dont have immediate needs for cash , I can let it ride , I really see a large company buying or partnering with ABTG , I think we can get $.50 or more in a buyout, AND much higher if we get large partner and some good financing with it and see it thru to a large implementation.... IMPO
Here are ALL of the "Furth" federal listed lawsuits: Plantiff , defendant , other....
You have to look thru them , some are for other "Furth" , AND CORRECT - there are some counter suits with the Blue Chip issue. However , look at the newest one with First Responder products , very similiar accusations , IMO I see a pattern forming..... AND I see some other suits were posted today. IMPO Doug Furth is NOT "GOOD NEWS" for Spongetech , but that is just MY Personal opinion....
http://dockets.justia.com/search?query=Furth&search=Search&stateorcourt=&lawsuittype=&documentfilter=allcases&cases=mostrecent&min-day=1&min-month=1&min-year=2004&max-day=30&max-month=1&max-year=2009
And what exactly what was this suit about? It sure does sound like it was Spongetech related , it was for a Direct Response TV promotion and a loan for the promotion or something , I am trying to get the case filing and see exactly what this was about , if it is in fact for a SPNG promotion / loan gone bad , SPNG will be in a heap of trouble for non disclosure.. and YES - RME IS SPNG in a LOT of ways , IMPO this suit is directly connected to Sponge in more thne one way.... I will post the case filings tonight , I should have access to them later today, tonight.... The only place I found were you can get the case files , follw link below from the judgement , you have to pay $295 for the year , but it is 30 day free trial , But I might have another source I am working on, it sure sounds like a Sponge DTV promotion/loan gone bad or something.... Look at the parties lines of business below:
Court Grants Summary Judgment Enforcing Personal Guarantees for $5.5 Million Loan
BC Media Funding Company II v. Lazauskas
http://www.bloglines.com/blog/PLL/2008_11_3
Plaintiffs: BC Media Funding Company II and Media Funding Company
Defendants: Frank Lazauskas, Michael L. Metter, Leonard Moscati and E. Michael Pisani
Case Number: 1:2008cv06228
Filed: July 9, 2008
WHO IS BC Media Funding Company II:
Investment Management and Merchant Banking Services
The Investment Management and Merchant Banking Services business was launched in 2003 as an outgrowth of the firm's advisory activities and initially oriented toward acquiring seller notes. Barker Capital began its lending activities after identifying the underserved niche of lower middle market media companies and media entrepreneurs. In Barker Capital’s experience, such companies and individuals often are overlooked by money center banks, which are focused primarily on larger media transactions, and other banks, which often do not have the necessary media expertise.
In 2004, Barker Capital closed BC Media Fund I to make senior secured loans to lower-middle market media companies and media entrepreneurs. Due to the success of Fund I and increasing deal flow, BC Media Fund II was launched in 2008.
Barker Capital does not have preset minimum or maximum loan sizes or terms, but most funded loans have been in amounts between $5.0 and $15.0 million for between one and three years. Most of the loans have been derived from proprietary deal flow that is reflective of Barker Capital’s extensive relationships in the media business.
http://www.barkercap.com/about.htm
WHO IS > Media Funding Company
MEDIA FUNDING CORPORATION is a funding source for successfully tested direct response campaigns in TV, radio, print, voice broadcast, mail and email.
Media Funding DOES NOT require clients to give up equity in their shows or pay up-front fees or deposits. In addition, because of its experience and position in the industry, it can assist its clients in attaining the best in support services such as fulfillment and merchant banking services at excellent rates.
The principal of MFC has over thirteen years of DRTV experience, which include some of the industry's most stunning success stories. So along with the crucial capital you need, MFC also provides a wealth of experience to assist you in achieving the most cost effective and reliable combination of vendors and procedures to establish your foundation for ongoing profitability.
MFC works with most media agencies buying direct response media, so your choice of media agency can be one of the industry leaders, or a smaller boutique. The choice is yours.
MFC's Preferred Vendor list also includes the three leading credit card processors in DRTV, many fulfillment houses across the country, and the industry's leading telemarketers.
http://www.mediafunding.com/aboutus/thecompany.htm
Stratford > Have you considered there might be a, group , of traders that have gotten ahold of a large amount of shares and are manipulating SPNG stock? Pump up share price make some profits, short it back down make some profits, run it up, short it down, make some profits, rinse... repeat?
Something just sounds so familiar with that what could it be.... ?
I know you read the info on these allegations against Douglas Furth and a "group" alledgedly manipulating stock they received for consulting using "short-swing profits" of some sort.... of course it is all just allegations... I am not very clear on the term short swing profits but doesnt something sound familiar to you in all of this? What is it that makes this sound so familiar? hmmm?
On May 27, 2008, as previously reported, the Company filed a lawsuit in the United States District Court, Central District of California, Case No. SACV08-00586 CJC (PLAx) alleging securities law violations and fraud against Douglas G. Furth individually and allegedly dba Millennium Consulting Group, Inc., a defunct Ohio corporation; Mark Fixler; JAG Enterprises, LLC; Michel Attias; Brendon Attias; Timothy Garlin; and various DOE defendants for disgorgement of short-swing profits in violation of the Securities Exchange Act of 1934, Section 16(b) and for recovery of damages for fraud and deceit. These defendants, collectively, refer to themselves as “the Group”. The amount of defendants’ short-swing profit liability is unknown at this time but the Company intends to engage in expedited discovery to determine defendants’ trading profits which, by statute, must be returned to the Company. The lawsuit also sought the return of one million shares of stock given to the Group Defendants as consideration for alleged consulting services which were never performed, and which allowed the Group Defendants to engage in, as the Company alleges, illegal manipulation of the Company's stock
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6166680-71351-76415&type=sect&dcn=0001116502-08-001559