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Nice!! Professional looking, and just the right amount of IR.
Cro, you got me ROTF. Hahaha. This whole Bill thing is like being in the twilight zone.
If I can't get to MSG personally, I will send out some of our recruits to get some pix for everyone as well.
In a few weeks, I'll be taking a drive and taking some pix for all yea nay-sayers out there...
Ace Hardware DD
Did a little DD around Ace yesterday. I live in the Northern NJ area where there is a concentration of Ace Hardware stores. I emailed a few stores asking if they carried the product.
I pulled emails from www.acehardware.com. Many of these owners have multiple stores.
Figured emailing them would at least show they have customer interest on this product. Here's what I've heard back so far. Just in time for the spring car wash season:
************ ********* ********* ********* ********* *********
Hi, thank you for your interest.
We expect to have your item in the spring.
Here is the description:
"SPONGETECH" CAR WASH COMBO
*Car wash 3pk combo
*"As seen on TV"
*1 wash & wax sponge, 1 detail
& degreaser sponge, and 1
eliminator chamois sponge
*Sponge has soap and carnuba
wax built in - just wet &
squeeze to activate up to 8
washes
*Chamois (13"x10") dries your
car to a high shine
*Detail sponge is an all
purpose cleaner - great for
rims & dashboards
Any questions, please feel free to ask.
Palmer ACE Hardware
************ ********* ********* ********* ********* *********
Hi,
The Spngetech Auto Sponge is a 3 pack combo, Ace #8250151, with a retail of $13.99. It is a future ideam with no target date. I believe it should be in my warehouse in about 2 to 3 weeks. Feel free to contack me with any questions.
Thanks Joe
ACE HARDWARE
JP HOME ARAMA
973-427-0002
************ ********* ********* ********* ********* *********
Hello,
This item appears to be a new item to Ace's warehouses;however it has not landed in the warehouse yet. There appears to be a kit mfg# 504103 due to arrive shortly. Ace# will be 8250151.
If interested, please check back in a month or so.
Steven Halpern
Owner
*********** ********** ********* ********* ********** ******
Yes. We are waiting shipment into our DC which should start soon.
BMAS is sucking up anything they get thrown. Larger blocks starting to go off now.
Interview was very positive.
BMAS holding strong today at .017
Looks like they already picked up about 2.2mm shares
FANC is just below.
Ahhh... The memories....
http://www.sponget.com/
Even with the biggest of big board companies, there are often a limited group of entities that have controlling interest in the company (board members, large investors, funds, etc.) and the small shareholder has limited to no say.
Sometimes it has been elected (through a previous proxy) that the board can make many decisions on their own without polling the majority. Important decisions usually involve information that is not public. Which throws another wrench into things.
Kind of like this 'great' democracy we live in (side note: I think it will be great WHEN we get to the point where we can accurately and securely vote online on individual issues, starting at the municipal level. Now that's a real democracy).
Many proxies come to a mathematical resolution before individual investors even receive them. Many don't even get to the proxy part (cost savings) because the input will have no impact on the result.
If you think of all the stocks you have/had, how many/how often have you received proxies from them? (excluding re-election of board members)?
While proxying everything would make things more transparent, do you really want the Yahoo!'s voting on the direction of the company? Bit of a catch 22.
As it would have stood, RME as an entity would have had a controlling interest in the company without this class of shares. Yes, I know they're closely related to SPNG, but I'm sure that would have had some legal, liability and accounting issues that needed to be avoided. I'm more comfortable with SPNG management having controlling interest.
Just my 2 cents, Soapy is 100% correct here.
These shares were issued to prevent hostile takeover of the company (eg, someone buying a controlling interest from the float, or someone from RME going rogue and claiming they control the company)
Hmmmm... Theory looking a little more realistic with each passing trading session...
Let me give you a 'theory' here.
We have a situation where it is believed that there are 250-300mm shorts. Only a part of that needs to be NS. We also have a situation where many certs are being called in.
So let's assume the total short is 250, 150mm is naked, 100mm is legit.
Now why isn't that 100mm reported on the regular short lists? Because hedgefunds/brokers can play the same game with legit shorts as they can with NS.
Ameritrade, for example, will enter into a repo agreement with a hedgefund so they can legitimately short Ameritrade's customer's shares (whether they're in a cash account, non-marginable, doesn't matter). Ameritrade receives an interest rate from the hedge during the time the shares are lent out. Good money for them. This transaction avoids being shown on the legit short report. Why? Because the SEC still considers the hedge fund's strategy to be confidential and protects them. They allow and support this type of transaction. Imagine you owned your own hedgefund, you looked up the legit short report for a low float stock with 100mm shares shorted by another hedgefund? You could absolutely crush that hedgefund.
So now we have 100+mm certs gradually being pulled out of the market. Ameritrade can no longer repo out those 100mm, now they only have 50mm say.
So the noose gets tightened around the short hedgefund. Now 50mm of those 100mm legitimately shorted shares become naked. They still need to hide their strategy, and even more importantly, they have to keep off reg sho and alerting the SEC/FINRA.
So they're forced to 'move' short positions back and forth between friendly hedge funds (ie, they arrange with another hedgefund to buy shares to 'close out' their short position, however that second hedgefund really doesn't have those shares, so now they're the naked short. rinse and repeat) This is achieved during regular trading throughout the day, and accounts for the majority of late block posts. When the two friendly hedgefunds 'swap' their position throughout the day, they intentionally push the stock price down. You'll noticed that over the last week or two, this size of those blocks has essentially tripled. Coincidentally, over the last few weeks, many certs have been pulled.
Again, it is not always the primary intention of a short hedgefund just to push the stock price down. That is a nice-to-have for them. When they short, they obviously receive all of the funds from the person that bought that short. They basically use their short as a source of financing. So as long as the stock price stays about where it is, or lower, they continue to use the stock as a loan to themselves.
My theory, the noose is tightening. It sucks that the price is down, but this is only adding fuel to the fire. And makes some huge invent more probably.
TA Gagging
On a separate but related topic, in my opinion, the SEC should prevent the TA from giving out any information at all to the public. My understanding is that this is in the process of becoming reality, and has been partially enacted already. And may be what we're seeing with SPNG.
Any material news should be given to all of the public at the same time, which is currently a SEC rule.
It's like having 4000 shareholders calling the CEO of a company throughout the week and asking him what's up? The first one that gets a response like "oh, we've been just been bought out for $8000/share" has an advantage over the other 3999, which is why something like this is illegal in the first place.
The TA share numbers should be handled the same way. Either everyone knows, or no one knows.
So basically I prefer the TA to be gagged. I don't have the time or the resolve to call them each day hoping to one up all you other shareholders.
What I would prefer is for the SEC to force all publicly traded companies at any level to file an 8K within 24-48 hours of any change in share structure, as long as publicizing that change in share structure does not violate any other SEC rules (ie, a share restructure due to a pending announcement of a merger or whatever)
As it stands now, SPNG is completely within their rights as the SEC permits.
Some still seem to doubt the fact that RME is NOT selling shares into the open market, and in fact, is quickly and dramatically reducing those shares.
RME's current holdings are restricted and unregistered.
Even if those share did become unrestricted, a form 144 would need to be filed.
Even if a form 144 was filed, they would be under strict volume restrictions?
http://www.sec.gov/investor/pubs/rule144.htm
BMAS in the house. Looks like they're going to get aggressive today...
I've been adding today.
Interesting: I have had a represented buy at .0172 through ETMM for the last few minutes, and they put a few trades through at .0171 and skipped under me.
Looks like someone is trying to take a sample of what BMAS' intentions are today, and overlooking the fairness of a capital market.
So let me get this straight:
At .018 * 780mm shares O/S we have a market cap of $14mm (and shrinking by the week now)?
and
we're estimated to profit $7mm for the current fiscal year ending 5/31/09 (and growing by the week now)?
So for each $1 of stock someone buys today, the company will essentially return $.50 per year to them, assuming no future growth?
How could someone with deep pockets, especially in today's economy, not take a close look at this situation...
Do you really believe anything you read on a message board? Especially Yahoo?
Personally, if it is true, I would hardly consider management addressing shareholder concerns/questions in a timely fashion as unprofessional. I'm sure they got pelted with a ton of questions tonight. Perhaps they already had intentions of putting out a press release tomorrow.
Oh cr$p. Now we're listed on a Tokyo exchange? I heard they're notorious for naked shorting over there, lol.
Maybe they've hit an inflection point where the O/S might continue to drop.
OG,
Did you read:
"Thus, the Company will have an aggregate of 960,132,289 shares of common stock outstanding after giving effect to the cancellation of the shares to be returned to the treasury described above"
And perhaps 79mm + 50mm + 25mm less due to recent PRs?
Soaps,
Trying to figure out how the 50mm buyback, and 79mm RME reduction PRed (10Q says 133,577,000, wonder why they didn't PR this) fits into the below cut and paste from the Q.
Also, recent PR said RME has about 600mm through that date. May help in calcing the float. Probably not.
Not sure which affiliate repurchased the 76mm shares and retired them, and why they would do this.
Hopefully we'll get a PR on this tomorrow.
"As of January 13, 2009, the Company had 1,170,332,648 shares of common stock issued and outstanding. The Company intends to return to the treasury and cancel an aggregate of 3,265,050 shares that were repurchased under the publicly announced repurchase plan through December 31, 2008 and an additional 76,623,293 shares that were purchased by certain of our affiliates through December 31, 2008 who have agreed to return these shares to treasury. In addition, the Company intends to return to the treasury and cancel an additional 133,577,066 shares that were returned to the Company by a principal shareholder. Thus, the Company will have an aggregate of 960,132,289 shares of common stock outstanding after giving effect to the cancellation of the shares to be returned to the treasury described above. For a complete description of the shares to be returned to treasury and cancelled(see Part II. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds)"
Great post now_invest.
They filed on 1/14 last year, so I'm assuming they will again. Most likely after market close. 5-6pm'ish. Unless the SEC takes awhile to post it.
OG,
Have any experience trading 'triple bottoms'?
GMD
Soaps,
45 days from 1/4 end is tomorrow, correct?
GMD
Hmmm. Another piece in the puzzle :)
Less than 3 weeks until we start seeing Spongebob shipments.
Like all things in the capital market, bubbled or depressed, the true value eventually becomes recognized.
The month isn't so old yet either...
Good post Carp.
With the price this low and RME shares being further restructed (hopefully sooner than we think), some big player is going to recognize the true value of the company.
And when they do, we'll be along for the ride.
Sweet. Think we took a boat out from Ocean Beach/Mission last time. Will have to check out Shelter Island.
Good place for a SPNG party.
OG,
Great call on the chart yesterday. What are we looking like going into next week?
GMD
I can say with 100% confidence that this is in fact Doug Furth.
5.5mm just traded at .0239!!
If they can do this restructuring, how about converting the remaining 600mm RME shares @ ~2 cents, to 60mm RME shares valued at 20 cents? And how about converting those 60mm RME common shares to class-B,C,D shares so they can never be used to offset a short position?
Food for thought.
One thing is for certain, the reduction in O/S yields a proportional increase in EPS, and the more O/S that is retired, the more practical it becomes for a suitor to enter the picture.
I don't think you can consider almost a 10% reduction in O/S as disappointing.
Metter's interview was actually very good today. He indicated again that all RME shares would be restructured/retired, leaving us with an O/S of "a couple hundred million"