Bishop, your making this much more complicated than it needs to be. I think its fair to assume after a 10 day halt, the SEC had more than enough time to investigate spongetech, and if they found any wrong doing, they would release that information, or continue the halt. The fact its open Monday means the Spongetech was not making false statements and their financial statements are good. You really think the SEC would allow the stock to open if their was a massive fraud going on? NO. So like I said, companies worth $2.4 fair value, factor in the massive squeeze that we are going to see as the illegal naked short positions the hedge funds and mafia associated broker dealers have, and we are going to see crazy levels.

It clearly states the reason for why it was halted on the SEC website, and it also is clear that by allowing reopen, the SEC's concerns have been put to rest. If you have a link or information for how the "system", you mention, works, I’d be interested, but only for entertainment purposes. The SEC's website is a credible source.

COMPANYS WORTH $2.4 FAIR VALUE, YOUR RIGHT. BUT YOU ARE A BIT OFF AS FAR AS THE FUTURE. WHEN SHORTS START TO GET SQUEEZED, IT WILL BE WORTH ALOT MORE THAN $2.4.

25M A MONTH IN REV
20 PE
20% PROFIT MARGIN
500M OUTSTANDING SHARES

FAIR VALUE = $2.4

Oh, and the SEC halted trading for(see below), thus allowing it to reopen clearly shows that the numbers are good, and everything MGMT said is infact true. So the $2.4 number above is pretty much golden. Goodluck. oh, reason we are trading .06 cents, is because of naked shorts who have flooded market with fake shares. These fake shares will have to be bought back, so we will see levels far above $2.4.

"The Commission temporarily suspended trading in the securities of SpongeTech because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the amount of sales and customer orders received by SpongeTech, investment agreements entered into by SpongeTech, and SpongeTech's revenues as reported in its financial statements."

http://www.sec.gov/news/digest/2009/dig100509.htm

WELL, THEY ARE OPENING FOR TRADING MONDAY, SO ITS CLEAR, BASED ON THE REASONS FOR THEM BEING HALTED, CITED BY SEC, THOSE REASONS ARE NO LONGER OF CONCERN. NAKED SHORT POSITION IS VERY VERY CLEAR AT THIS POINT. SPONGETECHS FAIR VALUE IS $2.4.

The Commission temporarily suspended trading in the securities of SpongeTech because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the amount of sales and customer orders received by SpongeTech, investment agreements entered into by SpongeTech, and SpongeTech's revenues as reported in its financial statements. In addition, SpongeTech has not filed any periodic reports with the Commission since the period ended Feb. 28, 2009.
http://www.sec.gov/news/digest/2009/dig100509.htm

Directly from SEC website. Clearly I am right. Now, given we are opening Monday, I think its safe to assume the SEC has no more questions about the accuracy or any other issues regarding the company. Thus, the numbers are legit, and the only reasonable explanation for a company that does 25M a month in sales, with a profit of 5M a month, to be trading a market cap of 50M, is HUGE NAKED SHORT POSTION.

FAIR VALUE OF SPONGTECH IS $2.4.
25M A MONTH IN SALES
20 PERCENT PROFIT MARGIN
20 PE
AND 500M SHARES OUTSTANDING
EQUALS $2.4!!!!!!!!!!!!!!!!!!!!! booyaaaaa

"The Commission temporarily suspended trading in the securities of SpongeTech because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the amount of sales and customer orders received by SpongeTech, investment agreements entered into by SpongeTech, and SpongeTech's revenues as reported in its financial statements."
http://www.sec.gov/news/digest/2009/dig100509.htm

Well the ones that claim OS is 3B are perhaps associated with shorty, right? I mean MGMT has said they are getting OS down to 500m. So shorty saying OS is 3B, is really like telling us they are short 6 times real float. ILLEGALLY.

You can go here and go under short interest, you'll see offical legitimate short interest is more than 1000% percent that previous month. This does not include the phantom shares or the bogus shares UBS may have been caught illegally releasing into supply. So the 2.5B airshares will need to be covered, this is where the shorts coming begging the longs for their shares. Should be great for the longs, perhaps $10, $15 short squeeze.
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=spng

Patchman, you have to remember, of the 3B in outstanding shares, 2.5B of those are counterfeit shares that are going to have to be covered. Remember, spongetech has said their goal is to get the amount of shares down to 500M. So while I do agree OS is 3B, 2.5B are airshares illegally created by the shorts through possible forged stock certificates, (think UBS), and the phantom shares the Depository Trust & Clearing Corporation (DTCC) has facilitated. I just flat out disagree that 90% of the 50M is fake, its about as real as the shorts massive naked short position.

What are your thoughts about how all these airshares were created? You think the rumors about UBS getting caught forging stock certificates are true? What about all the phantom shares the Depository Trust & Clearing Corporation (DTCC) has facilitated? It should be really interesting on how large the loses are going to be on the shorts squeeze, huh? Billions in losses for the shorts is my guess. But what are your thoughts?

the SEC halted to look into the company and see if it was lying, or a scam, correct? So if they allow the market to open Monday, regardless of what exchange, if we are allowed to trade, shouldn’t we assume they didn’t find any fraud? If they found fraud, they would not let the stock open in my mind. In which case what MGMT has said all along is true? This company either has massive NSS or it’s a fraud, can’t be anything but one of the other. I really do believe in the company. Has anyone got their spongetech if they ordered it yet? They said 4 weeks for me.

Why doesn't everyone make one spongetech purchase right now, it'll cost you $15, I just ordered more. I've been giving them to my door men and maintence guys in my building and have heard nothing but great things.

GO SPONGETECH!

cause thats what you told me you tought yesterday

legalegaltx, so we are in agreement that UBS was pawning off forged/counterfeit shares? I'm glad we both agree that when the squeeze is in play we will see $10 possibly $20 when shorty has to cover. This is going to be great!!!

company is worth $2.4 fair value. There will be a race between shorts and new buyers on sidelines up to that point. New buyers will halt at around $2 to $2.4, at which case the shorts will continue to race each other on the way out of their shorts. Price could go to $10+

UBS is a very dirty bank, indeed, NSS was being done through them no doubt. Look at the volume they did in SPNG this year, then 3 days no trading? COME ON

If the rumors about UBS, involving forged stock certificates and counterfeit shares are true, then maybe the OS could be 2B. But 1.5B will not be authentic. This could be why UBS wasn’t making a market in SPNG the last few days before suspension, perhaps they are being investigated?

wonder how this suspension will effect reg sho?

'RainingPennies' Thanks interesting. I've always been cautious about reading into what people claim here. I got in this feeling confident that the float was owned several times over, they had a great product, the NSS is real, and reading about other cases of NSS, fraudulent stock certificates, and phantom shares and how the shorts get around it. Then reading the PR’s, coming up with my own valuation of the company worth, all were enough to keep me in this. Sure I’ve heard rumors along the way, which I’m not going to say didn’t sound great, but those rumors never were the reason I owned this thing. I’ve got no hard feelings against soapy, being in a position as a moderator maybe he should be held to a higher standard? Maybe, maybe not, but this business is about money, nothing else. Read Livermore, learn something from what he says about tips. Everyone is looking for an easy buck, and don’t’ want to put the hard work, hard to have sympathy for those types that lose money listening to someone else and not thinking for themselves.

opps my bad

spongetech came up with this site not to long ago, probably when the realized some phony Spongetech Inc was using its name. There is no affiliation.

HA, funny, I stand by the full statment I made.
I'm not sure we ever see a trading suspension, maybe a trading halt , just before the news is dropped which blows the shorts out. Float is owned several times over, and I'm willing to bet that this is what the SEC is investigating in regards to SPNG.,

http://investorshub.advfn.com/boards/replies.aspx?msg=41973064

PM reply to another person on board. Figured i'd share, In regards to my confidence.

Because i've believed the same thing the entire time, NSS. I'm glad the SEC put a stop to the manipulation. There are two theorys you can buy into, only 2, and those havn’t changed from when I got in back in March. 1. This company is either a huge scam or 2. NSS. I continue to believe the NSS. If the SEC uncovered massive NSS exists, why wouldn’t they halt trading to stop the manipulation? Shorts could have driven this down to .01 today, why couldn't they have? The SEC is there to protect investors. Would the SEC be protecting investors by allowing the naked shorts to continue to manipulate? Why would the company not be infavor of a halt till their 10k? They already finished the buy back, what good is it having the market open? Leaving the market open, also provides incentive to the shorts to attack, and make up lies about the company. I'll bet we don't see more than 1 NEW YORK POST article between now, and the 10k. Thats why.

proof?

Obviously we are late on the 10K. But not late enough to be delisted, thus there should be another reason why SEC decided to get involved. NSS? UBS possessing fraudulent shares? Perhaps?

What more proof do you need with NSS and USXP, the stock went up 10,000 percent on the short squeeze!!!!!!!!!!!! And they had no almost NO REVENUE!!! WE are doing 30M in revenue a month!!! When our squeeze comes, I can't dream how high we will go.

Can you find me a letter with the sec where a stock is ever halted for NSS and they mention that in the SEC letter of suspension? Maybe if our top notch accounting firm, deloitte and touche, resigned, I might by your theory of Lieing about Revenues.

1. Reg SHO,
+
2. Inability to acquire real stock certificates of SPONGETECH
+
3. 1 Shareholder claiming he owns more than float
+
4. Average VOL of stock greater than 50% of float every single day
+
5. 2 times where float was traded 150% in a single day.
=
NSS?? Makes sense to me.

Mafia involved in spongetech without a doubt. PG 2 and PG 24, All 5 new york mafia families. They love the OTCBB
http://www.billgroover.com/rico/1ac.pdf

the SEC wouldn't unless they had already concluded that, but like they say, the SEC is investigating. MGMT has been talking about naked shorts in the stock for a while, finally the sec is getting around to investigation NSS? They decided to halt trading because its clear naked shorting is manipulating this great company.

Shorts naked short 1B shares, which many people think is the case, 500M is confirmed but could be greater than 1.5B. If fair value is $1.5 for this company, that is 1.35B in losses assuming shorts averaged short is .10 cents. Whos selling at $1.5 when they know shorts need shares, why give them to shorty at fair value? Not the wise, who will ask for a multiple of that, maybe 5, 10, or 35x, like that man on L2 who was offering out at $55 the last few days. Like I said, , we are talking about billions of dollars.,

Thats funny and far from the truth. Float is owned several times over, NSS is here, and UBSS has been a large MM in spongetech, thus aiding in the NSS scheme.

EXACTLY!! Good post! And I welcome the halt because the manipulation was to much. By the end of this halt, if MGMT is legitimate, longs are going to be rewarded big time. Because there are only two scenarios possible with this stock. Its a huge scam, or their is massive naked shorts. If if its not a scam, then the naked shorts are in trouble.

for the shorts. Oh, and some of the market makers. But I agree, its clearly over for UBS already.

oddly we did have a green day on the Singapore Holiday. We shall see when market opens about whos right and who's wrong. But I welcome the halt. UBS gone? Why? Peddling phony stock certificates? Guess? Maybe? Maybe Not?

serious. Think about it, we are talking about the shorts losing billions of dollars. Shorts are mafia scum amoung others, think its crazy they would resort to such measures to protect their money?

Nadar, I heard alot of people had serious problems getting SPNG stock certificates. Brokers outright refusing, VERY VERY high fee's being charged, and very long delays. Couple that with REG SHO and its pretty clear real spongetech shares are scarce. This is why I’m surprised so many people think this halt is a bad thing, it makes no sense for 50% of float to be traded daily, and even float to be exceeded by 150% on a couple occasions. Somethings up, and the real spongetech entering into a lawsuit against a phony spongetech. This halt is great in my Opinion. Let the sec do their investigating, conclude what we all know, that there is massive NSS, and shorty has engaged in very illegal behavior with the help of some of the market makers, specifically NITE and UBS. UBS who oddly hasn’t been making a market in sponge the last few days.

well after you read this, does it seem that crazy that a private company could pretend to be from the real spongetech, and issue shares? http://www.let-bcit-trade.com/

You know whats scary, is that if the shorts created this STI, and issued shares of stock and pawned them off as real spongetech shares, this very well could take a similar path as BCIT, where there is a lawsuit and MGMT allows all outstanding shares, counterfeits and regular, to stay? Yikes. The DTCC with a lot of phantom share exposure, never allows us to reopen?
take a read, this could be very similar to our case.
http://www.let-bcit-trade.com/

interesting, but I think any phony site would have been shut down shortly after created by the real spongetech. This STI, wouldn't want a website, they want to remain low key not want anyone to know,, because I think they were created by the shorts, they were just used as something to give statements to the post, and perhaps even issue spongetech inc stock certificates? Wonder if UBS got nabbed with a bunch of phony stock certificates, and that’s why they haven’t been making a market?

I wonder if UBS knows, perhaps their lack of market making the last few days was because they got busted peddling STI created spongetech shares. Hmmmmm

I don't know,

WRONG! your searching the company based on the website Spongetechinc.com. WRONG! The real spongetech owns that website, bought it probably when the found out about this spongetech inc. Spongetech inc was clearly set up as some sort of scam. I wonder if spongetech Inc was issuing stock certificates, and those were getting mixed in with the spongetech shares? Take a read here, very similar possibly as far as what was going on, except, maybe the shares were coming from another similarly named company.
http://www.let-bcit-trade.com/