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Well I contacted the SEC as well as Doug about it. Odd he seemed so sure about the SPNG getting the E before everyone else. I wouldn't put it past some of these New York Mafia Crime familys to have someone on the inside at the SEC. Pg 2 and 24 regardnig Mafia.
http://www.billgroover.com/rico/1ac.pdf
wrong, doug, the largest shareholder BTW, addressed this issue this morning with the idea that we were not going to get the E. Now all of a sudden spooky knows prior to it coming out. HMMMM. I'm gonna email doug right now, see what he thinks about insider knowledge.
http://messages.finance.yahoo.com/Business_%26_Finance/Investments/Stocks_%28A_to_Z%29/Stocks_S/threadview?bn=63817&tid=342387&mid=342416
odd how some knew the "E" was coming before it was public. Almost like they have someone on the inside. Should we contact SEC about this? http://investorshub.advfn.com/boards/read_msg.aspx?message_id=41545881
Funny how these SEQ trades are trying to appear as if a walk down is taking place, when the market is 7/10's of a penny higher bid. This has to be the shorts reporting those trades from earlier when prints were not going through. Wow about 50 Seq trades in last 5m, probably 90% of all prints in last 5Min are seq.
Well lets assume the shorts are naked short 500M, like Bill Young said. If only 20M are showing up as FTD’s on a high day, then that means roughly 480M shares of stock must be washed over a 3 day period, right? That would be 160M shares being washed in a day, although we don’t see volume over that to often. I guess its hard to calculate.
It sounds like it is an outstanding amount of fails on that day. This is why I'm starting to think those big AH trades are two MM's, say NITE and UBS, trading with each other, for the same short. If they trade 7M AH, then NITE has 3 days to deliver the shares to UBS, shares NITE doesn’t have. Then 3 days later, they do another big AH trade, 7m, where UBS sells them back to NITE, and this cycle continues, and no fails happen. Just a theory, probably same thing happening during the day, washing trades.
from SEC website. http://www.sec.gov/foia/docs/failsdata.htm
"The values of total fails-to-deliver shares represent the aggregate net balance of shares that failed to be delivered as of a particular settlement date."
"Fails to deliver on a given day are a cumulative number of all fails outstanding until that day,"
"The figure is not a daily amount of fails, but a combined figure that includes both new fails on the reporting day as well as existing fails. In other words, these numbers reflect aggregate fails as of a specific point in time,"
trades were not being posted for about 40 min today, but trading was taking place, not sure how much volume traded during that period, although that is why we are seeing all these seq trades at .11, I guess we won't know until the end of the day.
nice find.
it works now drew. only 2.7m FTD's? I wonder if those late AH trades we have seen the last month have something to do with the shorts washing trades, to renew 3 day delivery period for shares. What, we usually see above 5-7m each day in AH, for a 3 day period maybe that would be 15-20 M. Seems odd that they went from what, 12M 2 weeks ago, to only 2.7m.
20090824|849109103|SPNG|2733721|Spongetech Delivery Systems, I|0.13
5 MM's above $1 now, although they are probably a little low on selling there. Companies worth $1.5 fair value, they seem to have forgot about how much trouble shorty is in with all his naked shorts, $1 is way to cheap. We have what shorty needs, and we pick our price.
My average is .014 pal, how much you up this year?
Right, but it almost distorts the market, imagine if we were doing that from the long side, throwing out high balls, it would be good for the longs, throwing out low balls masks the real market and buying frenzy we are seeing. IMO
look at all these seq trades, shorts throwing out .11 prints, pathetic.
off yahoo
Just finished talking to BY
He told me:
* he send out a email to SM this morning at 6am and urged him to release a shareholder update.
* they filed the 10K but it was rejected due to the 08 audit, meaning, they have to refile the 08 with the current audit before submitting the 10k. Therefore they can update us with the 10k nr's because its DONE already.
* regarding a cancellation of a RS, he woulldnt comment on
* regarding the nasdaq uplisting, he wouldn't comment on
* it was a unexpected rejection, because they were told they can file the 10k regardless (akes no sense to me) and they dod submit it yesterday (and was rejected)
* he said the aren't delinquent yet, but wouldn't say how much more time they have
* wouldn't say when the 08 nr's would be dne either
looks to be trading. On my L2 I see Lst.Chg, changing, so it looks like there is trading, just not being posted.
.1129b, .113offer bids have been creeping up and offers back but no trading, interesting.
maybe not now, but I think they will when the panic the shorts cause covering this position, if not other short positions in other stocks, will add a bit of vol to the OTCBB. maybe, maybe not,
Here is a 10 that went through at 8pm est yesterday for another company. It says you have to submit by 530, so how does this work with your theory?
http://www.sec.gov/Archives/edgar/data/1360334/000146929909000027/0001469299-09-000027-index.htm
here is one from yesterday that went through at 8:15pm est.
http://www.sec.gov/Archives/edgar/data/1360334/000146929909000027/0001469299-09-000027-index.htm
SEC still updating, lets be patient.
8 car washes per sponge? Maybe you should watch this,
Funny, two people just said the same thing, "BB companies lie in PRs all the time and they are protected by the forward looking disclaimer." Did a memo just go out from shorty to his little workers?
Where did I say approve? I'm saying that maybe there is some talking inside the SEC about how such a awful situation was allowed to get to this point. That awful situation the massive naked short position in spongetech.
Spongetech has a great product that is surely going to set the standard in kitchen sponges. They are lying about all the PR’s too right? Why would MGMT risk going to jail, when they have a diamond of a company? Makes no sense, as does the theory of this company being a fraud. However as we have seen in history, there is a naked shorting interest on the OTCBB, the SEC has investigated yet these criminals continue their game.
I think there is more to this 10k than people think. We are getting to the point where shorts are about to be blown out. If they are short triple the float or more, double OS, and this 10k deals with it, thats a big deal and sure to cause havic when the market opens. The SEC, OTCBB, Market Makers, SPONGETECH MGMT, I would imagine be called on for a conference call. When the idea of firms like NITE possibly being blown out, this is nothing the SEC is going to rush through.
How many times have you bothered the CEO of spongetech today?
No, but if you said the Lucchese crime family, instead of aliens I might believe that. I know they’ve had some trouble on the OTCBB before.
Maybe, maybe not. NITE had net income of 177m last year. If there is 500m naked shorts, and NITE on the hook for just 20%, given SPNG's fair value is $1.5, they won't cover much below that. Does NITE have the cash to cough up? Doubtful. Maybe the Treasury comment was a little out there, no doubt, but the fact that some head honchos at the SEC are talking about SPNG right now isn't that far from possible. Could be the reason for the delay.
Possible reason for delay. What if the 10k was so outrageous in terms for how bad naked shorting is, that the news contained is going to blow out NITE? That would be really big news and worthy of SEC heads talking about and working out details. Maybe they are meeting about it right now and it is the SEC that is delaying the release? Given how incestuous our government is with the banks, nothing would surprise me, what if the SEC needed to get the Treasury to loan NITE TARP funds because its failure would cause “systematic failure”? They are one of the biggest market makers on OTCBB. I have a feeling the news that will blow out the shorts, perhaps this 10k, is going to be big, and the SEC is going to comb over it before its release.
I think we need to give them the benifet of the doubt, I’m a finance guy but I can’t imagine how busy they are trying to work whatever deal they are working out, remember doug said, “this deals hard enough”. I think something big is in the works, lets all just relax. I’m not so hot about the 10k either, but I trust they are doing everything in our best interest. If MGMT sticks it to the shorts, it is going to be for us, not them. We own the air shares, not them. Would you rather had the 10k 2 weeks ago with no real reason to blow the shorts out? Or perhaps MGMT takes their time and structures something that will blow the shorts out and inflect maximum amount of damage to them?
There are exemptions for market makers to naked short, and with the cooperation of market makers, shorty can conceal his position through the market makers. Somone posted a good link on here to an article a while back, "short selling, death spiral convertibles, and the profitability of stock manipulation". Good read, will give you a better idea of how naked shorting slips by, and since MM's allow shorty to do this, they themselves might have some trouble coming their way. Google the article.
I have alot of money in this company and I'd ask that shareholders don't call and bother him, I'm sure he knows and is very busy. I'd be pissed if I got 100 phone calls asking the same question they are I'm sure in the process of answering. Chill, we don't want mgmt to be annoyed with us.
The real money is going to be made buying and holding this stock, not trading. Why in gods name would you sell a stock for a 20% profit when its worth $1.5? What about missing the squeeze? Sure selling .28's and buying .07s would have been a great trade, but I doubt anyone did such. In the end i'd be happy to compare percent returns with any "traders" out there. BTW I trade metals, currencies, and grains every single day, however this is an investment of a lifetime which isn't worth the risk of trading, possibly missing the big move.
Well I know people who have tried trading this, sure making 10% here and there. But I'm up 1000%, you up 1000% trading spongetech? The real money is going to be made here buying and holding, letting the shorts beg for your shares.
victims of RS? Come on, look at AIG. Not sure why everyone is all caught up on the RS. The RS is going to be a way to expose the shorts, and hopefully coupled with whatever is contained in 10k, will be the final day they have to cover. Just a theory I have.
Not sure, don't care to much. What I think is interesting, is that the RS is 1 week after 10k. Someone on the board suggested it'll be a 1 week squeeze, that would be awesome. Just upgraded, to much excitment coming this week to be limited on posts.
Brisco, serious as a cancer. This stock is worth $1.5 right now bottom line. Take 5m a week in sales, x52, times 20percent profit margin. Divided by OS. With a 15PE. These are all conservative numbers, think about the kitchen sponge, or new deals with lysol perhaps in the works. Spongetech is going to set the standard in sponges, going to be huge. So in my mind we should be trading there now if it wasn't for the naked shorts. Follow? You would have to be a fool in my mind to sell below what I deem fair value. So the smart money is not going to sell at fair value, because we know the shorts are really in big trouble. Now click on my profile and read about the universal express case. It traded 400x rev at the height of its squeeze. Now, if you applied that to spongetech we are talking over $150 price per share, no joke. Honestly I’m looking for a lot more than $5 in this thing. A truly once in a lifetime opportunity. Only 2 posts left for day, going to try not to post till after 10k. Goodluck guys!
yes, you are correct.