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Rock n' roll! One of those days when you wish the market was open for another hour.
Super Kmart? I shop there all of the time.
Nice move up this morning. Now we play the waiting game...
Ah, I'm sick of playing the waiting game, let's play Hungry Hungry Hippo.
1M went off above the ask. Rock n' roll....
WR,
Agree with you fully. Much of this depressed stock price is do to lack of visibility.
Let's get this info into the open and build a solid shareholder base based on trust and confidence. Not sure why management can't understand that.
WR, Good post.
Just to add to that, I have an email response from Steve that all shares issued to RME can not be sold for 2 years because RME is an affilate company.
Has anyone else received that info?
TIA.
Carp,
Thanks. Let us know when you get a reply.
GMD
Let's get Gymboree selling Puddle Pals. Grandma's have unlimited cash when it comes to grand kids.
They're trying to break down .018 now. Let's get this Q out and hear what's been going on with the buyback, media blitzes and big-box retailers....
Wow. Investor confidence in this company is at an all time low. Management needs to step up and manage or they're going to be losing shareholders.
Wadi,
Can you explain the share for collateral aspect? Collateral for what? (besides the RME loan)
tia
FFF,
If you can provide me with a link to the sec site showing that the company is legally obligated to disclose their share position, I will personally call Steve and address this.
Thanks.
Carp,
How does one go about getting current DTC sheets? How many shares do you think comprise the 'legitimate' float?
What is the jail sentence for selling restricted shares into thet float?
Thanks,
GMD
Wadi,
They could dictate that the dividend only goes to registered shares and not restricted.
Was it Steve you spoke with today? It's good to hear that they once again confirmed the O/S at 521mm.
Regardless, for $1mm they could take the company private.
There's so much speculation going on that I'm surprised management hasn't addressed this yet.
If there truley was 97mm shares outstanding, and they bought back 50mm of them, the company can use $1mm and issue a 2 cent per share dividend.
If there's 100mm shares naked, they would have to cover, or pay the 2cents ($2mm), or a bit of each.
This thing is way out of whack. Pressure is mounting. Something has to pop soon.
NowInv,
If there is any wrong doing here (ie, selling of restricted shares, deceit, etc.), the shareholders will see to it that the appropriate parties spend the next few years in the slammer. Heard it's not as nice as strolling the streets in Greenich, Ct.
I doubt Steve and Mike are stupid enough to do something like this. Forget about jail, the last thing they want is to be looking over their shoulders ever time they leave the office.
Gotta entertain ourselves somehow due to the rocket volume SPNG is getting out of the gate!
What is love? Baby don't hurt me, don't hurt me, no more...
A shareholder on the Yahoo! boards said he heard SPNG management is going to have an earnings conference call with QnA session after the 10Q release.
Can anyone 'familiar' with the situation confirm this?
If so, this is absolutely great! Will show the bashers/shorts that we have nothing to hide!
FFF,
I thought the same after reading the 10K when it was released.
After speaking with management:
1) the RME holdings, althought reported as being through 7/31 was actually a typo, and that was their holdings through 5/31 (year end)
2) during the period, SPNG bought back $900K worth of shares (reported down further in the 10K)
That balances things out. We'll have to run the same calcs on the 10Q to make sure RME has not sold anything.
Let's see if I can put a little dent in .024 and help Steve out with the buyback
Wadi,
I agree with you. Why is it so hard for us to nail down the float? I couldn't get a straight answer from the company, or their IR spokesperson.
Since the "as of" date of RME's holding on the 10K was a typo (think it was listed at 7/31 instead of 5/31), and they did not disclose how many shares were bought back from RME (and subsequently resold), the float has been impossible to calculate.
People who claim they know said 97mm before the buyback started.
That's an easy number to live with.
MJC,
Thanks for taking the time to clear up all of this for the common investor. Appreciate it.
GMD
Looks like someone has the authority to accumulated as many shares as possible under .021 in 5K blocks.
232 x 235 and an 800K block goes off at 220 unbelievable
SPNG stops trading on the Frankfurt exchange at 8PM Frankfurt time.
This is 2PM NY time.
Could be that dissimination of news is waiting until after then.
They traded 5M on Frankfurt yesterday in one block. No volume today over there.
Maybe today they'll actually get the time right so people can actually listen.
Wonder if he has some new stuff to talk about? Can't recall him going on twice in 3 days.
Maybe we'll see some news before then.
Usually Motley Fool articles are merely advertisements to their paid services, but here's one that's actually informative:
http://www.fool.com/investing/high-growth/2005/03/24/the-naked-truth-on-illegal-shorting.aspx
Wadi,
What time are you hitting the slumber party?
Great comment, had me rolling...
Not sure the SEC has power over these international hedgefunds that are doing the naked shorting through the Berlin/Frankfurt exchanges?
nowinvest,
I've had the same problem with Etrade. If your order is over 10K shares, all market markers (not just ETrade's) have the right to hold the order (and try and scalp some spread off of it)
I've lost money because of this as well. I had a 200K limit sale in at say 5 cents. I watched 1mm shares trade at higher than 5 cents. I got about 10% of my order filled.
I disputed the trade, and they said that since the open market Bid never reached 5 cents, they had no obligation to fill it. As a courtesy, they filled an additonal 10k the next day.
I told them this is anti-fair markets. I also said if they had represented my shares on L2, I would have gotten a complete fill (they agreed). They said to call whenever I had an order and ask for it to be represented. They said they're not obligated to do this, but might.
As you put in your trade, call ETrade support and demand that you order be represented.
Does anyone have a broker that will immediately represent your order of over 10K shares on L2?
Going to be a crazy day in the markets tomorrow all around.
If you have any stocks besides SPNG and MER that are in the green tomorrow, you'll be lucky.
doog,
When spngy announced the 25mm share buyback, the stock price was around .04. It would have cost them around $1mm
Since we've been trading below that for awhile, wonder if they plan on upping the number of shares they plan to buy back? At recent prices, they could retire 35-40mm shares for the same cost. I would imagine they would want to be more aggressive buying back shares while the price is low.
Let's not forgot, SPNG only has 97mm shares FLOAT (not including what they've bought back so far)
For $2.7mm, plus a nice premium for the common shareholders, SPNG management can take this thing private.
Better yet, Lafferty can easily afford to buy all of the float back, call in the physical stock certs, structure a deal for a new company to do a share for share buyout of those certs, and the naked shorts are done.
This thing could fly.
Fingers crossed! Any announcement on one or more of the following would be nice:
1) update on share buyback, shares O/S, RME holdings
2) Big-box(s) for Auto sponge (Walmart?, Krogers?)
3) Big-box(s) for Pet sponge (Petco?)
4) 1Q Forecast
5) Handling of NS
6) New business
Hopefully not the same PR he suggested we would get prior to 11:15 last Friday :)
Confused. Is that what you're hearing or is that your opinion?
From prior PRs, we should be hearing about a big-box retailer coming soon.
OK, ok, I lose..... I'll only read Carp here and not on yahoo...
Unfortunately, we continue to have to question management's credibility here. Many people invested on their public statement that further dilution was not necessary, yet they are pounding stock certs out.
I am impressed that they are lending their own money to ramp things up quicker.
Let's hope for a PR or something to clarify things and get us moving in the right direction.
Right now what we have is a bunch of pissed off shareholders.