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This is playing out just like the movie "A few good men"
That was the last number published in the 10Q. Buybacks since then have been reported in news releases bringing the outstanding shares to 700M - this has not been published in an SEC filing yet.
The 700M includes 480M restricted shares owned by RME (managed by the same executives as SPNG). These shares should be viewed as debt if management is communicating honestly.
yes, and he said a significant portion of that 200M was owned by insiders.
lovin' every minute of it Bleeck. Let me know when you're ready.
I'm frustrated as well, and want management to finish the job. It doesn't make sense to me that UBSS would continue to sell as they have with the possibilities that are out there. However, if we can guage their intelligence based on those that post for them, it does seem to make sense.
Wadi - Maybe finalization of contract or the Spongebob release allow them to make the reasonable offer price higer. Or maybe they just needed the time to minimize the O/S enough to hold the float.
The idea is that if they own the float, a buyout costs them nothing. They can eliminate all RME shares or convert them to true debt. This would minimize the O/S. Then they can offer the highest reasonable price per share based on that O/S. Since they own the float, it's not them that will be paying all of us for our shares.
I think that is the plan. Think of all the money they could save by avoiding SOX rules for public companies. However, I don't know what the one-time tax implications are for a purchase like that.
Don't forget to mention that they could take the company private for $2 per share and it would still only cost them $1M.
You should be telling us. Is it Repo day? Is it the day of reckoning? Are we going to trade 60M shares today?
Are there really 56 million shares on the bid at a penny?
you're not alone
I think it was supposed to start at 11:45, but you know, I'm just repeating rumors.
I'm not buying today though...
It happens when I buy in one of my accounts because UBSS handles the purchase.
Soapy - What's Steve's meeting with the major shareholders about that's supposed to be happening between 11 and 12 today?
What specifically are we waiting for Soapy?
Notes from Money TV:
1. On track for 40M
2. Will not disappoint in Q3
3. Float around 200M with a significant portion owned by insiders
4. Next year's revenues will dwarf this year
2M at .0126
Looking just as ugly as usual
Sorry - hope it's not my fault.
It's definitely a better excuse than anything you've been providing.
It actually does make sense that they can't publish the 8K without getting stock certificates in hand...
Carpe - put it this way
Without the RME shares, our market cap right now is essentially equal to last quarter's operating income.
you love that sip koolaid comment don't you
Alaninvestor just confirmed it in different words
Micro gave in:
OKAY @#$% this, I dont care Doug wont tell you. The o/s is 700 million and is about to be reducded big time.
The reason why they cant let the 8k out is because the company shares they have purchased they cant get the certs for. They have been waiting over a month to get them to return to the t/a and the clearing house doesnt have them. They simply dont have the certs because the stock is soo freaking naked shorted they have run out of certs. Infact, alot of us are trying to get our certs and we cant. This is going to be the bubble that bursts. Call your broker, they dont have yours either.
The lawyer says they cant put out the 8k until the shares are back at treasury...thats the law.
Oh and BTW, thats the reason they have not released the gag on the t/a as well....there going to release it the day the shares get back to treasury but looks like something else is about to break out before then because they are never going to get the certs....so looks like shorty is about to pay because now Pension clearing is getting a demand order...
It's too late. There's only one thing that's going to save me, and that's an increase in stock price.
Retail info from VVALSTREET on Yahoo
Hi,
I recently saw a Press Release from Spongetech, Inc. stating that Strauss Auto Put in a large purchase from their company. Are you going to start carrying Spongetech products in your stores and on-line?
Thank you for any answers you can share,
******.
Response:
*****,
Thank you for you interest in purchasing Spongetech products from Strauss. Yes, it is true we placed a big order with them and expect to have it in our stores by late March, just in time for the spring car care season. It will not be available through our online store, only through our retail outlets. I hope you will be able to purchase them from us once they become available. Our stores are located in the NYC metropolitan region. A list of stores can be found by clicking on the red "STORE LOCATIONS" tab in the upper right hand corner of the screen at www.straussauto.com.
John Olsakovsky
Merchandise Manager
Autobacs Strauss Inc.
dba Strauss Discount Auto
9A Brick Plant Rd.
South River, NJ 08882
Phone 732-390-9000, ext. 5236
Fax 732-390-9073
email jolsakovsky@straussauto.com
Inquiry:
To: symoskowitz@msn.com
> Subject: SPONGETECH: Retail outlets in the United States
> Date: Tue, 17 Feb 2009 10:06:59 -0500
> From: **************
>
> This is an enquiry e-mail via http://www.spongetech.com from:
> ****** ************>
>
> Hi,
>
> I am interested in putting more of my long term money into more shares
> of SPNG. However, I am concerned over the lack of shelf space your
> product has in the United States. Many of the Kroger stores in the
> Eastern States have taken the product off the shelves or have sold out
> and not restocked.
>
> Can you please give me an up-to-date listing of Stores in the United
> States that carry Spongetech products? I am currently in Michigan and
> would love to see some on at least one store shelf here. Please advise
> where I can see them in a retail setting.
>
> Thank you,
>
> ******.
Reply:
******,
Thank you for making an inquiry on our company and products.
As we launch our roll out of products, you will see us in the near future in a number of retailers across America. In regard to Kroger we are rolling our auto products during their 6th period. (June / July). In the Michigan market we are currently working with Meijers, Speedway and Core Mark.
******, in the meantime if you would be so kind to send me your mailing address, we would be happy to send you samples of our products.
We thank you your patronage.
Regards,
Paul
Paul G. Luna
EVP Sales & Global Business Development
Spongetech Delivery Systems Group Inc.
Chicago Office: 4303 Royal Fox Dr., St. Charles, IL 60174
Chicago Office Tel: 630-443-3552 / Fax: 630-443-1199
Mobile: 630-712-5862
Corporate Office: 43 West 33rd St., New York, NY 10001
Corporate Office Tel: 212-695-7850
Email: Paul@spongetech.com / PGLuna@aol.com
Snake asked Soapy to remove the stuff. Since all good news makes the stock go down, they're trying reverse psychology to make the stock go up.
Don't ask me...sooner or later someone needs to buy back the 65M shares that were sold.
I don't think you can say it's trading unless you see some volume. The last volume was several months ago.
I'm like Mr Titan and question everything. I've been burned in the past, and I don't desire to be burned again. But I have a real hard time believing the company would blow all these advertising dollars if the whole thing was a scam and the revenues were fake. The effort and the wasted cash, if it was a scam, simply aren't worth it. Similarly, I find it extremely unlikely that these guys would respond to so many peoples' emails if it was a scam. They would want to leave as little evidence as possible.
The last 3 days, there appears to be someone holding up the price. A seller jumps in right at 9:30 am to push the price down for a minute or two before the stabilizer comes in to hold it up. I don't believe this is going to change. I believe it was set up last week by some large stockholders, and it's intended to keep the stock from going any lower until the real news (whatever it is) comes out.
SOX also made audits 10 times longer. What a mess.
Now I have to disagree. Auditors sign a non-disclosure and would not be able to share anything.
I know what you believe. You don't need to repeat it.
If it was my business, there's no way I would be giving out my customers' phone numbers. I wouldn't want a bunch of investors calling them up and asking a hundred questions to try to understand if they're real. That's a good way to piss off your customers.
Who's pushing up the price?
tturner - I agree completely
Isn't Soapy the chief leaker for Steve?