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Really. how about you check the site where the numbers where posted? http://www.spongetechinc.com/
GO SEC. lol
If he is "buying back" shares, then should he have not filed these forms when he initailly acquired them? Whether they were restricted shares or not? Oh, wait, we already know the answer to this question. But good theory.
But if counterfeit shares truly are delivered, how would they show up as an FTD? Come on man, youve got me stumped. Naked shorting is not the same as counterfeiting shares. This seems to be the biggest myth in pennyland.
Loanranger, your opinions and work are highly respected. It is great to see someone with seemingly unbiased posts on this board. Thank you.
My 1 post for the day.
You know exactly how much Pike spent of their Working Capital on Spongetech. I guess they got a serious discount being that they are STILL averaged at over .10 a share.
Please define for me and others "working capital", and what this means in the context of Pikes acquisition of SPNG stock.
I believe your "discount" theory is discounted fully if you read the filings.
I havent the time right now, but if you take off all the post 100 million transactions listed in the filings, you can come up with Pikes pre suspension average.
To whom it may concern.
It has been mentioned many times on this site that the best way to wash a car was to use a touchless carwash instead of the more commonly thought of methods. This thought has been supported by people who will do anything in their power to discredit this company from everything from management to not having real working products.
Fact is that a touchless car wash involves a high PSI spray that not only can force particles into your finish, creating divots or scratches, but also the high PSI will break away any possible lose paint that is not fully bonded, initiating rust spots, especially on the underside of your vehicle.
This is the reason that we would never take any of the corvettes to a drive through wash. I will have to admit that my father in-law would probably never let me use the spongetech sponge on the vettes, but to say that a sponge is not the way to wash a car is very, very wrong. He, along with many of his car collecting friends will only use the sponge gloves, but it is a sponge nonetheless.
My point is that when certain users try to discredit the car wash sponge, because "you should never use a sponge on your car", their statement are 100% lack of knowledge, and their agendas are even more exposed.
http://www.autoeducation.com/carcare/wash.htm
http://www.wisegeek.com/what-is-the-best-way-to-wash-a-car.htm
http://www.autopia-carcare.com/inf-wash.html
I am sitting here and reading why ALL of you are now reverting back to October news. WE ALL KNOW SPNG was suspended and is under and SEC investigation. I have seen many attempts to twist the Pike investment, but nothing negative you can say about this will stick, so now you are all backtracking to the fact that SPNG is under investigation.
Pike knows this, yet he continues to buy more. You can try all you want, but the fact is that PIKE stuck $16 million of his funds money into Spongetech. You can call it a discount, I dont know how that could be considering he is currently averaged in at $.109, and that doesnt sound like a very good discount to me. This $16 mill. was out of "working capital". This should tell everyone that the shares were acquired in one way and one way only.
Just sitting here waiting for that conference call to be finished for all the targeted attacks to start. That last minute Christmas Eve filing really through things out of wack didnt it?
The inforamtion you question is just a few mouse clicks away.
It does appear that from Pikes investment of working capital of
almost 16 million dollars, he was averaged in at $0.109 and is down almost 60%.
Just to clarify, I am not long SPNG at this time, as I sold my remaining "Free shares" post suspension for .05 which added handsomely to my already realized profit, so for those who say that my posts justify my holding, you again are 100% wrong.(just like many of your purely speculative and degrading posts)
http://www.sec.gov/Archives/edgar/data/1201251/000101359409001676/spongetech13d-122409.htm
Item 3. Source and Amount of Funds or Other Consideration
The source and amount of funds used by the LP Fund in making its purchases of the shares of Common Stock beneficially owned it by the Reporting Persons are set forth below:
SOURCE OF FUNDS
AMOUNT OF FUNDS
Working Capital
$2,255,841
The source and amount of funds used by the QP Fund in making its purchases of the shares of Common Stock beneficially owned by it are set forth below:
SOURCE OF FUNDS
AMOUNT OF FUNDS
Working Capital
$13,615,186
Although the above securities were acquired with working capital, the funds may have also used margin account borrowings made in the ordinary course of business, although neither fund can determine whether any funds allocated to purchase the shares of Common Stock were obtained from any margin account borrowings.
Yes Short covering at its best, only this time he is deciding to file the nesecarry paperwork with it.
What is more likely is that on Pikes original 100 million shares, (however they were acquired) he assumed that with the alleged 2.75 billion os that he was not at least a 5% owner, thus did not need to file. Of course, this is specualtion on my part.
I am just wondering where everyone with their fear mongering of "Probably Pike selling" stands now that it is apparent that instead of selling like many had speculated, he is acquiring more.
LOL at Pike short covering. Just got back from taking my son to the ER on Christmas day, and this sure helped lighten my mood.
how about you enter the same information for 2009 and see whether or not they carried a balance or not? That would be to simple and most likely would not fit your agenda.
now, as far as VWAP, which time frame are you using, becasue alot of times I like to employ the vwap in the 5 and 15 minute time frame, and initiate trades from there. This of course would also include using a macd, RSI, and one of the many oscillator's, depending on which is my current favorite.
And, if the VWAP were to hit .036 as someone so brazenly asked yesterday, this would mean nothing more than the price has fallen well below its current support of .04, and it you were waiting for this indicator to tell you that, well, you are a little late to the ballgame.
There are numerous links that can be provided with companies delaying quarterly or yearly results because of an ongoing investigation. Especially when the investigation is looking into the financial numbers that are to be reported.
I have stated many times that we will not see a K or a Q until the investigation is wrapped up, but many fail to agree with me. Plus the wonderful administrators of this site have limited me to 1 post a day, so my facts are to often responded to and dismissed, or just deleted.
first of all, Peter, Taylormade must be a scam company because they would not give you information about an alleged distributor. Secondly, if you failed to notice, the response to your email was that they are not listed as an authorized "retailor", while an import/export comapny would bot be listed as this. You need to sit back and think a little bit here. Your question has not been answered.
Now, we ALL know that these websites are FAKE. These websites were created as a diversion for what exact purpose we do not know. If you believe 100% that these sites were created by SPNG or somebody working for SPNG, then we can leave it at that. But, these sites were done way to sloppily, and the alleged phone call to DANA where the first thinng our of his mouth was, "I never talked to Steve Moskowitz" should make ones mind work a little more than what we are doing here.
I would love to have more discussions about these matters, but seeing that I am limited to one post, I really cant.
I currently have no position in SPNG, I am just waiting for the outcome here.
LOANRANGER, are you the same loanranger from hotstockmarket?
I would like to talk about the point that you made about 2 separate voting classes. I have not had the time to look too much into your talk, but do find it interesting how all the haters are the first to tell you that it is not possible because this tends to debunk their theories.
I kinnd of liken your work on this to when I was telling everyone that the true AS could not have been reduced to 900 mill even though Delaware had this number on file.
little mans crying, gotta go.
What about people that bought at .04, .07, ,1425, and then sold at .27, and .22 (on that infamous black friday), then bought back at .10, and .12 (again on that infamous black friday), and sold at .21, only to be sitting on a LARGE number of free shares that were then sold for profit at .05 the day after the suspension was lifted only to be sitting on the sidelines waiting for the outcome of this investigation? (with numerous buys and sells in between but these were the highlights of my little sponge trading episode.)
By the way, I still want everyone to know that I believe we will see no 10k/q until after the SEC has concluded the investigation. It would be no benefit for SPNG to release this info while their accounting is still under question from the SEC.
Why doesnt SPNG address Kaja's accusations? I would imagine it is because she was reporting information that was told to her. or sent to her by the likes of David Patch and friends. It was pretty obvious that almost all the information that was in her article was scraped off message boards and thus going after the source (ie. popovsky) would have been virtually impossible.
lending even more credibility to the New York Post as a whole is this.
http://www.allheadlinenews.com/articles/7017270989
yes. his remarks were taken out of context and used to fit Ms. Whitehouses agenda. Pretty simple.
Hes dead. way to waste a vote.
I love IHUB and the way they censor thoughts. So much that i will not ever buy one of those useless memberships.
Dude. Reading was one of the primary objectives of elementary school. Dont let your eyes decieve you.
Really? I am glad that people like you can say your opinion is fact and the only possible reality in the situation.
"the only crooks printing shares are the executives of SPNG."
So I guess case closed. I dont know what is taking the SEC so long when you guys have all the answers already.
There will be no 10k until the SEC investigation has closed, which well be followed by an announcement by the SEC and spongetech.
If accounting is one of the things under question by the SEC, then releaing a new 10k would only raise more questions.
whatever it is, remembet to take profits while you can.
Now I will say that I still believe we will not see a k or a q until the SEC investigation is concluded. This is because the accounting is one of the things under investigation, and until the questions on this have been answered, and the SEC says just that, they will not come out with anymore.
When (and if) we do see the reports, we will see them all within a 3 day period. I am not one to suggest that we will never see another report, but I do not think it will be anythime in the near future.
This whole "shorts" thing is making me ill though. Spng has been in control from day 1. What is the easiest way to blow the so called shorts out of the water? Timely, honest financials. A legit accountant would have been nice in the first place. Perhaps answering questions about the mysterious sales to overseas companies.
Like I have said many times before, I hold no current position here. But, Spongebob is very fun in our bathtub, and my mother-inlaw is in love with the pet sponges for their 3 dogs.
keep pushing. little more everyday. this volume is gonna get peoples attention.
and after the reverse split, thats $8 a share.
just sayin
did the first article state that it was reported to be under investigation?
Lets all face facts. Fact number 1 is that spng was not under formal investigation until some illinformed reporter at the NY Post wrote about all the things we had been already discussing for 2 months on these message boards. Most likely Spng was under an informal at the time, but they had to make it a formal investigation once the article was in a newspaper.
I dont believe you will see financials until the SEC investigation is concluded. I have stated this many times, but with the SEC raising questions about Spongetechs accounting, this problem needs to be resolved prior to updated financial reports being released.
There you go. A job for you.
how about you read the original suit against getfugu where it states, ON A LEGAL DOCUMENT, that "RME IS the financial arm of Spongetech"?
there is no reason for an Ibox that is typically setup by a biased mod with, if not an agenda, a definite rooting interest in the company they are moderating for.
probably because most people already know it, and if you are looking at an Ihub Ibox as to whether or not you should buy a stock, you deserve to lose money. So why does it really matter.
There will be no 10k until the SEC has conluded the investigation. This is my opinion, but also a very strong opinion.
Really? From the impression I was given from certain posters, Getfugu didnt even have a product and was just a shell for a money laundering company. (said with extreme sarcasm)
The letters were real?
so now they are not real, correct?
"I'm sure the SEC would have loved this one"
Do recall, the SEC was investigating at the time, so your theory is entirely off base.
Along with SPNG's subscribtion for Getfugu service. Nobody takes that into consideration.
Why do you not read facts. Metter is listed as a former officer of RM. so what he said was right on.
sad thing is there are so many people that do........... constantly.
It involves a little more digging than that. The main thing to remember is that Richard Fox, the attorney for Olde Monmouth, has had a long relationship with Joel Pensley. Opinion letters cannot be written by just anybody, they are supposed to be written by the counsel for the company. Not by any Joe blow. That being said, Moskowitz was well aware that Pensley had not been his attorney for 2 years, as was Olde Monmouth, so why would he forge Penlseys name when he could have just forged the name of his new attorney?