Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

I was wrong. The letter that you provided is clearly a Wells Notice. Thank you.

I would've thought that the letter would be sent directly to the alleged offender. Apparently this letter was actually a follow-up to a Wells call, also made to the attorney. However, the following appears as an exhibit to a Track Data 8-K and the introduction makes it very clear:

CEO OF TRACK DATA RECEIVES WELLS NOTICE


Brooklyn, New York – April 23, 2004 – Track Data Corporation (Nasdaq: TRAC) – Barry Hertz, Track Data’s Chairman and CEO, has received the Wells notice that is set out below from the staff of the Securities and Exchange Commission. The Wells notice relates to alleged insider trading by Mr. Hertz in Track Data shares and is not directed to Track Data or any other member of its management.

Leslie Lupert and Robert Plotz of the firm of Orans, Elsen & Lupert LLP in New York, counsel to Mr. Hertz, said "We do not believe that Mr. Hertz violated any insider trading rules. The interpretation of those rules by the staff of the SEC in this matter has no basis under existing laws or under any reasonable extension of those laws. We believe that if the SEC decides to bring charges against Mr. Hertz, the Court will agree that Mr. Hertz did not violate any law. Mr. Hertz voluntarily cooperated with the SEC staff’s investigation, and testified that he had no beneficial interest in the shares in issue."

***


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
NORTHEAST REGIONAL OFFICE
233 BROADWAY
NEW YORK, N.Y. 10279

PLEASE REPLY TO
AUDRY WEINTROB
[phone]
April 21, 2004




BY E-MAIL AND FIRST-CLASS MAIL

Robert Plotz, Esq.
Orans, Elsen, & Lupert, LLP
One Rockefeller Plaza – 33 rd Floor
New York, NY 10020

Re: Track Data Corp. (NY-7227)

Dear Mr. Plotz:

This letter, etc........


http://www.secinfo.com/dS55k.15.c.htm#1stPage