"ONE MILLION DOLLARS WORTH OF SPNG SHARES MUST BE DUMPED IN THE MONTH OF APRIL. Why? A Federal Court has ordered it to be so."
That's not quite correct.....but it's complicated.
All but $450,000 was paid as of 1/29/10 (which was already an extension date) according to the defendants, who filed a motion on that date requesting an extension of time to 4/30 to pay the $450,000. The court neither agreed or ordered the extension to 4/30. The plaintiffs argued that the court had no standing to grant the extension because the 1/29/10 original due date was agreed to by the parties and not dictated by the court.
Obviously whether the court ordered it or not doesn't matter, though, because the defendants owe it and the plaintiffs want it as soon as Ladenburg can sell any securities in the frozen accounts that are available to cover it. And have had since 1/29/10 to do so.
We don't know at this point how much of the $450,000 remains unpaid. We do know that at today's pps we're talking about 10,000,000 shares IF the entire amount remains unpaid. This wouldn't seem to be an amount that would by itself either justify the obvious promotional program in progress or jeopardize the current price per share given recent volumes.
The questions for me are:
Have any holdings already been sold and not filed? (The court ordered back in December that the shares in Jean Lazauskas's account be sold first. I believe that they would've required a filing by FL if sold).
Is it at all reasonable to think that this issue has anything at all to do with the 10K&Q filings, either being held to allow a pps increase to facilitate the settlement or being the reason for the 4/30 extension request?
AI
