Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

From the source of all the expectations:

"A Disappointment.

Well, April 30th has come and gone, and the financials have not been released.

That’s a disappointment, to say the least.

I can only conclude that Lazauskas and Metter have been able to pay off the BC Media obligations via some other source of cash, and thus no longer need to liquidate their SPNG holdings despite the court order. This also explains why the BC Media case has not been updated since February.

At this point I have nothing more to say. I wish I had something to say but the silence on all fronts is deafening… No new court documents of substance to analyze, no other new information to process… A guy can’t do any real DD under these conditions.

I’m still holding my entire position but will take things day by day and week by week.

We shall see.

I do not think I shall be posting any updates until some meaty new information comes out that I can chew on. Until then, as everyone is wont to say, GLTA."

http://spngdd.com/2010/04/30/a-disappointment/#comments


re: I can only conclude, etc.:
That conclusion assumes that Ladenburg Thalmann ignored the court order, either didn't or couldn't sell any SPNG shares and MM, FL and JL would have reported the sale of any shares on From 4 if they had. The remaining debt as of 1/29 (~$450,000) would have required the sale of ~10,000,000 shares, a number that could have been sold since that date without a noticeable lump in the volume numbers. When the court first ordered Ladenburg to liquidate the accounts in early December, the remaining settlement was $1,100,000 and the court was clear in their order that the first shares to be sold were the SPNG shares in the account of Jean Lazauskas which would have required a filing by FL. Again we are forced to assume that the initial $650,000 liquidation didn't include any SPNG shares based on the lack of Form 4 filings. Whatever the reasons, either the US District Court or the SEC has obviously been ignored.