Always a pleasure to hear from you, starfire!
This whole issue regarding share issuance logs finding their way to the web, from a gagged TA...
cancellation failures...
missing cert transactions...
shares not being certed...
I have yet to see anyone speak definitively on the issue of what is really going on. And that includes the SEC.
On June 26, 2009, SpongeTech's share issuance log was inappropriately made public. Detailing EXACTLY and in virtually REAL TIME the transactions subsequently specified in the SEC Complaint. Highly suggestive of an orchestrated attack against the company, with the SEC obligingly dancing to the tune being played. Regardless of the reality, the perception is valid.
And from the SEC Complaint, we are asked to believe that M&M forged opinion letters to the TA, and then sold billions of shares of unregistered stock, AFTER...
1. The lawyer and Transfer Agent find out in the previous month what the executives were doing.
2. And the shares are sold into the market and not repurchased, even though the share distribution log is posted on the website almost simultaneously as the the dump gets implemented.
Disregard, for the moment, the issue of culpability.
For the reasons as set forth, the SEC has an obligation to address the issue of exactly how many shares of SpongeTech are in the market, physically in the accounts of shareholders. There is no excuse for anything less than that.
AI
