Replies to post #11416 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[WPOSullivan]

Sorry to hear that about MSITF.

Good luck.

WP

[phrantic]

Powerbar, sorry to hear about that loss. I really appreciate your succinct curteous response. My hopes for this mirror yours. Thanks again.

[flaflyersfan]

powerbar03, The CEO of SPNG brought up the "naked short";

Management believes that our stock has been influenced by the illegal practice of "naked short selling". These people, or entities, are trying to undermine the shareholders' confidence in our Company, trying to induce you to sell your stock, and, in simple terms, hoping that if you do they will be able to buy back their short position sale at a significantly lower price. They use detailed and complicated systems, and even sell from overseas through other exchanges, to sell nonexistent shares all day long trying to create a disparity between legitimate buy and sell orders.

These unscrupulous entities strategize to create stock price erosion in an effort to try to force us to continue to dilute the Company to raise funds. As you know, we have invested significant money into our Company and hold a large position in stock that is not registered and cannot be sold. The float of the Company is significantly lower than the authorized and outstanding shares issued by the transfer agent. There are upwards of 300,000,000 shares that cannot, and will not, be sold into the market that could affect price dilution of our security.

http://biz.yahoo.com/prnews/080915/clm114.html?.v=68

Any time a company plays that card, it is a red flag. period. But since the company said it...shareholders will not believe anything else.

At what point along the way did you realize that $200,000 was a little too deep to be in your other stock? The bottom line is that if you do not know how to sell a stock, there is no reason to buy it. Insiders at SPNG are selling themselves shares of SPNG at a 40% discount to market with a guaranteed buyout of .02 per share. If you are going to throw huge $$$ like that at a penny stock; go that route in the future instead of buying retail.

Good luck.

[Carpedeim357]

Power I agree it all started getting bad when market switched back in 2000 to decimals from fractions creating spreads down to 4 decimals possible. That handed shorts a golden goose to short. When you can cover with spreads that tight think shorting would explode? It sure has. Combine that with dot com days where we ran stocks that never make a buck, never would to 100's of millions in market cap. Never made sense but we all liked the crazy runs and market caps. Seemed back then and since no one cares if a company can actually make money. IMO those days are changing and people will want to see companies produce profits. SPNG is that 1 out of 100 not only that will but in a really big way. That is only thing that makes SPNG unlike all the others that run up and crash back never to recover. A company undervalued at 2 cents on 1 million profit for 08 will not be 2 cents when it making 10, 20 and more millions per year.