Here is an email I sent to SM. I doubt he will take it seriously. But it is kind of a laundry list of all the things the big players apparently know that are being kept from the little guy. I realize that this is how the world works -- the big players get better access to inside information. But I think it stinks and I think I am well within my rights to demand that it stop.
Dear Steve,
It is rumored that SPNG will issue an 8k within the next week. Here is a wish list for what that would contain:
1) OS
2) RME restricted
3) RME unrestricted
4) NOBO count
5) Insider holdings (restricted common, unrestricted common, class B)
6) Details regarding the “affiliate” transfer of 76.6mm shares (p1 of 10q) (who was the affiliate, from where were shares acquired, what compensation did SPNG pay)
7) Clarity on whether all RM share retirements through repricing options on remaining shares or is cash being paid (and if so what is the difference between RM purchase and sale prices)
8) Progess on 25mm share buyback by company
9) Details of who the 227mm December shares were issued to (and prices paid)(and if to RM, then whether they are restricted and whether they are subject to a buyback option)
10) Details regarding why RM’s restricted holdings are so far below the numbers one obtains by summing shares issued minus shares retired
11) Present status of (or existence of) any investigations by FINRA and/or SEC into SPNG, RM, and short sellers.
12) Future plans regarding issuance of shares to RM
13) Future plans regarding ungagging the TA or modifying company policy so that shareholders are never again blindsided by massive increases in OS.
I strongly believe that providing this information will greatly increase shareholder faith in where this company is headed – and I strongly believe that such assurances are of vital importance at this time. Apart from those with inside information, the rest of us are totally in the dark about what you folks have been up to.
Providing the NOBO count is of particular importance. You have been saying for a very long time that there is a large short position. However, you have failed to back this up with evidence and if there is indeed a large short position you have failed to take action to protect your shareholders. The shorts know they are short. Insiders know this information. It is only the small retail shareholders who you are keeping in the dark.
Sincerely,
XXXXXXXXXX
Now down about $40K on my SPNG investment, but continuing to hold my 4.75mm shares
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