Replies to post #115245 on Spongetech Delivery Systems Inc (fka SPNGQ)

[Harry V Radford]

Anyone got a level 2 on this?

[Jim54]

As Dark Lady wrote yesterday, they raised the AS to make it more comfortable for the MMs to short more and don't want them to realize most of the OS is actually being retired.

[lemon]

Like by August we will know and by then it will be too late as someone has said.

[eagle01]

In post 114905 it speaks of the process to gag the TA. So why would you think that all it takes is an email from the CEO to ungag it? What's your source? If you have to ask the SEC to approve the gag then why wouldn't they want to be in the know to ungag it? IMO

"In order to place a gag order on the TA, Spongetech had to spell out to the SEC (under the pains and penalties of perjury) that a non-disclosure of the O/S was in the best interest of the public/shareholders. There is no way it was done with any mal-intent on the part of the corporate officers. If that is the case, these officers would be blatantly lying straight to the SEC...MM and SM (both wall street/business world veterans)would never do this. Also, Form CT Order was prepared and signed by Spongetech's legal counsel, who are ethically bound to disclose to the SEC the true reasons for gagging the TA. No neutral-party attorney working as an independent contractor making six, if not seven figures a year would dare risk being disbarred and/or face criminal and civil repercussions. These attorney's have no loyalties to the company and certainly would not lie to the SEC for them and risk their freedom/livelihood. "

[ryan128]

Gaging the TA happens all the time to try to prevent illegal manipulation.