Replies to post #147204 on Spongetech Delivery Systems Inc (fka SPNGQ)

[SRV-90]

From the 10-Q, in April, 2009


NOTE E – SUBSEQUENT EVENTS

Subsequent to the date of the financial statements, the Company cancelled an aggregate of 526,585,544 shares of common stock. The shares originated from the repurchase of common stock of RM Enterprises. This reduces the number of outstanding shares of common stock from 1,249,451,605 to 722,866,061 shares.

[bwog]

Unlikely? Not at all, since it was VERIFIED. First, quite some time ago by a comparison of the NOBO and DTCC docs by those with access to them. Then, later, it was found to have gotten a lot larger by a simple head count after the last OS figures came out. There is an NSS on SPNG, it's huge, and it's growing.

Very unlikely there's any NSS to speak of...Checked the fail to deliver list lately?

One of the biggest indicators that someone doesn't really understand naked shorting is when they immediately start babbling about FTD's as their 'proof'.

FTD's are irrelevant. In brief, they reset the clock on the naked shorts at regular intervals and they never FTD.

[ozz112]

NAR does seem to agree there is a discrepancy in the numbers posted on that filing. This is something the company should address. Accounting mistakes on share counts from filings should not be left to cloud shareholder confidence.

[camper9]

Even if that scenario were correct, it only explains an additional 415M shares.



      ¶ Here's a more likely scenario.