Replies to post #267437 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

patchman,
re: "the actual releases of information (lawsuit) that confirms that additional dilution took place"

Please point me to the above releases........I missed them.

TIA

[Mingy]

Then there are the actual releases of information lawsuit that confirms that additional dilution took place.

These lawsuits confirm nothing. The lawsuits cite the New York Post, and the New York Post articles quote a fraud, who claimed to be “Spongetech”. There is, and won’t be any outcome of the lawsuit (other than dismissal), thus a claim that they add weight to the dilution argument, is irresponsible.

Regarding the list from the transfer agent, I actually went through it. Of the total OS, adding up all the shares, you get 2,253,766,206. Of which, 1,878,824,720 are issued and outstanding from CEDE and CO. These are the Phantom shares, created from the DTC and represent the majority of the short postion. Subtract 2.2b from 1.8 billion, and you get 374,941,486, which was the OS at the time of the report, July

This number is pretty close to the number I get, 353M outstanding.

Of the 722M OS as of last filling,

We still had 18M to buy back for the sept09 buyback program.

94M left over for the 150M buyback program(100m was expanded to 150, remember)

Then we have RME coming out and saying they only have 66M. For that to be the case, they retired 257M shares. Remember, this is the exact way SPNG retired shares back in april, they purchased the shares back from RME.

Subtract all that form 722, and you get Outstanding shares is 353M. Float is 33M officially.


Remember, there is a group of strong longs looking for $18+ a share.

LET THE SQUEEZE BEGIN.