Replies to post #273277 on Spongetech Delivery Systems Inc (fka SPNGQ)

[puppydotcom]

according to darklady's post, she said finra was holding up the 15c-211 process...are you saying finra cant do that?...if so, you are wrong...and there are many ways they can do that...they dont have to wait until one is filed to delay or stop it...many things happen behind the scenes that you cant see or know about...


thats crazy .. they can't hold anything up even if they could that has not be filed for .. there are NO market Makers filing the 211 request for spongy

ZERO, none .. nada

no one is stopping any MM from being the MM for spongy.. how many time do you need too read the rules about the 211 .. they must file current financial's FIRST! because FINRA revoked the 211 after the suspension by the SEC

[TEX]

Of course FINRA absolutely can slow down, retard, arrest or even delay-beyond-being-worthwhile any given 211 application.

It's called due diligence.

They don't want any given whacktards just waltzing back into good graces.

They are gate-keepers, for a reason. That's why it's so tough to get back to the OTCBB from the greys.

In this example, however, she makes it sound as though the application itself is being stiff-armed.

There's no reason for that; FINRA has ample powers to question the application, while also revealing that the application has been submitted.

[TEX]

Of course they can--it's part of their job description.

Not in the way she intends it, but still...that's a "c'mon, man..."

[Our-Street]

It is absolutely impossible that FINRA is even considering a 15c2-11 application on behalf of SPNG. It is comical that it's even being discussed. You see, in order for a potential market maker to submit the application the company (SPNG) must be current in its filings. Read this from the actual rule from whence the name of the application cometh.
http://www.law.uc.edu/CCL/34ActRls/rule15c2-11.html

A copy of the issuer's most recent annual report filed pursuant to Section 13 or 15(d) of the Act or a copy of the annual statement referred to in Section 12(g)(2)(G)(i) of the Act, in the case of an issuer required to file reports pursuant to Section 13 or 15(d) of the Act or an issuer of a security covered by Section 12(g)(2)(B) or (G) of the Act, together with any quarterly and current reports that have been filed under the provisions of the Act by the issuer after such annual report or annual statement; Provided, however, That until such issuer has filed its first annual report pursuant to Section 13 or 15(d) of the Act or annual statement referred to in Section 12(g)(2)(G)(i) of the Act, the broker or dealer has in its records a copy of the prospectus specified by Section 10(a) of the Securities Act of 1933 included in a registration statement filed by the issuer under the Securities Act of 1933, other than a registration statement on Form F-6, that became effective within the prior 16 months, or a copy of any registration statement filed by the issuer under Section 12 of the Act that became effective within the prior 16 months, together with any quarterly and current reports filed thereafter under Section 13 or 15(d) of the Act; and Provided further, That the broker or dealer has a reasonable basis under the circumstances for believing that the issuer is current in filing annual, quarterly, and current reports filed pursuant to Section 13 or 15(d) of the Act, or, in the case of an insurance company exempted from Section 12(g) of the Act by reason of Section 12(g)(2)(G) thereof, the annual statement referred to in Section 12(g)(2)(G)(i) of the Act; or

As we all know, SPNG is way behind in their filings and cannot even file the new 10K until their auditor finishes re-auditing previous filings. Now, can we stop this foolish discussion about things that cannot be and focus on things that at least are possible?

[patchman]

igotthemojo, they can't hold up a form that is not filed. Now DarkLady claims they are holding one up but she fails to make mention as to who it was that filed it and on what basis of financial information a filing was made.

No Market Maker is going to file a 15c-211 on a company delinquent of 2 quarterly filings. why risk their business.

As for the rest of your statement, I know people at FINRA involved in the process and you are dead wrong. But you go right ahead and keep those consiracies floating around.

they dont have to wait until one is filed to delay or stop it

How do you expect FINRA to delay or stop something not filed? Darklady was wrong on so many counts it is laughable.