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patchman

01/24/10 12:17 PM

#286284 RE: eliaman #286283

Wrong. The evidence is out there that RME was dumping shares into the market and that they were not retiring shares as many here are so willing to put their faith in.

Sale of Unregistered securities charges against M&M implies THEY were the individuals selling the shares. "Sale" means sell not retire.

The lawsuits filed all refer to RME making payments for SPNG. They do not do this for the goodness of their own hearts, they do it for payment (shares) in return. The fact that SPNG NEVER has any cash makes it impossible to buy back and retire shares.

Many here want to stake claim on huge revenues driving huge capital to engage in all these activities but the evidence does not support such wishful thinking. The SEC has laid claim to cooked books (fake sales revenues) and market manipulation (pump and dump). If the sales are fake, so all all the intended uses of the monies they never really received.

Virtual Drew

01/24/10 12:31 PM

#286292 RE: eliaman #286283

And can you (or anyone for that matter) explain why the SEC choose to suspend trading against SpongeTech?

Only one (1) of fifty-five (55) companies in 2009!

This fact alone, should indicate the magnitude of this companies infractions and the amount of financial damage they inflicted on investors.

The SEC doesn't go around suspending stocks from trading!

There was real cause to here, and we'll soon find out considering SpongeTech isn't stupid enough to submit a "Wells Submission"!

Oh, I've already heard the reason was because the SEC has been "captured".