Replies to post #289451 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[wadirum1]

Stoxmagic,

Perhaps YOU can help me understand why the company doesn't let shareholders know about the low O/S by either (a) ungagging the TA or (b) reducing the A/S.

I've asked this here before, but since you have all the answers I should have just gone to the source.

(The reason I am curious is that there is widespread agreement that the stock would go through the roof, especially on the gray market, if SPNG came out with, like, an O/S of 300mm. Low O/S and pretty much ironclad proof of a massive short position in one fell swoop. Right?)

Wadi

[underdog150]

Seeing that the company did lie in a PR about the O/S on March 18, 2009, why is it ludicrous that the company lied in more than
one PR?
SpongeTech(R) Delivery Systems, Inc. Shareholder Update
NEW YORK, March 18 /PRNewswire-FirstCall/ -- SpongeTech(R) Delivery Systems, Inc., America's Cleaning Company(TM), (OTC Bulletin Board: SPNG) would like to inform shareholders of recent developments at your Company.
We noted on February 2 that there were roughly 700 million SPNG shares outstanding at that time. There have been no significant changes to date. All rumors to the contrary are unfounded and without merit.
It should be noted that on March 10 we petitioned the State of Delaware to increase the 'authorized' common shares to 1.5 billion from 1.25 billion. While we have no present intention to issue more shares, we acted on the advice of legal counsel to increase the authorization to provide for possible future acquisitions, shareholder dividends, or other corporate purposes.
Thank you for your kind attention and loyalty as we continue to create 'America's Cleaning Company.'
Michael Metter CEO
---------------------------
Your quote Stox
"And recalling…

'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 1,249,451,605to 722,866,061 shares.'
The numbers, as stated, simply don't add up. Not with respect to that which you again "believe".
The only way around it all is to ludicrously suggest that materially misleading PR's and filings, etc. absolutely abound. That management would mind-bendingly opt for criminal personal enrichment, and the myriad associated serious risks, vs. proceeding in line with a legitimate virtual gold mine having emerged. Right in their very laps.

[sponge_digger]

Well written Stox (in regards to your latest deleted post) I agree that the evidence largely points to a company positioning themselves to emerge from the hole that they have fallen into

GL

[upper11]

why dont they release whats in the float....its really simple to do...if it is 300 mill or 500mill ya market level would soar...can you answer me that? now there on a zambonie....who gives a crap about a zambonie

[cowtown jay]

Hello, stox

Regarding that appeal to the inside with an .03 bid for 300 million shares. The controlled buy-in to close the position?

And?

And noting the trading pattern for the 90 days following the resumption of trading. With a pretty solid floor at the .04 level. And an increase in volume from day 60 - day 90. A pattern reflective of a negotiated close-out of an open naked short position?

And I'm wondering if Pike wasn't likewise given the same 90 days to complete the acquisition of his (49%?) ownership stake.

And since day 90, we've been seeing a decrease in volume, as well as in PPS. Just an observation I found interesting. Something that would also explain the .04 support broken, and why the volume has slowed down.

I see it was suggested to you that an update regarding share structure could cause the share price to, "go through the roof, especially on the gray market." And it was news to me that there was widespread agreement that anything, even an updated O/S count, could cause a spike on this trading venue. Well, if so, great. But news of Pike's accumulation did not cause a spike in PPS. Nor did our seeing our product for sale at Sears and KMart. Neither did news of the Marvel agreement. And as we saw today, neither has the discovery of our product being offered at Walmart. I'm in agreement with your (classic)response to that suggestion. "And you imagine, do yourself and others, that coupled with the continued absence of the numbers picture in full, and the lack of clarity otherwise, that market level would indeed soar?"

In fact, I'm afraid that even the submission of the 10K and the 10Q's would probably suffer a muted response on the gray market. If we do see the filings, fine. Some PPS improvement would be better than none.

But my suspicion is that we may not see the filings, formally, until October. FINRA being an SRO. And the 211 application asking the Market Maker, "Has the issuer...been subject to a trading suspension order issued by the SEC during the past 12 months?"

Whatever THE issue is with FINRA, and whatever the outcome of the SEC investigation, it's good to know that SpongeTech is carrying on with business as usual. Walmart! Wow! Even if it does take 8 months to regain our OTCBB listing, that doesn't mean that at that time, we will be worth any less than we would have otherwise been.

So, holding and waiting as long as it takes.

Take care, my friend, and thank you, as always.

jay

[MorningLightMountain]

Seen as clearly by Daniel Pike as by all the rest of the triple digit IQ's among us.

From: Dan Pike <[e-mail]>
To: David Pilon <[e-mail]>
Sent: Mon, October 18, 2010 3:42:01 PM
Subject: RE: Value

Your exchange with Steven below is so absurd I cant even dignify
it with a response. Steven, as the world knows, is a complete
fraud and a criminal who has ruined literally hundreds if not
thousands of lives. The notion that somehow I wanted SPNG dead
given that I had bet my fund on it is just absurd. The company
would be alive and well if anything Steven ever said was honest,
but none of it was. I will await to see what happens in Ch11, but
have essentially moved on with my life.

Good luck