Replies to post #309090 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[overachiever]

ANATOMY OF THE APRIL SPNG PUMP AND DUMP

ONE MILLION DOLLARS WORTH OF SPNG SHARES MUST BE DUMPED IN THE MONTH OF APRIL. Why? A Federal Court has ordered it to be so.

Now we get a flurry of PRs out of the previously silent Mutt Bros operation and a small army of newly paid promoters trying to fleece the public on this horrendous share dumping scam.

Note the time lines from this motion in the six million dollar case against Metter and Lazaukas.

The judgment came in 2008 (SPNG becomes a lying, book cooked, transfer gagged scam in 2008)

In June of 2009 a settlement agreement is signed calling for the payment of six million dollars in several installments from CEO Metter and BOD member Lazaukas. (SPNG undergoes a "Black Friday" 550 million share dump after a massive pump in June of 2009.)

Defendants pay 5 million dollars of the amounts due by Sept of 2009. (Before the SEC trading suspension of SPNG)

In October of 2009, a dispute arose over the payment of the final one million dollars. (SPNG had been suspended and booted down to the grey market by October of 2009)

Now, the court has ordered Metter and Lazaukas to liquidate remaining SPNG holdings by the end of April to satisfy the balance of the judgment. (after a long period of almost total silence out of SPNG, this past holiday weekend we saw three PRs come from the company including one on Easter Sunday.

All coincidence? Maybe in newbie fantasy land but no where else. Funny stuff and would make a great case study of scams and cons, to be sure.


Here is a portion the outline:


1. In October, 2008, this Court entered judgment against all Defendants for $5,511,790.11. In April of 2009, this Court granted Plaintiffs’ Motion seeking attorneys’ fees of $202,475.62. Accordingly, the total judgment debt was $5,714,265.73.
2. The judgment was based on the Defendants’ written guarantees of a loan by Plaintiffs to a non-defendant, Business Talk Radio.net, Inc. (“BTR”).
3. In June of 2009, the parties entered into a written settlement agreement which provided for, among other things, the payment by the Defendants and BTR of $6,000,000 in several installments. In exchange, the Plaintiffs agreed to accept such amount in full satisfaction of the Defendants’ judgments and, further, to release BTR of any further loan obligations to the Plaintiff.
4. By the beginning of October, 2009, the Defendants had paid $5,000,000 of the $6,000,000.00 settlement. A dispute arose as to the payment of the final $1,000,000.

http://spngdd.files.wordpress.com/2010/02/gov-uscourts-nysd-329108-99-0.pdf

Does everyone now get the picture behind the PRs and the new promotional activity? If not, put your money in a savings account.

For the entire case, go here:

http://viewer.zoho.com/docs/idb81

(The website viewer doesn't seem to work, but you can save the document to disk and view the entire case, financial statements and all)

[alien42]

truckingangler, let me get this straight, you just post an e-mail exchange with the COO/CFO of SPNG where you asked for a SPNG sticker for your boat and his response was to go to a SPNG store that is really just this kiosk which was PR'd the next day?



lol, good luck getting that sticker. might as well buy a few sponges while you're there to help boost sales ;)

hopefully justice will be served and M&M can find a way to sell sponges to the prison system they should be occupying.