Replies to post #327637 on Spongetech Delivery Systems Inc (fka SPNGQ)

[loanranger]

"The bottom line is that Pensley's testimony to the SEC, during their investigation, is, in part, what lead the Commission to ultimately issue the Wells Notices, and then to issue the Complaint.

Now, the credibility of that testimony is refuted. As I believed, and so stated, that it would be almost a year ago.

I also expect evidence as to the number of Outstanding Shares is likewise flawed. Upon being advised by counsel that the reported number was 2.99 billion+ OS, the statement Steve made in his February affidavit indicated that he was "inexplicably advised" of this OS total."


That's right. This whole thing is just a merry mix-up!

And an unnecessary waste of time and money.

Just ask Steve.

[puppydotcom]

what do you expect the folks to say .. when facing possible jail or financial ruin. These idiots can't even keep their lies straight ..

lol


Hello, scion

This is exactly the subject I have been discussing for the past several days, starting with this thread.

investorshub.advfn.com/boards/read_msg.aspx?message_id=52666206

The bottom line is that Pensley's testimony to the SEC, during their investigation, is, in part, what lead the Commission to ultimately issue the Wells Notices, and then to issue the Complaint.

Now, the credibility of that testimony is refuted. As I believed, and so stated, that it would be almost a year ago.

I also expect evidence as to the number of Outstanding Shares is likewise flawed. Upon being advised by counsel that the reported number was 2.99 billion+ OS, the statement Steve made in his February affidavit indicated that he was "inexplicably advised" of this OS total.

http://investigatethesec.com/drupal-5.5/files/Spongetech.JPG

A company that is as much a sham as SpongeTech is alleged to be, should have enabled the SEC and FBI to obtain much more solid evidence. And the fact that the evidence is as tainted as it is, only supports the contention of many shareholders that there are external forces at work against the success of this company.

[starfire]

So Jay, are you saying that there were no unregistered issued at all by the company i.e about the 2.5 billion or so!???

I also expect evidence as to the number of Outstanding Shares is likewise flawed. Upon being advised by counsel that the reported number was 2.99 billion+ OS, the statement Steve made in his February affidavit indicated that he was "inexplicably advised" of this OS total.

[puppydotcom]

jay, the opinion letters were written and the stock was sold ..
does not matter who wrote them .. it was either the lawyer or the 2 insiders ..

the stock is on the street .. illegal sold by the insiders ..

plus .. this gang of crooks just can't keep their lies straight

[loanranger]

"Upon being advised by counsel that the reported number was 2.99 billion+ OS, the statement Steve made in his February affidavit indicated that he was "inexplicably advised" of this OS total. "

The statement "Steve" made in his February affadavit indicated no such thing. Spongetech's counsel sent CRESTA'S ATTORNEY a letter indicating that there were only 15,050 shares remaining available for issuance and he stated in HIS affadavit that HE was "inexplicably advised" of same.

You may rest assured that "Steve" was well aware of that fact and found it in no way inexplicable. For him, it was all too explicable.