Replies to post #334889 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

"The only way to get a full and accurate assessment of share count is to have account statements provided in a period beyond the date in which trading has stopped."

Except, even if you could get a court to require b/d's to provide such statements they would not reflect shares that were not in b/d accounts.

And

Getting the shareholders to provide proof of their holdings, whether that be in account statement or cert form, should they be holding same, is not at all likely to be met with 100% compliance.

So there is NO "only way to get a full and accurate assessment of share count", is there?
And given the above, the issue of trading having to be stopped to accomplish such a thing is moot, isn't it?

[big lug]

Can't this simply be done electronically? Can't ETRADE for example release a share count of SPNGQ shares in all their customers accounts? And couldn't the same be done for all the brokerage houses?

If there are phantom shares in excess of Issued and Outstanding that shareholders are trying to prove, it requires account statements that prove share ownership in an account. That requires a law firm to operate as a trustee to this info and would require individual shareholders to fax in account statements that can be verified for authenticity showing the shares owned. Regardless of clearing issues or anything else, this is absolute. why you need to have the stock halted is that this takes a huge amount of time and will be entirely dependent on people reporting them in (highly unlikely),