Replies to post #337834 on Spongetech Delivery Systems Inc (fka SPNGQ)

[frostman67]

Puppydotcom, sorry to disturb you and sorry for my English.
Since it seems to me that we do not need to get any formal and coming court desision to understand that the sponges is a fraud, I have some stupid questions.
Could you be so kind as to advise where have fraud money gone?
I am able to get that the money does not smell but I do not beleive that it is not tracebable except the money is the same stuff like the Iraqi MDW. Surely I want to support the other American dream in justice and to purnish the fraudsters as much as they deserve, but is it possible in USA to steal the money and live the luxirous life spending some of them to the lawyers and taxi drivers for years? If yes USA is the really fortune country.

[BMK]

Agree with what you say on many levels. Even shareholders surely acknowledge that restricted shares became "unrestricted" with phony opinion letters and that company insiders and associates sold them into the market at a premium after the marketing campaign with sports advertisers.

Product was in market as everyone agrees. Seen in CVS, Walgreens, etc. Maybe on consignment to continue elaborate scam. Nobody sure of real sales, but maybe scam too good, driving up PPS too quickly and catching too much attention.

Still of the opinion short sellers knew of phony sales and waited to male their money before exposing it. Not much bashing during run up, but plenty after mid-July when PPS peaked then dropped. Subsequent to this, phony sales made their way to media (NYPost) and SEC.

So much corrupt and even criminal activity going on during this time frame.

I mentioned FTD list qnd SRV replied it was due to selling of restricted shares. Not sure he understands a sell of restricted shares is a sell, not a short sell, meaning those sales would not show up on FTD list, since no delivery required.

Last figure of A/S was 3B. Assuming all 3B shares in open market, that would include restricted shares. Assumption then is anything above 3B must be a short position. Trustee in BK case threw out a figure of 50B shares which caught the ear of judge. 50B sounds high, but anything over 3B must be uncovered short positions. Agree? If so, OBO and NOBO lists would be a good starting point to determine if, in fact, there is a short position and, in light of SEC seeming to now be looking both directions ala Taser and others, could it be those holding a short position or others covering for those holding a short position, are so anxious for this BK to come to a close, thereby making all uncovered short positions moot and tax free?

As stated, no dog in this fight, so looking objectively at all possibilities. Opinion here is that there are open short positions AND that SPNG insiders sold restricted shares into the market. This Celia character seems like a small player who simply scammed scammers and made off with over $4 profit from selling and then buying Dicon.

@cowtown jay. You might know me. Do you trade much? I know a few traders.