of scam company Spongetech Delivery Systems, Inc.
Just like scam company USXP
Just like scam company CMKX
Just like scam company PLNI
Just like scam company CSHD
Just like scam company SLJB
Just like scam company PHGI..........
..............the siginificant drop in stock price of scam company SPNG due to the massive issuance of common shares by the company is blamed instead on the "evil naked short sellers" and the "paid bashers" on the message boards.
This time it is the promoter "n_a_rockerfellor
" that is doing the accusations on the IHUB message boards:http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_S/threadview?m=tm&bn=63817&tid=256156&mid=256156&tof=3&rt=1&frt=2&off=1
NAR SAYS ..... Some are saying that the naked short position in this stock is zero. They may be saying that because they are working for a hedge fund that actually has a NSS position in this stock and it is their job to try and discourage people from buying or holding this stock. One way to determine whether or not it is in a particular persons interest to deny the existence of a NSS position is very simply to examine that persons posting history. Look for posts with a negative agenda with a pattern of repetitive posts harping on the same subject time after time. There is a good chance that the person being examined is a paid basher and you can expect that he or she is going to pooh, pooh a NSS position. Paid bashers would not be here if there were no NSS position to protect. Hopefully it is obvious to most posters on this board who the paid basher candidates are even though they claim otherwise.
NAR SAYS ..... I would also point out that if phantom shares exist in the market place for this stock, those phantom shares were created via an illegal NSS position. MM's go naked because that is required in the course of their everyday business. Reg SHO monitors this and these positions are bought in by the MM which resolves their short positions. It is the illegal NSS positions that are the problem. I have already posted a tentative accounting for 883.5 MM SPNG shares which indicates that there must be phantom shares trading in the market place. 94 MM treasury can be eliminated from this list because those shares have not been bought back yet, leaving a total of 789.5 MM shares accounted for. This number exceeds the issued shares of 723 MM. Is impossible to have more shares accounted for than have been issued unless there are in fact "phantom shares" in existence. I'll have to reconcile numbers with the 10K when it come out. Here is the post on the shares accounted for.
NAR SAYS ..... Adding to the list doesn't make the problem go away. The unknown is the number of phantom shares existing in the market place. The plus side is that there is a very good chance that a very large NSS position still exists on this stock and when the stock does make a sustained move to a higher lever, those who hold these positions are going to have a hell of a time trying to cover. It's just a matter of time. Sooner or later the market will acknowledge this fundamentals of this company and buy up the shares in the open market. Meanwhile the company itself is engaged in buying shares as is the individual members of management of this company. The noose tightens slowly sometimes, but in does tighten. Any hedge fund short this stock is in trouble and their paid bashers don't seem to be very effective. We all pretty much know who they probably are and what their recycled arguments are.
NAR SAYS ..... My own conclusion so far is that there are SPNG "phantom shares" traading in the market place and that the very exsistence of these shares is evidence that an illegal NSS position created these shares. The way this stock took off when it ran from $0.03 to $0.28, I doubt that the NSS positions were covered. That position seems to be supported by the existence of so many paid bashers on this board.
Love and Peace