As all of you know, if somebody is dealing for too long with something, the danger is given, that one could miss something, which of course can have consequences on the outcome. Being constantly in doubt about ourselves - nobody is perfect - we decided to let somebody else do an extensive audit of the T/A list, dated December 2009 and which has been presented to the SEC and therefore, everybody had access to it. Now, the person we gave it to, is a student of mathematics and always keen to make some money to finance her study. She doesn,t know SPNG and of course we took the name from the T/A list. We just asked her a simple question: 1) Review the list and come back with questions and then we will tell you what we want to know. Well, after some days she came back and asked us, about the right colume - where one sees Numbers attached as she found out, that the same numbers come up 2-5 times. We of course explained to here, that those numbers present a code to trace a certificate from the 1th issuance through the life of the certification until to the cancellation date.(Like a birth certificate up to a death certificate) This was all she knew. Yesterday evening, she mailed to us her findings and gave us 3 numbers, behind each number some comments:
From 1 to 2 is a difference of 51 Mio shs.
From 2 to 3 is a difference of216 Mio shs.
In total from the highest to the lowest is a difference of 267 Mio shares. She could not find the key to them, we neither. However, this morning a light flashed: Some months ago SPNG filed an 8 K with an extension right to the company from RME were the figure of 267 Mio is mentioned. I don,t believe in coincidences.
The surprise for us was, that here findings diverged from our findings by about 528 Mio, which is rather large and would have asked for another run through the figures, however, her presentation actually comes to the 728 Mio figure, which of course is what SPNG always said. As she did not know anything about SPNG and therefore the quarrel about the O/S, for us her work must certainly be prior to our findings.
I just had in mind to let you know those findings even to risk, that we could have eggs all over the face, as at the latest on the 23.7.2010 the O/S count will have to be presented. But again, based on the list we reviewed, 3 billion, no way.
With all due respect, you are wasting your time. M&M made sure to max out every last share of A/S to buy their fancy cars and houses. They also drained cash from Dicon to do same. Trust me, it's not worth spending time analyzing and rationalizing a situation that is embroiled in massive 100% criminal fraud.
Well, if you say: It is not worth spending time analyzing ...... tell this the SEC and the FBI. If they have the right to take their time and spend tax-payers money, I have the same right to do it at my cost. If you make money on an investment, that is okay, but if you lose - like I do on SPNG - I like to learn all of it.
Crj.. It doesn,t matter which religon one belongs to, what matters is, what people make out of it and what you make out of it. With or without religion, you would have good people doing good things and evil people doing evil things. But for good people to do evil things, that takes religion. Important is: Think always positive, the negative takes care of itself.
The crusher: You know Nigeria is very corrupt. So, Owing a bridge can make you rich. Even Robert Moses, who was responsible for the bridge system in New York found this out. Collecting seconds by seconds money from those crossing the bridge. But in Nigeria the problem is, how to get the collected money into the bank and once in the bank, how to get it out again. At least you show humour in those days.
why do you think they are selling the bridge? it is so they can pay for the food and water, so it will be both an investment AND charity all rolled into one.....you know, like spongetech......are you in?
It has been explained to you before what that means and I am not going to do it again. Read up on how an illiquid market is managed.
At the end of the day there is no NSS position, and at last report 625 shares were all that is presently shorted.
Go find another security blanket to cling to.
I've already given proof positive of naked short selling in SPNG. The fact you refuse to acknowledge said criminal activity will not change the fact of the matter. SPNG has been abused by illegal and manipulative naked short selling.
To repeat: it would be impossible for broker dealers to comply with REG SHO when they're selling it short day after day after day after...
In other words, since the broker/dealer can only sell short when they're confident they can indeed locate enough shares to deliver them in time for settlement, it would be impossible to comply when heavy short selling occurs for more than 3 consecutive days.
If you look at the volume of REG SHO short sales in SPNG throughou the year, you can see the shares have been consistently and heavily shorted, with volume of short sales over 80% of total volume on some days.
For example, go into April 2010
As always, scroll down to ORF. Then just start with April 20th and begin checking every date through to the end of the month.
What you find is that on consecutive days from the 20th through the end of the month SPNG is being shorted with the volume of short sales running over 50% of total volume. Incidentally, there are a total of 9 consecutive trading days from April 20 through April 30. And there are only 3 days until trades settle - T+3. Therefore, by shorting the stock every single day, the market makers, broker/dealers have already violated REG SHO and failed to comply with the requirement to locate and deliver the shares for settlement. In other words, the math just doesn't work. Even if the volume of short sales didn't run over 50% of the total, the BD, by shorting every single day, they automatically create a settlement violation and Fail to Deliver problem.
If the BD' excuse is "normal market making activity," then they're guilty of price manipulation by squelching legitimate accumulation by meeting the buyer's demand with counterfeit shares.
And IMO, this is the more serious violation, which has been further compounded by the SEC's and FINRA's failure, and indeed refusal to enforce these rules.
But guess what, the consecutive days short selling didn't begin with April 20 and then end April 30.
By my calculation, there may be over one billion shares in the FTD status.
Get with it FINRA and SEC. It's your data referenced so either enforce the rules or offer proof these short shares were eventual delivered for settlement. And if you're going to enforce the rules by going after SPNG, M&M, then go after the short and distorts too because they've done every bit as much harm to investors, and perhaps even more.