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Another day, another update on Dan Snyder’s Cheerleader Car Wash Sweepstakes. Another chance to run that fab/yucky photo from Snyder’s WTEM promotion, the one that’s sucked in some of the most brilliant minds in new media to our humble comments section.
Seems Snyder doesn’t really care who he jumps in bed with these days. His partner in the contest, which forces Redskins cheerleaders to put down their pom poms and pick up sponges and go service his radio station’s 25-54 year old male demo, was a sponge company called SpongeTech Delivery Systems, Inc.
Well, just as the cheerleader pride giveaway was heating up, Snyder’s ally gets nailed for all sorts of alleged shadiness by federal regulators: The Securities and Exchange Commission suspended trading on SpongeTech stock this week because of sketchy reports and non-filings of required documents.
(AFTER THE JUMP: SpongeTech’s the Six Flags of the sudsy set? SpongeTech’s so messed up it makes Snyder look like a fab businessman? Are Redskins cheerleaders being punished? Is WJFK punishing WTEM in the ratings? Can Mike Wise punish Tony Kornheiser? Is Anacostia/Eastern the Good Counsel/DeMatha of crumminess?)
Here’s a release from the Securities and Exchange Commission dated Monday, October 5, 2009:
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of SpongeTech Delivery Systems, Inc. (“SpongeTech”) because questions have arisen regarding the accuracy of assertions in press releases to investors and in periodic reports filed with the Commission concerning, among other things: (1) The amount of sales and customer orders received by the company; (2) the company’s investment agreements; and (3) the company’s revenues as reported in its financial statements. In addition, SpongeTech has not filed any periodic reports with the Commission since the period ended February 28, 2009.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.
Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the period from 9:30 a.m. EDT, on October 5, 2009 through 11:59 p.m. EDT, on October 16, 2009.
By the Commission.
Elizabeth M. Murphy, Secretary. Citation: “74 FR 51626” Document Number: “File No. 500-1” Federal Register Page Number: “51626” “Notices”
Investors were apparently already clued into SpongeTech’s difficulties. The stock (SPNGE) was trading at $.06 a share when the SEC booted it off the board.
Now that I think about it, it makes sense that Snyder would be attracted to SpongeTech. It ain’t easy for Snyder to find a company that’s as much a laughingstock on Wall Street as is his Six Flags. For all the mess Snyder has made while running that theme park giant into bankruptcy, perhaps SpongeTech makes him feel like Warren Buffett! (Thanks to Destino for the SEC tipoff.)
The director of the Redskins Cheerleaders told me earlier this week she wasn’t aware that members of her crew had agreed to wash cars for WTEM. Redskins spokesman Karl Swanson hasn’t responded to my query about the contest. But I now have a theory why Snyder would give the Redskins Cheerleaders such a degrading and subservient job as washing cars for sportstalk radio listeners: He’s still peeved at the First Ladies of Football for working the launch party for rival radio station WJFK in July.
That episode was a total embarrassment for the cheerleader obsessed Snyder, but with this contest he can show his WTEM listeners that he’s back in control of the troupe.
Speaking of the radio rivalry: The news ain’t much better for Snyder in sportstalk land.
WJFK boss Chris Kinard, the brains behind hiring the Redskins Cheerleaders for the coming out party of Snyder’s competition, put out a statement yesterday saying that his station is walloping the bejeezus outta Snyder’s.
Portions of Kinard’s release:
“According to Arbitron ratings released today, Sportsradio 106.7 The Fan is the No.1-ranked sports radio station in Washington, D.C. The station signed on July 20 and has eclipsed sports radio rival WTEM with listeners 12+, and in its target demographic of Men 25-54.
In the September ratings period (Aug. 20-Sept. 16), The Fan showed growth across the board. Its overall share of listeners 12+ was up 38% from the prior ratings period. During the same time period, the station increased its share among Men 18+ and 18-34 by 24% and 35%.
Additionally, The Fan was the No. 1 choice for Men 18-34 sports radio listeners in the coveted morning and afternoon timeslots, as well as in midday and evenings.”
These numbers only include about one week of the Mike Wise v. Tony Kornheiser late-morning battle, which provides the most intrigue of all the WJFK/WTEM subplots.
Wise is a radio newcomer; Kornheiser, despite being damaged goods after the extended “Monday Night Football” debacle, is the biggest name and probably highest paid guy in Snyder’s deejay stable.
Kinard didn’t provide specific numbers about the 10 a.m. to 12 noon portion of the midday slot. If WJFK can win that against Kornheiser and during the NFL season, WTEM’s future’s bleak.
God knows what Snyder’ll force the cheerleaders to do if this keeps up.
Reminder: Haves and Have Nots Bowls are both being played on area high school gridirons tonight.
The Haves Bowl: DeMatha hosts Good Counsel at the Prince George’s Sports and Learning Complex.
In recent years, DeMatha v. Good Counsel gets people as fired up as Roe v. Wade.
These are the top two football teams around town. DeMatha has an athletic program second to none not only locally but anywhere. Good Counsel has tried to model itself after the Hyattsville powerhouse, hiring several DeMatha alums and coaches.
But though Good Counsel has been able to crack the national prep football rankings in recent years, it has been nothing more than a bridesmaid to DeMatha in the powerful WCAC Conference for Catholic schools. It’ll take a win tonight and a win in the WCAC championship game to change the local landscape.
The Have Nots Bowl: Eastern at Anacostia
Both programs are the vying for the worst of the worst right now. Anacostia is 0-6 and has given up 50 points in four of those losses. Anacostia has a chance to become the first DC high school program ever to go 0-11 in a season.
But Eastern is at least as godawful. The school didn’t even field a team last season and probably won’t field one next year, and thus far in 2009 has put up an 0-3 record and has been outscored 114-13.
Eastern’s best chance for victory here would come if Anacostia is looking past today’s game to the upcoming matchup with Spingarn.
Spingarn, another perennial Have-Notter, is currently 0-4 and is losing the points battle 200-6.
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