Spongetech Delivery Systems, Inc. (fka SPNGQ)

[Renee]

Frontline, the DTC / DTCC global lock cannot be removed for the primary reason that ~2 billion illegally exempted from registration and fraudulently sold SPNG shares cannot be allowed to ever trade again, and secondarily that the SPNG(Q) stock will either be cancelled by the BK Judge upon a final Chapter 7 decree or by SEC Admin Law Judge revocation of the SPNG(Q) stock registration.

The U.S. Bankruptcy Laws are crystal clear that a liquidated company's stock must be cancelled even if there is residual money left over to pay shareholders after ALL creditors have been paid in full and ALL other sundry costs of the Bankruptcy have been paid in full. A liquidated company would no longer exist, so it is basic common sense that a company that no longer exists cannot have equity stock, ie., shares.

Study U.S. Bankruptcy Laws:

http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics.aspx

And because Spongetech has not filed Financials since the SEC Suspension the SEC Admin Law Judge would be compelled to revoke the SPNG(Q) registration for DEFAULT reasons simply because Spongetech has failed to file Financials. In this case it appears the SEC Admin Law Judge has deferred to the authority of the Court to cancel the SPNG(Q) equity upon final liquidation decree which would make stock revocation of a cancelled equity moot.

So, the DTC / DTCC cannot ever unlock the SPNG stock from the global lock.