Spongetech Delivery Systems, Inc. (fka SPNGQ)

[shajandr]

There is no $5 million. The court awarded the entire balance of the CRIS account to Solution Funding - they are owed over $2.5 million which is MORE than the entire balance of the CRIS account.

The SEC's claim for $5 million is worthless. BTR is gone. Assets sold.

Solution Funding takes what little there is in the CRIS account.

REPORT AND RECOMMENDATIONS. For the reasons stated in the attached report and recommendation, I respectfully recommend that the Court: (1) grant Solution Funding's Motion for Disbursement and award Solution Funding all of the funds in the CRIS Account; and (2) deny the Motions for Disbursement filed by the other claimants.

Think of it this way: Bill has a claim for $2.5 million, Ed has a claim for the next $5 million from the same account after Bill withdraws his $2.5 million. The checking account has $1.8 million in it.

After Bill withdraws his money, how much will be left for Ed?