Spongetech Delivery Systems, Inc. (fka SPNGQ)

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Here is some more public domain DD into these lawsuits against SPNG exec/insider. It looks to me like a failed SPNG promo or something , these are DRTV firms and DRTV financeers... If this in Fact related to SPNG promotions gone bad , it should have been filed in 8K and the Qs? Lets hope for SPNG sharerholders this not the case , if they failed to disclose such a material event could be bad news for SPNG........ Not sure > but it sure does smell like a SPNG promo gone bad IMO...

U.S. DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
Contracts
Court Grants Summary Judgment Enforcing Personal Guarantees for $5.5 Million Loan
BC Media Funding Company II v. Lazauskas
http://www.bloglines.com/blog/PLL/2008_11_3

BC Media Funding Company II et al v. Lazauskas et al
Plaintiffs: BC Media Funding Company II and Media Funding Company
Defendants: Frank Lazauskas, Michael L. Metter, Leonard Moscati and E. Michael Pisani
Case Number: 1:2008cv06228
Filed: July 9, 2008
Court: New York Southern District Court
Office: Contract: Other Office [ Court Info ]
County: NewYork
Presiding Judge: Judge Robert P. Patterson
Nature of Suit: Contract - Other Contract
Cause: Diversity
Jurisdiction: Diversity
Jury Demanded By: 28:1441 Notice of Removal
http://dockets.justia.com/docket/court-nysdce/case_no-1:2008cv06228/case_id-329108/


WHO IS BC Media Funding Company II:

Investment Management and Merchant Banking Services
The Investment Management and Merchant Banking Services business was launched in 2003 as an outgrowth of the firm's advisory activities and initially oriented toward acquiring seller notes. Barker Capital began its lending activities after identifying the underserved niche of lower middle market media companies and media entrepreneurs. In Barker Capital’s experience, such companies and individuals often are overlooked by money center banks, which are focused primarily on larger media transactions, and other banks, which often do not have the necessary media expertise.

In 2004, Barker Capital closed BC Media Fund I to make senior secured loans to lower-middle market media companies and media entrepreneurs. Due to the success of Fund I and increasing deal flow, BC Media Fund II was launched in 2008.

Barker Capital does not have preset minimum or maximum loan sizes or terms, but most funded loans have been in amounts between $5.0 and $15.0 million for between one and three years. Most of the loans have been derived from proprietary deal flow that is reflective of Barker Capital’s extensive relationships in the media business.
http://www.barkercap.com/about.htm

WHO IS > Media Funding Company

MEDIA FUNDING CORPORATION is a funding source for successfully tested direct response campaigns in TV, radio, print, voice broadcast, mail and email.

Media Funding DOES NOT require clients to give up equity in their shows or pay up-front fees or deposits. In addition, because of its experience and position in the industry, it can assist its clients in attaining the best in support services such as fulfillment and merchant banking services at excellent rates.

The principal of MFC has over thirteen years of DRTV experience, which include some of the industry's most stunning success stories. So along with the crucial capital you need, MFC also provides a wealth of experience to assist you in achieving the most cost effective and reliable combination of vendors and procedures to establish your foundation for ongoing profitability.

MFC works with most media agencies buying direct response media, so your choice of media agency can be one of the industry leaders, or a smaller boutique. The choice is yours.

MFC's Preferred Vendor list also includes the three leading credit card processors in DRTV, many fulfillment houses across the country, and the industry's leading telemarketers.

http://www.mediafunding.com/aboutus/thecompany.htm