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Giving benefit of the doubt, checking trading records for highest volume days in July '09, vast majority of trading occurred at open and close, dispelling the "flipping" theory.
8B shares, as a lowball figure because does not include ex-clearing trades, would amount to $800,000,000 at 10c cost basis.
45B, which may include all ex-clearing trades and might be what Trustee was referring to in court, would be $4,500,000,000, that's $4.5 Billion dollars.
It becomes more clear with each post and time devoted to this washed up company, along with mathematical logic, that a good portion of that (minimum) $800M was shorted on the way up and at peak levels, and remains uncovered.
Two questions for those who share this "NSS is a myth" theory, which we know is not true, or our own US Govt would not have temporarily banned short sales on financial stocks after the meltdown of Lehman, WAMU, etc.
I am here doing research on my time, outside of my normal job, not to dispel the notion that SPNG execs were crooks, quite the contrary, but to engage honest conversation regarding the real possibility, if not probability of NSS. Why else be here on a stock that has a global lockdown? I can't get my head around that. Well, without again giving the benefit of the doubt. If I, along with many others, readily admit the fraud of SPNG execs, and with math on the side of a very real possibility, why does NSS try to be dismissed so vehemently? Just a couple of questions for my little project. Thanks in advance for any replies.
See another of those not well thought out investors who can't seem to understand a company sells any share of stock ONCE. If the one that invests in it then sells it at a gain or loss, to you or someone else, who does the same...is what investing is all about.
invest in a fraud and you lose.
Very literally... MOST OF THE SHARES OF STOCK SOLD ON THE MARKET TODAY (like any other day), ARE IN COs THAT HAVEN'T ISSUED NEW SHARES IN YEARS...THEY GET NOT ONE CENT FROM THESE TRADES. (See they sold the stock before...took the money and maybe made profits and maybe not). So how could they possibly be responsible for if the one owning or buying it loses or makes out?
Had these weirdo's made the money owning the SPNG stock they deluded themselves to thinking they would, would they have given it all back to the company - for having invested in something 'too good to be true"?
Duh.
Yes, certainly many are nothing but someone taken for a ride as a mark and fool.
The wacko...and if you will much more demeaning names...would apply (as a generality) to many of those who would be involved suporting SPNG (then and now)in this type of forumn. They would have every reason to be informed as to what was really going on, or alternatively, and this is unfortunately clearly the case of many, so incapable of being informed that they did (and may continue) to act as pawns of those perpetrating the fraud on them and essentially were a part in the defrauding of others.
Again, the well documented Ponzi Syndrome. Like the Stockholm Syndrome attributed to hostages: many of the victims, presumably innocent of anything but a mistaken trust and belief, refused to even take any portion of the small amount that was eventually recovered for them, claiming that was just a trick to have them give up their rights to the fortune that Ponzi was maiing for them. Not a bad definition or exampe of wacko I should think!
Can't flip a stock and certainly can't short a stock rising daily
lol, that is nonsense. highly volatile stocks like SPNG back in the day were flippable multiple times per day. just because a stock ends the day up doesn't mean it didn't fluctuate during the trading session.
a single trader could have bought 1 Million shares and flipped those same shares half a dozen times in a day.
care to post what you are referring to cause i have no idea what you are talking about.
It appears in court transcripts this magic "formula" is a sticking point, along with the value of the result of this magical "formula."
Considering the number he was referring to was a complete joke...it's not worth the time.
Cheers and good luck
Agree, but largest trading appears to be a basis of roughly 10c, meaning cost to buy initial 2M shares would amount to $200K, and that's for only flipping 2M shares.
Explain to the noobs how long this would take to reach the 8B - 45B shares above and beyond 3B A/S. Not an average trader/investor has that kind of money sitting around to flip on such a volatile penny stock, especially given the fact most of those high volume days the PPS rose.
Can't flip a stock and certainly can't short a stock rising daily, unless shorting outside allotted time frame, making it illegal naked short and landing on FTD list.
It seems the more people try to dismiss NSS mathematically, the more they corroborate. In this poster's example, we saw $200K to flip 2M shares, meaning 4M total. And flipping would have been a losing proposition since PPS continue rise during this time.
Yes, I would totally agree with this guy right here, about the shares...
That fabricated/exaggerated number?
You have to be joking, right?
Very true, but the number of shares I was refering to was the number of outstanding shares, the court estiminated in the market place. Which was way above what the company stated that were outstanding or even authorized.
That have to come from some place, I am Not Sure of the Source are you.
If so please explain.
50 billion - 5 Billion still leave 45 billion unaccounted for.
first of all your numbers are wrong.
second is that a single share can trade dozens of times in a single day. that is the nature of high volume penny stocks which are heavily flipped.
the formula you are trying to create isn't possible without far more information which is not publicly available.
Most people often mistake that number for the actual amount of shares available when it's simply a count of how many trades occurred.
For example....
Say I bought 2M shares and sold them two weeks later then bought more and sold again. That will show as 4M shares...
So, you have multiple amounts of people flipping shares which creates a larger amount of shares traded.
So, in essence that number of shares traded has NOTHING to do with the amount of shares available from the company
Common error by many noobs
Your right I was wrong, Cuomo wasn't the aggressive Attorney General I thought he was. If so SPNG should have been closed down long before it was.
PS
Alien42
Thank you for being such a fan, and having my words of wisdom so excessible at your finger tips. I am honored.
But please explain to me, if noboby believes, why delete my last post?
50 billion - 5 Billion still leave 45 billion unaccounted for.
As Ricky used to say to Lucy
"You got so explainen to do"
drugmanrx, you are just as wrong now as you were a few years ago....
"If there was any illegal operations occurring at Spongetech, Cuomo would be investigating, hoping to add another feather in his Ccap before the 2010 primary."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=41777159
Put differently, Trustee mentioned possibility of 50B shares in court, prompting judge to ask what, if any, financial impact this may have. Trustee said basically nothing. Shareholders believed differently and judge asked shareholders to show financial impact of NSS.
Again, nothing mystical or magical in judge's ruling, just handling his court, and this case, the way he best sees fit.
In reading about shareholder's misfortune, it doesn't register with me calling them wackos rather than feeling compassion. Guess I'm just old like that.
I find it repulsive that these men were able to perpetrate such a crime.
happens in penny stock land .. every single day
True...a judge can allow (and generally disallow) any argument that he feels may be relevant or not to a case.
IT DOES NOT MEAN THERE IS ANY IOTA OF EVEN A POSSIBILITY OF IT BEING A TRUE MAATER OF ANY TYPE.
So what do you thinK...judge saying "....you want to bring some evidence to the court that it was A two headed blue martian posing as you that killed the clerk....go right ahead....", or deny you the right, which makes for a reason to appeal his decisions?
Duh! If anything, he did say that even if there was an NSS thing, it would likely have little or no bearing on the bankruptcy case that the company filed. (Showing that the shareowners of the company were defrauded is totally unimportant, except to prove the complete worthlessness of the company, to the bankruptcy court).
AND HERE IS THE BIGGIE...LIKE THE 2 HEADED MARTIAN...EVEN WITH AT LEAST AS MANY CLAIMING THEY BOTH EXIST...NOT ONE DROP, NOT ONE SCINTELLA OF ANYTHING WAS BROUGHT TO THE COURT TO HVE IT EVEN DECIDE THE EVIDENCE WAS REAL. Nope nothing. Because like the 2 headed martian that takes a wackos identy and he wants to blame for his stupid acts....it doesn't exist.
Sorry, but yes I have to laugh about the threats... HAHA, too funny, it shows how desperate people are about their investments...
I understand your point about the "opposite side of the coin"
I am mainly here to just check up on SPNG developments for a friend of mine who cant bear looking, and I just am interested because I find it repulsive that these men were able to perpetrate such a crime.
anyone who mentions NSS gets attacked by spammers who SWEAR that your an idiot if you even think NSS is a possibility
that's because posters who expose scams such as SPNG are accused of being part of the NSS conspiracy and attacked by the naive victims of the scam who ignore the facts about the real fraud that went on here.
both legal action and my life were threatened by many of the SPNG victims for doing nothing more than exposing the truth.
The FBI, DOJ and SEC followed the money and know where it went. Just because you haven't followed the money doesn't mean that they haven't; and the money trail led straight to money laundering charges.
SPNG was 100% scam from day one. It was conceived as a scam, did business as a scam and died as a scam.
03/02/2012 212 SENTENCING MEMORANDUM by USA as to Frank Nicolois (Reilly, Nathan) (Entered: 03/02/2012)
Doc 212 PDF file
https://viewer.zoho.com/docs/ucccbj
Pacer update 07 Mar 12 USA v. Metter et al CRIMINAL DOCKET FOR CASE #: 1:10-cr-00600
Date Filed # Docket Text
03/07/2012 Minute Entry for proceedings held before Judge Dora Lizette Irizarry:Status Conference as to Michael Metter held on 3/7/2012. Appearances: AUSA Nathan Reilly; Retained defense attorney Maranda Fritz for defendant (pres/bond). Court notes decision on defendant's motion concerning venue is denied without prejudice to renew at the close of the Government's case on trial; written order will be issued. Decision on suppression motion is still under consideration. Status of case stated by AUSA; will be turning over additional items requested by defense counsel. Ms. Fritz agrees with Government's status report. Final Status Conference set for April 5, 2012 at 2:00 PM in Courtroom 4 A South before Judge Dora Lizette Irizarry. Time continues to be excluded due to pending motion. (Court Reporter Frederick Guerino.) (Carosella, Christy) Modified on 3/7/2012 (Carosella, Christy). (Entered: 03/07/2012)
03/06/2012 ORDER ADJOURNING SENTENCING as to Frank Nicolois: Due to an unforeseen scheduling conflict sentencing, previously set for March 9, 2012, is adjourned. The courtroom deputy will contact the parties via email to select a new sentence date. So Ordered by Judge Dora Lizette Irizarry on 3/6/2012. (Carosella, Christy) (Entered: 03/06/2012)
03/02/2012 212 SENTENCING MEMORANDUM by USA as to Frank Nicolois (Reilly, Nathan) (Entered: 03/02/2012)
03/01/2012 211 STATUS REPORT by Pretrial Services as to Frank Nicolois in anticipation of sentencing (access restricted due to personal content). (Carosella, Christy) (Entered: 03/01/2012)
02/29/2012 209 SENTENCING MEMORANDUM by Frank Nicolois (Attachments: # 1 Exhibit 1, # 2 Exhibit 2, # 3 Exhibit 3) (Batista, Paul) (Entered: 02/29/2012)
1:10-cr-00600-DLI USA v. Metter et al
1:10-cr-00600-DLI-1 Michael Metter
1:10-cr-00600-DLI-2 Steven Moskowitz
1:10-cr-00600-DLI-3 Andrew Tepfer
1:10-cr-00600-DLI-4 Seymour Eisenberg
1:10-cr-00600-DLI-5 George Speranza
1:10-cr-00600-DLI-6 Thomas Cavanagh
1:10-cr-00600-DLI-7 Frank Nicolois
https://ecf.nyed.uscourts.gov/cgi-bin/iquery.pl
As I understand it, so far the RM judgment's only really interesting component is to require that SM, MM, FL and anyone else involved with RM to stop doing whatever it is that they did. The judge's calculator is in the shop.
IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is permanently barred from participating in an offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes ofissuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock. A penny stock is any equity security that has a price of less than five dollars, except as provided in Rule 3a51-1 under the Exchange Act [17 C.F.R. § 240.3a51-1].
III.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is liable for disgorgement of $15,000, representing profits gained as a result of the conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of $883 .40, and a civil penalty in the amount of$120,000, pursuant to Section 21(d) ofthe Exchange Act [15 U.S.c. § 78u(d)], for a total of$135,883.40. Defendant shall satisfy this obligation by paying $135,883.40 within 14 days after entry of this Final Judgment to the Clerk of this Court, with a cover letter identifying George Speranza as a defendant in this action; setting forth the title and civil action number of this action and the name of this Court; and specifying that payment is made pursuant to this Final Judgment. Defendant shall simultaneously transmit photocopies of such payment and letter to the Commission's counsel in this action. By making this payment, Defendant relinquishes all legal and equitable right, title, and interest in such funds, and no part of the funds shall be returned to Defendant. Defendant shall pay post judgment interest on any delinquent amounts pursuant to 28 U.S.C. § 1961.
03/06/2012 212 FINAL JUDGMENT AS TO GEORGE SPERANZA, in favor of U.S. Securities & Exchange Commission against George Sperenza. (See Judgment for details). Ordered by Judge Dora Lizette Irizarry on 3/1/2012. (Returned to chmbr's.). (Layne, Monique) (Entered: 03/06/2012)
Doc 212 PDF file
https://viewer.zoho.com/docs/dcNndi
03/06/2012 213 FINAL JUDGMENT AS TO DEFENDANT RM ENTERPRISES INTERNATIONAL, INC., in favor of U.S. Securities & Exchange Commission against RM Enterprises International, Inc. (See Judgment for details). Ordered by Judge Dora Lizette Irizarry on 3/1/2012. (Returned to chmbr's.). (Layne, Monique) (Entered: 03/06/2012)
Doc 213 PDF file
https://viewer.zoho.com/docs/ccSaC
So how do we get our money from them?
I very much doubt anyone will ever see a cent from SPNG SEC,DOJ, BK results. As always, Best way is to stop buying penny scams and diluting pennies in the first place
03/06/2012 212 FINAL JUDGMENT AS TO GEORGE SPERANZA, in favor of U.S. Securities & Exchange Commission against George Sperenza. (See Judgment for details). Ordered by Judge Dora Lizette Irizarry on 3/1/2012. (Returned to chmbr's.). (Layne, Monique) (Entered: 03/06/2012)
Doc 212 PDF file
https://viewer.zoho.com/docs/dcNndi
"BUT its very interesting about the judge allowing the NSS case to be presented before revoking the stock...
(this is the first I've heard about it..."
It hasn't been clearly presented to you. The bankruptcy judge can't prevent the SEC from de-registering the stock. He has done 2 things.
1. Allowed a shareholder to try and make the case that naked short selling should be an issue that the court should consider in the bankruptcy case.
2. Denied a request by the Bankruptcy trustee to enter into a settlement with the SEC that would allow the SEC to de-register the stock.
I would suggest that item #1 has gone and is going nowhere. And the SEC action to de-register will proceed at some point without the need for either a settlement or any input from the bankruptcy judge.
Pacer update 06 Mar 12 - SEC v Spongetech CIVIL DOCKET FOR CASE #: 1:10-cv-02031
https://ecf.nyed.uscourts.gov/cgi-bin/iquery.pl
Date Filed # Docket Text
03/06/2012 213 FINAL JUDGMENT AS TO DEFENDANT RM ENTERPRISES INTERNATIONAL, INC., in favor of U.S. Securities & Exchange Commission against RM Enterprises International, Inc. (See Judgment for details). Ordered by Judge Dora Lizette Irizarry on 3/1/2012. (Returned to chmbr's.). (Layne, Monique) (Entered: 03/06/2012)
03/06/2012 212 FINAL JUDGMENT AS TO GEORGE SPERANZA, in favor of U.S. Securities & Exchange Commission against George Sperenza. (See Judgment for details). Ordered by Judge Dora Lizette Irizarry on 3/1/2012. (Returned to chmbr's.). (Layne, Monique) (Entered: 03/06/2012)
Defendant
Spongetech Delivery Systems, Inc.
Defendant
RM Enterprises International, Inc.
Defendant
Steven Moskowitz
Defendant
George Sperenza
Defendant
Joel Pensley
Defendant
Jack Halperin
Defendant
Michael Metter
https://ecf.nyed.uscourts.gov/cgi-bin/iquery.pl
Flippers? Would not make sense because this went straight up and straight down, leaving little to no chance of flipping.
that is where you are wrong, there were quite a few opportunities to flip SPNG over that period.
Only logical conclusion is NSS
when you begin with an incorrect assumption, the conclusion is going to be wrong.
Thx for info on Metter and Moskowitz. Being 337,000 posts behind, is not something a late-comer would otherwise know. Your assessment of them would make sense. Do you know them personally or basing judgment solely on corrupt activities?
Seems CYA by them did not start until after July '09 dump. Makes sense. Billions of shares traded still not adding up to only one side of coin being corrupt.
As far as saying believing in NSS is equivalent of believing in Santa Claus, let's think logically about this too with only two points.
1) if US gov't places temporary ban on shorting financial in Sept '08 after demise of WAMU, Lehman, Bear Stearns, Indymac, etc, obviously they did NOT do this for legal shorting, bit NSS, knowing no covering necessary after companies belly up. G-S found to be big player here.
2) With evidence of NSS thus established, in a much more tightly regulated big board market, conclusion here is that NSS is even MORE prevalent in less regulated penny stock market. Much less investment necessary to short at 25c than $25. And risk is virtually non-existent because, as you state, much corruption by companies in this market. It didn't take rocket scientist to see this was scam after 10K.
Conclusion, conspiracy theories aside, NSS is not only existent, but prevalent in this market.
Hi BMK,
Do you know anything about the court developments relating to NSS and how shareholders can get involved?
Also, in response to my curiosity about the NSS... It was probably those scammers Metter and Moskowitz who are the real criminals...
its one thing to blame the crash of SPNG on NSS, but the management leaders who owned and ran the company never produced the audited documents they GUARANTEED in their press releases.
I personally believe that the management were harden criminals who set forth to steal investors money from day one, and I will support my friend who was invested in this stock because what SPNG MANAGEMENT did and what happened here is clearly against the law.
BUT its very interesting about the judge allowing the NSS case to be presented before revoking the stock...
(this is the first I've heard about it... I just started looking into this and the history here because my friend was involved as a shareholder and that person does not have the enery go read through so much after what they went though with the men who ran this company.... but, I however have alot of time and resources, and I am SO EXTREMELY INTERESTED IN SEEING the management brought to justice and seeing the stock revoked or how ever this plays out...
This is interesting to me... So the judge is actually allowing the shareholders to present a case of NSS before he issues the stock to be revoked...?
How can shareholders get involved in helping with the process. Who is actually trying to present the case... the lawyers?
Please tell me more
Not intending to be repetitive, but let's take a look at the Mathematics and make a logical argument on existence (or not) of NSS.
May-Sept '09, in the neighborhood of 12B shares traded. Let's attribute 1B to the "longs" probably much more, but conservatively speaking.
That leaves SPNG crooks with maximum of 2B A/S to dump illegally into the market.
Of remaining 9B trades, IMO SPNG was through once illegal shares dumped into market. Based on postings here and elsewhere, at face value it does not appear longs were selling, only buying more. Now let's overestimate and say longs bought another 1B after illegal dump by SPNG crooks.
Who sold them those 1B shares, since (as mentioned above) entire A/S would already be in market and what about the other 8B? Flippers? Would not make sense because this went straight up and straight down, leaving little to no chance of flipping.
So we have a mysterious 8B shares that must be attributed to something. Only logical conclusion is NSS, especially when taking 4 months of FTDs into consideration.
Tell me where I'm going wrong, because this is a puzzle I am taking keen interest in solving...just my nature
This guy is wrong. This is not over, it is fraud and these men will see jail time and justice will be served.
Yea right and no one can follow the money, where is the money if there are hundreds of millions? that is a simple question , and that is quite an elaborate scam to set up a full working company with production, sales teams, delivery systems, order takers etc etc etc, but I know that was all fake too right.
what a joke
Why go to all the trouble to set all that up and spend all that money to run a scam.
Yes it turned into a scam with the activities of the top managements activities but many investors invest in product and not the management.
spend all what money? M&M illegally dumped 2 BILLION shares on the market worth tens of millions in not hundreds of millions of dollars. all their foreign customers were made up and there were virtually zero real sales, what wasn't an outright lie, was actual being bought by SPNG. they were a scam from day one and you can't sell a scam without a product of some sort. that doesn't make it any less of a scam.
as for all the 'know it all' nonsense, what is wrong with publicly disputing scammers lies that are still being spread?
Not sure of shareholder sentiment, but surely even they now know it was a scam all along.
you would be surprised.
Seems ignorant of SPNG execs to take it to the national level they did through advertising.
i wouldn't say ignorant, Moskofraud is a sociopath and Metter is an egomaniac. the advertising was used to sell stock as much as it was for product. by advertising at sporting events SPNG was able to target a penny stock naive audience. the next greatest thing then gets told/sold to friends and family and the victims add up fast.
Much easier just to run a few P&Ds. Guess they wanted to hit a home run rather than carve out a few singles too, just like shareholders.
their fraud was one of the biggest in penny stock history, up there with CMKX. not surprising that these massive scams were used to popularize and spread the NSS fantasy by both the scammers and their victims.
Perfect for NSS though. What a setup!! Having the goods on a company knowing full well all it took was a couple of blown whistles to make off with 100% tax-free dollars.
perfect for Santa Claus as well. NSS in penny stocks is just one part of a crazy conspiracy theory that involves the SEC, the MMs, FINRA, DTCC, the TAs and everyone but the actual crooks.
keep searching though and let us know when you find them.
Perfect for NSS though. What a setup!!
Naa. It was all the moski and metter show. And repeating it over and over won't make it true either.
Not sure of shareholder sentiment, but surely even they now know it was a scam all along. Seems ignorant of SPNG execs to take it to the national level they did through advertising. Much easier just to run a few P&Ds. Guess they wanted to hit a home run rather than carve out a few singles too, just like shareholders.
Perfect for NSS though. What a setup!! Having the goods on a company knowing full well all it took was a couple of blown whistles to make off with 100% tax-free dollars.
Absolutely agree with everything except last sentence. I think shareholders saw dollar signs in their eyes and were hoping for that big pennyland prize, which rarely happens. Only time I've ever seen is if a small pharma actually gets Phase III FDA approval, then are bought out by Big Pharma. Don't recall seeing many others in pennyland make it big.
I think shareholders were hoping against hope that company was not a part of the problem. So not better scammers, just naive with rose-colored glasses.
Not sure of dates or anything else, but might be first time I recall seeing a federal judge giving shareholders a chance to make NSS case before revoking stock. Paper trails are very long when NSS exists and would be monumental task for shareholders to find a way to expose, but not impossible.
Totally agree with not going against hedge funds who are shorting. That is the big money and should be followed.
You could be right. In reading the transcripts, it certainly looks like onus is on shareholders. It does appear judge is giving benefit of the doubt to those who feel they were scammed by both company and NSS. The last I saw on transcripts, he wants to know benefit to estate if NSS exists.
Please, please; post a snap of your IOU. LOLOLOL
They are proud to say they knew it and were saying it all along. the NSS were doing it.
not only that but they were claiming NSS while defending management. at the time, anyone who stated that SPNG management were scammers who were stealing shareholders money were attacked and accused of being part of the NSS.
it happened to me here at SPNG and continues to happen on current scams that have yet to be busted or shut down.
Yes BMK, we can all agree on many points...even that there are some things that either will or will never actually be resolved.
But one of the more bewildering consistent actions we've seen so many do here, especially those that believe in this NSS stuff:
They are proud to say they knew it and were saying it all along. the NSS were doing it.
Well, common sense, if you think this consortium of hugely powerful, supremely rich organizations is taking a financial position, and investing in lots of employees to boss around to make sure it is a success....DON"T INVEST AGAINST THEM!!! Certainly don't expect sympathy or compenation when you do.
Knowing that the smart, informed money is acting against you should be more than enough to get out of the game that instant. Doing anything else is simply doing exactly what they want to have you lose your money to them.
The only ones that even ever consider beating a scammer at its own game is someone who is sure they are a bigger, smarter and better scammer. Obviously.
I thought it was made clear that shareholders, not the court, were responsible for investigating and footing the bill concerning any NSS wrong doing (as is a right for shareholders with any stock, I would guess)......
Could not agree more with a couple points.
Dump all scams resembling SPNG ASAP!! If even any value left.
Learn from mistakes, which applies not only to trading, but life in general.
Poster asked "how do we get our money?"
Answer was to read court transcripts of BK case if wanting more knowledge. Should he? Wouldn't matter if he knows case or not to expedite anything.
Possible disagreement is pittance. Could be right, could be wrong. Much evidence seen and read indicate this case has not followed SOP in revocation on stock.
Me thinks more than CURRENTLY meets the eye. Time will tell, time and judge's decisions.
Don't read the court transcripts.
Don't follow the bankruptcy case.
Don't spend another minute thinking about Spongetech in the sense of "how do we get our money".
If the various court proceedings generate any recoveries from the perpetrators (they probably will not), the court will find you, provide you a claim form, and mail you whatever pittance you are entitled to. Don't stare at the mailbox.....it might take a few more years.
Spend whatever time you might have been advised to waste reading the court transcripts or following the bankruptcy case reviewing your portfolio to make sure that there are no other Spongetechs in it. Think about why you bought this thing and why you failed to sell it before it lost all its value. Think about why you failed to recognize the fraud. The only reason to think about this company is to learn how not to buy one like it again. The money is gone.
Good luck.
In a search for a contractor to replace my roof I had 5 estimates provided from 5 different companies. STEVEN MOSKOWITZ of Renovex LLC gave me the best price by over a couple thousand dollars. This was too good to pass on, so I hired Renovex to do the job.
Steve immediately demanded 60% of the cost to be paid upfront. I was hesitant so I told him once the material arrives on site I would give him the 60%. He rudely told me "I am not a bank, and I won't lay out that kind of money." We eventually came to an agreement. The following day, 80% of the material arrived and so I paid him in good faith. That was my second mistake. My first mistake was hiring him in the first place. I was initially promised that the entire job would be completed in 3-5 work days. Over the course of 3 weeks I've heard one excuse after the other. It went from bad weather (which never came) to family emergencies, to sick days (6 in a row, with no communication) This company left my roof unprotected which lead to a semi-major leak in multiple areas of my home. I am currently in the process of filing a claim against his insurance, which I'm beginning to think is fraudulent. I have gotten no where. After over three weeks from the start date they were only competent enough to complete 45% of the job. I had finally had enough of the excuses and contacted Steve. I told him I have no other recourse at this point. I need to hire someone else to complete the job. His response was, "Why didn't you tell me that my workers haven't been there in over 5 days? You are just trying to steal my materials and I will see you in court!" As if I'm responsible for managing his labor force. Save yourself the headache, don't use Renovex LLC for ANYTHING! It was a waste of my time and money in the long run. It was the least professional management I've ever dealt with in my entire life. PLEASE DON'T BE TEMPTED BY THE LOW COST, IT IS A FACADE THAT IS WELL WORTH AVOIDING!
Ross G. and 1 other voted for this review
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