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OTOW huge GAP pre market. this one will fly today on news alone!
lol no the court wants a "plan" that they will have written up that they think will help them to emerge from bankruptcy. the "plan" is due by Aug 11) ....not that they plan to emerge from bankruptcy on Aug 11
PCLI still holding up 80%
YRCW new HOD!!!
YRCW this leg up will break .02 and GO!
YRCW weeeeeeeeeeeeeeeeeeee
YRCW looks like profit takers about done then BOOM!
YRCW going for the long haul here.
YRCW catching FIRE now! moving fast
YRCW here we go!
YRCW worth the play here
YRCW lots of action over there
PCLI now UP 86%!!! more to come
PCLI UP UP and away!
PCLI steaming ahead!
i agree. just goes to show you ,no matter how much many try to ignore the truth, it keeps rolling out! more to come im sure.
"They didn't "make" $70 million, they had revenues/ sales of that amount."
They didn't have 70M revenue in any period.
really LOL and how much did they have left out of 70Mil ,,,not enough to pay DICON payroll or the electric bill. wow some overhead. almost not worth being in business if your bottom line can't pay the electric bill. SAD
awwwww i wanted the bankruptcy experts to keep digging the hole. :)
looks like money laundering,fraud and shuffling money to hide it. I mean SPNG says it made what 70 million and they were on schedule to make even more the next Q. where is it all? LOL I mean 70Mil and DICON has to close because mosky drained the dicon bank account and the DICON doors have to close cause they can't pay for the electric bill, ins, etc. I mean come on 70Mil and they can't even pay the elect bill?
Please read. sometimes the DOJ wants the trustee to get in there BEFORE INDICTMENT. sort of like here. In that way it makes the DOJ case a slam dunk. The court goes by the recommendations of said bankruptcy TRUSTEE. lets just see who is correct when all is said and done.....shall we?
http://wcco.com/crime/denny.hecker.indictment.2.1485052.html
Bankruptcy Fraud
Bankruptcy, by definition, is when a debtor is declared - either by creditors or his own account - legally insolvent. His property is liquidated and divided among his creditors to pay his debts. But when a debtor falsely claims bankruptcy, attempts to conceal his assets, launches petition mills or files multiple claims, he is committing bankruptcy fraud - a federal offense.
Types of Bankruptcy Fraud
Concealment of assets, petition mills, and multiple filings are the most common types of bankruptcy fraud.
Concealment of Assets
Concealment of assets accounts for nearly 70 percent of all fraudulent bankruptcy cases filed by individuals. This type of fraud occurs when a person purposely fails to list every one of his assets on his bankruptcy claim, knowing that creditors cannot liquidate valuables of which they are not aware. Similarly, business owners frequently conceal assets when filing for bankruptcy - they transfer money or properties to their relatives’ or associates’ names so that the assets cannot be confiscated.
Bankruptcy Fraud Punishments
Bankruptcy fraud, a felony, carries a sentence of a fine of up to $250,000 and/or five years in prison. Defendants will be booked according to standard criminal procedure and will have the opportunity to retain a criminal law attorney.
LOL they will have no ASSET when all is said and done. come on...who is going to give them financing? give me a break.
I saved your post, but like most who have said similar things for months, they are no longer around. Lets see what you have to say when SPNG and DICON are liquidated, the crooks ( M&M) are in jail and the stock is revoked. talk to you soon!
agree. a good stock market education is as expensive as one makes it. some are fast learners, others, not so much.
have a great weekend!
lol i know time in some cases is nothing but a slow death spiral... SPNG dead stock waiting! good luck
I believe the petitioning party will be asked to rectify.
I think it is more your lack of BK knowledge that is in question. Go look at the cases where a trustee is put in by the courts. then read where it says the trustee can move to chapter 7 and liquidate everything.
Not sure where you are getting your info from but it is false and misleading at best.
remember that whatever assets SPNG has are not LIQUID assets. they would have to sell DICON and sponges/inventory to be able to pay off creditors. right now SPNG is responsible for dicons bills, DICON ins.,payroll,elect. etc. that they can't seem to pay.
exactly....WITH NO FILINGS THE STOCK WILL BE REVOKED.
meaning of REVOKED for those who need more clarification:
Legal Dictionary
Main Entry: re·voke
Pronunciation: ri-'vOk
Function: transitive verb
Inflected Forms: re·voked ; re·vok·ing
: to annul by recalling or taking back: as a : to destroy the effectiveness of (a will) by executing another or by an act of destruction (as tearing or crossing out) b : to put an end to (a trust) c : to withdraw (an offer) esp. before acceptance d : to withdraw (acceptance of goods) by refusing to keep goods because of nonconformity —see also REJECTION e : to take back (as a license or a grant of parole or probation) esp. because of misconduct — re·vok·er noun Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
for some no point can be fine enough to understand LOL thanks TEX carry on ")
yes responging to SEC's recievership of SPNG.
06/18/2010 44 First MOTION to Appoint Receiver over Defendant Spongetech by U.S. Securities & Exchange Commission. (Attachments: # 1 Memorandum in Support Memo in Support of Motion for Receiver, # 2 Proposed Order Proposed Order for Receiver, # 3 Exhibit Exhibit - Complaint, # 4 Exhibit Exhibit - Motion for Preliminary Injunction, # 5 Exhibit Exhibit - PI Memo, # 6 Exhibit Exhibit - Proposed PI Order, # 7 Exhibit Exhibit - CV for Receiver, # 8 Exhibit Exhibit - Glascoe Declaration, # 9 Exhibit Exhibit - Davis Declaration, # 10 Exhibit Exhibit - Neal Declaration) (Tao, Jeffrey) (Entered: 06/18/2010)
Dicon was a TRUSTEE not a receivership. think you are getting your companies and motions mixed up
no i am saying that as reporting public company if they don't file the 10K, Q's the SEC will revoke the company. when that happens it will no longer trade and shares will be worthless. This revocation process has nothing to do with anything but SPNG being up to date on all filings.... period.
why respond to something that hasn't happened then? so what is SPNG responding to?
07/09/2010 78 RESPONSE in Opposition re 44 First MOTION to Appoint Receiver over Defendant Spongetech filed by Michael Metter, Spongetech Delivery Systems, Inc.. (Bessette, Paul) (Entered: 07/09/2010)
says Spongetech not dicon
"If you are a stockholder, the trustee may ask you to send back your old stock in exchange for new shares in the reorganized company."
like i said, IMO, SPNG will be appointed a trustee and or receiver as well. stay tuned
they had to, since no other OFFICIAL filings have been done since.
next step : look for United States Trustee to be appointed in the Chapter 11 of SPONGETECH.
if they don't file the 10K Q's then SPNG will be revoked and you won't have to worry about what they do. If they survive a chapter 11 it will be as a private co, no longer a publicly traded one. In either case shareholders lose everything with revocation.
in either case he resigned from BOTH companies so why is he making any decisions about SPNG still? CROOKS