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the laws are designed to protect the investor, not the sec. wake up. something is happening that you are all in denial about. wishful thinking will not make this right.
filings are subject to amendments and correction. same as the constitution. as long as it is done in a timely fashion it has absolutely no effect on the case.
he's still there, isnt he. why has the sec stood by and allowed this to continue? and the DOJ?
nothing is required in the filing except the filing. many ch 11 filings are very, very last minute. the dip is assisnged and approved after the filing and many companies take time to arrange it, depending on a valuation of the assets being pledged or an evaluation of their chances of every paying it back. you can file on the back of a piece of paper and it is official.
duh.....no reason to ask the court for payment unless you have arranged the financing already. SINCE EVERYONE HERE IS SO QUICK TO LOOK UP FACTS AND THEN POST THE REGS, WHYDOESNT SOMEONE DO SOME DD AND UNDERSTAND AND POST WHAT DIP FINANCING IS. THEN SOME OF THE UNINFORMED POSTS WILL STO. why dont you and others stop nit-picking on the little details that should be obvious to all and focus on the real facts. the attorneys would know they are going to get paid or they wouldnt file the motion. sm , again as off the wall as he may seem, would have enough sense to not forge a sig on a court document. and since it wasnt required, why is it even a point?
facts: spng is in ch 11. request for representation filed. sec has been sitting on their asses so there may be some questions of whether or not the charges they were talking about making are fully valid. same for DOJ. nobody here, not me, not anyone else, knows what is really happening so all we can go on are the previousl filings by doj and sec, then the filings of spng and the attorneys. so far, not one person has been fully informed of the facts and can issue an opinion on reality. all it is continues to be speculation. TIME FOR SOME NEW STORIES.
you should read up on ch 11 and DIP financing. payment is guaranteed by the court. dont be naive.
there is no reason to make that assumption. a ch 11 filing does not need an attorney to sign the petition, only required to have counsel when in court as a corp officer cannot represent the corp. they have now asked the judge to accept a a firm as its representative and the firm has filed a motion in support of the request. period. the check mark was not a signature or the judge and others would have already addressed the issue and dismissed the petition. get real all of you, mosko might not be the sharpest knife in the drawer but forging a name on a court doc when already facing criminal charges and then asking another firm to represent you when they know what you are accused of borders on rediculous. yes, spng officers appear to be incompetent but this would be dumber than any move made previously. how about everyone now facing the fact that the filing is real and start a new line of comments based on that rather than just rehashing old news. it might take some creativity and imagination on some parts but it would make this board far less boring. it has been like watching a rerun of a rerun of the beverly hillbillies. time for a new episode or new series.
For what? Having an opinion that was different than yours? Other than accusations why hasn't the sec gone further than they currently at and. Why is the DOJ just sitting back allowing the fraud to continue? I have no answers but if this were a slam dunk the trading would be shut down already and indictments handed down. The wheels of justice in a civil case move slowly but a good criminal case would be moving along much much quicker.
Learn to read more carefully. They didn't "make" $70 million, they had revenues/ sales of that amount.
Did I say anything different. My point is that the doj trumps the sec. Period.
so what has fraudulently been filed as of yet in the bankruptcy case? isnt this a chance to come clean? dont know if they will but so far as i can tell the filing contains nothing fraudulent.
separation of powers for one. the doj is part of the executive branch as defined in the constitution. sec is a regulatory agency, not law enforcement. they just trump it because thats the way our government works. think about it. you receive a decision from the sec you dont like. who you gonna call? thats right, the Judicial system. Who represents the sec in a criminal, not civil prosecution, thats right again, the DOJ in the US courts. you go bankrupt and need a trustee. who does that trustee work for? the DOJ.
Thats just the way it is.
Read my post again. Criminal charges will not be effected but the sec takes a back seat to the. Federal court system. Always did, always will. That's why a federal court can intervene and overrule a sec finding.
I read the filing. Did you. As far as we all know, what is on the petition is the most current and only info we have.
Anyone can file the form. A Corp must be represented by counsel in court.. No need for signature on form except by authorized employee/representative.
never heard of financing? buyouts for the net asset value? and my experience in dealing with bk is very, very large. i guess we will see what happens shortly, wont we?
if there are no creditors that are getting stiffed your point is basically meaningless. a prepackaged bk usually takes into account all claims and then, if assets exceed liabilities, insures the priority payments to the creditors. a company with a positive equity number but poor cash flow can almost always get dip financing. everyone gets paid, nobody gets hurt, and life goes on.
the criminal charges dont go away but without an indictment there isnt much to go on now, is there? the civil cases take a back seat to the bk claimants.
wrong wrong wrong. the trustee that will be appointed is an employee of the DOJ. Secondly, civil cases take a back seat to the bankruptcy court. it is a matter of constitutional law. DOJ-executive branch
SEC-independent agency, basically an arm of legislative branch as it was formed by congress. criminal charges can be pursued but since there have been no indictments the trustee will have a broad range of authority in deciding the progress of the fbi investigation.
convoluted? yes. but it is in fact the law.
sorry for some reason it doesnt open on a mac.
your lack of knowledge about how a chapter 11 voluntary filing works as well as an similar lack about manufacturing and the law is shocking. first, in ch 11, expecially where the assets exceed the liabilities, everyone gets paid. the trustee then allows the purchase of more material and inventory based on the actual value of cash on hand and the collectable receivables.
next thing you should know is that as dumb and crooked as you believe moskowitz to be, presenting false information to the courts is a major felony which will be punished to the fullest extent of the law. you cant really think that he wants to compound his current problems with the law, do you?
you have absolutely no basis for claiming anything presented is false. and if the feds and sec had the proof you and others believe exists, the grand jury would have indicted by now and the sec would have stopped the trading. obviously the courts disagree with you sentiment.
so there!!
yes, you can. you cant get rid of criminal charges but all old debts and those incurred prior to filing are part of the creditors claims. since there have been no judgements, it just goes away. somehow, but i dont know how.
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there is absolutely nothing that says that the attorneys are not representing spng and as well, the box signed by the attorneys makes them responsible for the validity of the numbers presented. where did yu see something that said the filers do not represent them?
cant be asked again. now in the hands fully of the southern district of new york, case number 10-13647 Judge Bernstein.
heres the difference between us. I am basing my posts on factual evidence and a knowledge of the law. Your are posting on emotion and fallacy. Logic or not, it would seem now that the attorneys and appointed trustees are in control. kind of eliminates moskowitz from the picture.
pretty broad assumption. if they had committed fraud they wouldnt go through the process and add to the crime. use some sense. they could have just ignored everything but instead filed to protect the shareholders assets. no forclosures, no debt.
it would take an idiot to file more documents with fraudulent numbers on it when there are already criminal cases pending. the attorneys would have to examine all financials before putting their name on the filing. gotta believe that things are not as bad as posted here. we will see.
now that they have filed and assets exceed liabilities they are in good shape. the bankruptcy court takes priority over the SEC, the DOJ and all civil suits. Cant fine someone in ch. 11. If they were a shell, they would have gone ch. 7. this is good news for shareholders.
indeed it did, and look at the assets vs liabilities. boy, i dont think they would lie on this form, does anyone?
assets exceed liabilities. gee, i thought they were nothing, just an empty shell. bet there will be more surprises coming too.
where do you see that?
i read it differently. it says speranza had nothing to do with spng, so how can you infer otherwise? do you have a crystal ball?
the transcript is public and a portion was sent to me. It only revolves around the phony web sites.
you are part correct. i am a corporate officer, but not a public company.
has anyone seen info from the sec regarding speranzas testimony? Heard it went well for SPNG but dont know how to find it. anyone?
and he is under investigation for taking bribes. good work there, dpilon.
good morning all. a friend of mine asked me to review the documents with an open mind as i do not follow the company or this board at all. I am a corporate officer of a similar company to spongetech so as a courtesy i have not only read and reviewed the legal documents filed with the court but other public information, such as D & B reports, industry publications and, most entertaining, the postings here and on Yahoo. a quick analysis follows:
1. Management here is contemptable.
2. The NY Post has not done all of their homework.
3. I will state with almost 100% certainty, due to my own DD, that the sales referred to in the legal filings relate only to the Dicon division. I have spoken with associates at many of the retail channels referenced and all have positive things to sale about the products being sold. Perhaps, or actually most likely, it is the commissioned, independent sales representatives doing a find job of marketing the product. A quick mental audit would suggest that with the number of doors spng's current customers are selling, the initial distribution of product would esceed 2-3 million dollars alone.
4. The forensic audit was only performed at Dicon. the Spng sales were simply a redirection of produt through Dicon that would be shown on their books rather then SPNG. R + H has done a separate audit but for some reason only the Dicon portion was released. A continuation of the contempt the company shows for its employees and investors.
5. I know nothing about criminal law but something more than most about the financial, civil allegations by the SEC. The mis-reporting of information as well as its tardiness will only subject them to civil penalties but, once released, and perhaps just what was given to the courts, should be enough to allow the company to stay out of becoming frozen. What remains to be seen is whether or not the SEC files an answer to spng, whether they withdraw their complaint and leave something to the DOJ, and if they themselves visited the manufacturing and office sites.
Thats it for a sunday morning. will continue to review and hopefully get some more info this week.
all is just my opinion. good luck whatever you think.