Spongetech Delivery Systems, Inc. (fka SPNGQ)

[Teflon2Insults]

He's talking about a very small AM radio station that was center in a bunch of notes that M&M and some others used while pushing notes and loans around as a way to get the cash. (Basically, take SPNG $ and loan it to another place - like the station (which not surprisingly they had some captured control over already)- and then move it to your own pocket from there). And it is true, basically, SPNG did arguably have a right to the company as the station defaulted on the note.
And was sort of successful in exerting it.

Unfortunately, it wasn't worth anything like the $Mills that they used it to transfer funds around with...and was basically insolvent....and I believe found no buyer at any price. (Business AM radio stations and licences operating in a small southern CT market are sort of like buggy whip manufacturers. I'm not sure I even have AM on any recent receiver...)



And to the "shell" (which really no original stockholder has a part of as that is forfieted when the stockholder is excused from paying the debts of the company that it couldn't pay (understanding it had way more debts tah assets and the debts must be paid first)... hence stockholders only losing the investment. Its called protection.

Weren't many assets of course either...if there was something valuable - the promoters stripped it.

Inventory (which there really wasn't much of...remember how small the Dicon warehouse was)...along with all the "assets" were sold in auction to the only bidder for $500K (in what can only be called a politically expedient (offer from one of the defendents) and generous (10X more than any previous offer (which was from Moskie I believe). But the inventory part of it cost more to transport (and that had to be to another place to then incur costs to store and re-ship, as no market for it...old enough it was soon to expire, existed) than the fee's it cost to do so. And the amount received, well, well under the accumulated costs due for the legal proceedings for the C-11 and C-7 case. It was administratively bankrupt...didn't have enough to aminister itself...certainly nothing for others.

Totally totally worthless.
That was its entire purpose in life.

Any worth it had was taken by those that created it....so they could take everything it could be.

AND THEY SAID SO IN COURT!

AND IT S PROVEN BY THE ACCOUNTING..

It was always a fact, even while they were making the lies it showed that it cost more for them to make a sponge than it sold for...

You can run a search ("shell company or sale") and find lots of sites selling THOUSANDS of them. Most all with very good and histories and many with existing creditable bank relationships, established and compliant reporting history, etc. etc. for a few thousand bucks.

make a new one for .... HUNDREDS.

So which is better: The shell with one of the most contaminated names and worst history's in business, requiring tens of thousands (if not more) of accounting and catch up just to be restored to compliant (and as of delisting, virtually impossible)....how much is that worth? I suggest, any connection to it is actually... a liability!

Here is a few places to buy thousands of good shells: and it would be all yours.....not shared with all the US Public!

http://wyomingcompany.com/aged-corporation/?gclid=Cj0KEQjwxI24BRDqqN3f-97N6egBEiQAGv37hFQwAjvZ0LWVYJaDWC4w_ZjDrdKlCwX_pjLFvt61xwAaAtGE8P8HAQ

http://www.vfinancialgroup.com/shell-companies-for-sale.html