Spongetech Delivery Systems, Inc. (fka SPNGQ)

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And what exactly what was this suit about? It sure does sound like it was Spongetech related , it was for a Direct Response TV promotion and a loan for the promotion or something , I am trying to get the case filing and see exactly what this was about , if it is in fact for a SPNG promotion / loan gone bad , SPNG will be in a heap of trouble for non disclosure.. and YES - RME IS SPNG in a LOT of ways , IMPO this suit is directly connected to Sponge in more thne one way.... I will post the case filings tonight , I should have access to them later today, tonight.... The only place I found were you can get the case files , follw link below from the judgement , you have to pay $295 for the year , but it is 30 day free trial , But I might have another source I am working on, it sure sounds like a Sponge DTV promotion/loan gone bad or something.... Look at the parties lines of business below:

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

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

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