Spongetech Delivery Systems, Inc. (fka SPNGQ)

[harvard homeboy]

overachiever,

<< The company will probably never file because they will have to restate earnings for the past two or three years if they do. >>

Great call with respect to the prior period restatements. Moreover, since SPNG has already fired Robison, they (Robison) have absolutely nothing to lose by taking a prudent, cautious, and super-conservative approach to the prior period restatements as well as the current statements for the FY ending May 31, 2009 since they know this is going to be a one-engagement relationship.

That means SPNG has no leverage with Robison whatsoever since the bright guys at SPNG have already burned those bridges.

Just fwiw, I'm up 49% on my short position in SPNG for the last 13 trading days.