Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

"(b) The provisions of this Article IV of the Certificate of Incorporation shall not be modified, revised, altered or amended, repealed or rescinded in whole or in part, without the affirmative vote of a voting majority of the shares of the Common Stock and of a voting majority of the shares of the Class B Stock, each voting separately as a class."

It's my understanding that the last 6 words of the term deal with your question. I interpret it to mean that there are effectively 2 elections required under Article IV. One for the common shares, as discussed, and another for the Class B shares. And that, in order to modify, revise, etc. BOTH elections must result in majorities in favor thereof. So the Class B election, which is clearly a shoe-in, must be supplemented by a Common share election in order to change Article IV. That's why the low RME holding caught my interest as having a significant potential impact on this issue at this time.

I'm not an expert in this stuff...or anything else.....and am drawing my conclusions based only on my reading of the clause above. I sure could have it wrong, but I don't think so.