Spongetech Delivery Systems, Inc. (fka SPNGQ)

[zomniac]

Wow, this guy should get the Oracle Award for the day as a SEPTEMBER post.

AGaines
Super Moderator

Join Date: Jun 2009
Location: San Diego, CA
Posts: 39
Rep Power: 4

Re: SPNGE - Spongetech

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I've posted in the chats, and sorry for taking so long to post anything here. I have a business partner that USED to do biz dev for Spongy. He placed them in many high profile stores and did business on a hand shake with them. Well when he was owed over $1M in compensation, they(Spongy) told him they would wire the funds into his account. 1 week later the funds never showed. He confronted them and they offered him $5k for his troubles. Ridiculous.

This week he was in mediation with his and their lawyers and was found to be due compensation and the Sponge crew had to pay him damages and give a public apology of which neither has happened yet.

Another thing even more telling of their shady biz practices is that their advertising model is to get their banners in as many sports fields(NFL/MLB/NHL, etc.) as possible with out paying. Well they pay but only an up front cost based upon that season full fee and stiff the ball club for the rest. The only club to be paid in full were the Yankees, everyone else has been stiffed.

This all comes from someone who has worked directly with them and seen their offices. His last word to them was, "You'll all look great in orange."

This is purely a warning to all in it. From what I understand, there were 32 new lawsuits brought against them this week for non-payment as many of the ball club owners have all talked and found to be in the same boat with an advertiser.

For full disclosure, I had a quick trade 2 weeks ago(positive $) with them and do not hold a position, nor plan to. I just want everyones money safe.

GLTA