Spongetech Delivery Systems Inc (fka SPNGQ)

[pantherj]

I think you'll be interested in this part of the suit, mingy:

13. Upon information and belief, the failure to honor the said two instruments
for the payment of money is related to the recent announcement in the media that the two
senior principals of the Spongetech entities received “Wells Letters” from the staff of the
United State Securities and Exchange Commission stating that the SEC staff intends to
recommend that the SEC bring civil injunctive actions against the principles alleging
violations of federal securities laws. This announcement raises the concern that resources
for payment may shortly be unavailable. See, 1/2/10, www.
nypost.com/p/news/business/spongetech-gets- s ec-notice -Z GdSpVHiKUcsVRajrGiGGL.
A copy of the New York Post story is annexed as Exhibit “E”.