Based on present facts and circumstances, finding a joint venture/buy-out partner is Mosky's only option. One of the PC Limited Partners could be this entity.
No corporate savior is going to come along and bail this company out.
First off, the guys who work at PG, JNJ, Church & Dwight, Reckitt Benckiser, et al, all know how to analyze a cash flow statement. And they would know in a heartbeat that SPNG's financial statements clearly indicate the company is awash in a sea of negative operating cash flow.
And they're not in the habit of buying companies that are cash flow negative.
Moreover, this company's problems are well-documented, have been extensively publicized, and no one's going to be willing to step up to the plate and buy a company where the principals are awaiting criminal prosecution for securities fraud, is embroiled in acrimonious shareholder class action litigation, and has unknown (and unknowable) liabilities.
The lack of financial statements for nearly the past year just adds a layer of difficulty in evaluating this company that automatically takes it off the table for consideration as an acquisition.
In fact, I doubt that even Moskowitz and Metter know just how much money they're losing these days.