They might be good for the holders of SPNG debt
There's really no financing debt on the SPNG Balance Sheet. In other words, banks or lending institutions. Lots of creditors, and they can be dealt with a "bird in hand" approach. This same approach will be used on the "Non-insider" shareholders (retail guys).
And what's left is a company with family, friends and employees as shareholders. And if this number is low enough, they escape SEC scrutiny in the future. Then the Pike limited partners and the Mutt boys execute their game plan.
But SPNG has a hell of a storm brewing; SEC, Involuntary Bankruptcy and Rosen. But forcing an involuntary bankruptcy could be what they actually want, LOLOLOL but court protection for a year to deal with creditors.
In the meantime, the Chinese sponge guy picks up the slack, and they all meet in Vegas in two years.
I wonder who the Pike Limited partners are????
