I disagree. Shareholders do take a backseat, but not wiped out always. Companies emerge from bankruptcy intact all the time, the fact there's no financing debt just helps the process along, and actually helps the SPNG shareholder.
Bankruptcy in regards to SPNG is not the end of the world for SPNG shareholders. Panic selling, yes, but that has no impact on the company taken as a whole.
Post Bankruptcy Balance Sheet, will tell the story. And that of course depends on the Pre Bankruptcy Balance Sheet. And no one knows that, except the guy on vacation. $5-10 million in creditors can be dealt with, but the SEC and Rosen are another matter entirely.
Relax, I'm sure the AP guy will be back from vacation soon enough. I'll bet it's just a matter of the "check's in the mail".
I sure the baseball cap supplier got paid. No need to panic.
The rush to turn a unsecured debt to a secured one is a powerful motive, based on circumstances. The Mutt Bros have a history with the NY legal community and it's not good. Metter did file for Bankruptcy and no doubt some discharged creditors were left "holding the bag". The NY legal community is a "tight group", same with the CPAs. Professionals talk within that community, so who really knows.
The silence by management sure isn't helping. Doesn't really matter; if you're Long, you're not selling; and if you're a buyer, you're not buying. The PPS "slow-motion" dance continues. Plenty of time to make a play.
I think the company has lots of potential and was looking for $.06, but the Stoxmagic comment confirming management accounting fraud is a bit........ whatever.
AI
