Spongetech Delivery Systems, Inc. (fka SPNGQ)

[Christy from Google]

This where you've COMPLETELY miss the boat. This process didn't just start over the last 6 months. This dance between the NY Banking Community and the Twins has been an ongoing affair for at least 2 years, well before the SEC involvement and the current lawsuits. And thats a FACT, established by the Twins verbally and via the written word.

The Banks have NEVER been interested in opening a credit line with the Twins, at least not one to support a $50 Million revenue stream, much less a $300 Million one.

This current financing package is a sign that the current "cash flow" situation is SERIOUS. Very serious.

$20 Million for legal fees to date, is my best guess. Do the math (cash flow projections) and the next step can only be one thing.