Spongetech Delivery Systems Inc (fka SPNGQ)

[harvard homeboy]

But that doesn't mean the sales numbers are "real". I personally believe the sales numbers are "Golden", but a lot of posters believe they are fake.

If the numbers are, in fact, "FAKE", then Mosky still would have filed a IRS return and paid the taxes on the "fake" numbers. The only thing this effects is the "bankruptcy trustee" and the consequences of the SOL (Statue of Limitations). Not a factor IMO for SPNG, because there'll be plenty of time to beat the SOL. I have personally seen this situation several times. If you don't beat the SOL, the IRS keeps the taxes paid on "fake" numbers.


Sorry, christy. Let me see if I've got this straight.

Are you saying that the sales are phony, but SPNG went ahead and paid income taxes on them anyway, and when the sales are proved to be phony and Moskowitz and Metter are indicted for securities fraud they're then going to file an amended return and say to the IRS "Sorry guys. We were trying to defraud you by filing tax returns with phony sales data, but now that the SEC has outed us, we want the money back we paid on the phony sales"?

Is that the case you're making? ! ? ! ? !

You don't think there's a fairly high probability that the judgments against the company for securities fraud, not to mention civil and criminal fines, the costs of defending themselves against a federal securities fraud prosecution, and so forth are going to significantly outweight the financial benefit from the tax refund, should they ever get it?

Just curious, as always, really.

GLTA