dpilon,
You are absolutely correct on all accounts.
SpongeTech does have it all. And in the future, they will have more.
This is exactly why M&M would welcome revocation.
No, BK, but Revocation.
As a business owner, this is what I would want.
Bk is messy. You have to file against ALL CREDITORS. Assets are sold, liquidation of most everything you have that is associated with the corporation is at risk.
Lawyers will be attacking that corporate umbrella, looking to see where it has been puntured, so they can attack and attach the personal property.
Like I said, BK is very messy.
Revocation on the other hand, puts the company, with all the great things you have said about it, back into their private hands.
Now, as a private company, without shareholders, they will go back and take care of all the law-suits, with all that income from those 4500 store fronts that keeps getting front page news space at this message board.
Settlements will be made and the advertisers will gladly welcome them (M&M) back with their cashiers checks.
Those cashiers checks and some other financial hoops they will have to go through, will just be par for the course and they will
continue with privately owned business.
So, as near as I can see, these guys should be praying for revocation and will do everything and anything, to keep themselves out of jail.
Of course, keeping themselves out of jail will be the tough part.
If they do, life will go on, but it will be without the share holders to hinder their progress.
These and other fun facts can be verified by calling any business experienced BK attorney. Try the yellow pages, or Google.
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