Spongetech Delivery Systems, Inc. (fka SPNGQ)

[starfire]

A voluntary BK and reorganization..YES. But in SPNG's case, IMO, it will not be needed as they don't have debt, monies owed to IRS can be negotiated to be paid over time ( I have seen penny stock companies do this) and finally, consider this suspension as good as BK for reorganization. The law suits will take care of themselves as the company is growing (one new product every month for the rest of the year!). I believe the market penetration is deep as they have a plan to introduce new products periodically and enter different industry segments.

Bankruptcy can be a very good thing for any company. Very common for companies to come out of "protection", much stronger.