Spongetech Delivery Systems, Inc. (fka SPNGQ)

[starfire]

In SPNG's case, common will survive as there is no 'debt'...Preferred, notes payable, bonds, convertible notes , etc. If it files for BK, it will be for securing WC and paying of the most critical liabilities. As the company is growing, securing WC from ABLs should not be a problem as long as the assets are of Quality. Most serious concern I have is unpaid salaries as this will hinder production and hence growth.