Guys, this is my third post today and I will be shut down. You have advantage on me by having unlimited number of posts, so I will try to answer all I read till now.
To overachiever, I wrote specifically that the 100M is a guess, I picked the number from my experience with other investments. Spongetech is not only Dicon that worth 4M. When SPNG purchased Dicon, Sells were X and today they are Y. There are other entities that contributing to manufacturing, distribution and sales. I am emphasizing again – I mean TODAY not 2 years or ever 6 month ago.
In all the liabilities and the suites they have vs CBS, Immediate Capital, Islanders, MSG, Petach, Rosen & Etc, I can not count to 10s of millions as you say. I see that the two guys alone, have the ability to post bail of 4M – they will pay all their liabilities from the same fund sooner or later when things get resolved in court. They paid the 6M to whoever they owed on time according to the court decision. I do not see any reason why they would not pay the rest of the liabilities. Bankruptcy is not an option for me – if I was sitting in management. Settlement of open balances is more likely.
To Risicare. You wouldn't know how much experience I have in these kind of matters simply because you do not know me. So please do not under-estimate this writer. When you say that I am "quite wrong about most everything", please state your points and say why. You seem to know everything, so please your statement with facts, not with "hear say" (statements you quote from the SEC complaints are allegations and not proven facts)
About your second point; I told you in my last post that I read the docs. The allegations are clear, but again, those are allegations, not proven facts. The two directors of SPNG did not submit their defense papers yet and you already put them in jail, revoked the stock, bankrupt the company, and what else….. Let the court decide the outcome and instead of you I wouldn't make such negative predictions since the situation was not decided by court yet.
I do not care about their law suite vs NYP – that is the peanuts of the story. If they will win (which I do not think so) that means that the SEC will loose. If they will loose, the SEC still to prove their allegations.
So to conclude my point for today, I do not see facts from you guys, and not from SPNG. The whole case is in the air and new investors are running out because you took allegations and turned them in to facts.
We are investment group located in Europe and we realize that risk in on the line. We made a lot of money in the past stepping in to same kind situations, and unless one of you can come up with something real, I think that I will recommend my board to invest heavily in the stock.
Based on what you predicting many investors will sell soon at a low price trying to avoid revocation and bankruptcy. We will collect the shares.
What do you say OverAchiever and Risicare?
