Spongetech Delivery Systems Inc (fka SPNGQ)

[puppydotcom]

Of course that couldn't be further from the truth since no judgement has been rendered or any awards made against SPNG. And as you no doubt know or at least should, lawsuits can take years to resolve while their outcome is at best uncertain. Therefore, potential liabilities from lawsuits are not the same as a secured or even unsecured debenture.

If I remember correctly some judgments have been awarded by default. I very much doubt the receiver will be interesting in fighting any legitimate judgment or lawsuit after review. Settlement is the normal course of the receiver if he feels they are with merit .. so these long drawn court battle will not likely occur

and we have no idea .. what the company has been hiding from everyone as far as lawsuits and other liabilities

the receiver paying legal fees are pretty much a thing of the past.

unless the receiver assigns some collections to an attorney for collecting money owed to spongetech