Spongetech Delivery Systems Inc (fka SPNGQ)

[puppydotcom]

everything and I mean everything done by the 2 crooks are meant to stall .. nothing will come out of it ...

its simply the way these things work ..

any prepackaged BK must be approved by the courts .. not going to happen with SPNG .. and the SEC will step into the proceedings


In most bankruptcy cases, the role of the SEC is limited. The SEC will review the disclosure document to determine if the company is telling investors and creditors the important information they need to know, and to ensure that stockholders are represented by an official committee if appropriate.

Although the SEC does not negotiate the economic terms of reorganization plans, we may take a position on important legal issues that will affect the rights of investors in other bankruptcy cases as well. For example, the SEC may step in if we believe that the company's officers and directors are using the bankruptcy laws to shield themselves from lawsuits for securities fraud.

http://www.sec.gov/answers/bankrup.htm