Spongetech Delivery Systems, Inc. (fka SPNGQ)

[patchman]

How do they come out of bankruptcy? The company can not simply click their heals and make all go away. lets see:

1. They need capital to start up the new company. Where does it come from? Clearly by filing for bankruptcy (forgery) they have no capital to run the company.
2. Capital required will dilute substantially all existing shareholders making all present shareholders out of the money.
3. To be a public company again ALL past filings must be brought up to date. If they do not bring them up to date they will have their registration revoked. To date SPNG as not cooperated with the auditors.
4. Finally, there is this issue of manufacturing product. Who will work with them in the future based on the past civil and criminal issues and based on a repeated failure to pay bills.