Spongetech Delivery Systems Inc (fka SPNGQ)

[puppydotcom]

Not only is there cause—including compelling evidence of fraud, dishonesty, and gross mismanagement of the affairs of Spongetech
Delivery Systems, Inc. (the "Debtor") by current management, but appointment of a Chapter 11 trustee is in the interests of creditors, equity security holders, and other interests of this estate
The cause here includes, among others

(1) allegations of securities fraud and obstruction of justice, resulting in the recent arrest
of current management and a civil enforcement action by the Securities and Exchange
Commission (the “SEC”);

(2) allegations raised at a hearing before the Bankruptcy Court in the Southern District of
Georgia regarding a very recent diversion of at least $700,000 in cash for the personal
benefit of the Debtor’s current management from the Debtor’s wholly-owned
subsidiary, Dicon (which is itself in Chapter 11 in Georgia with an appointed trustee); and

(3) the apparent forgery of an attorney’s signature on the Debtor’s bankruptcy petition by
someone affiliated with current management