Spongetech Delivery Systems Inc (fka SPNGQ)

[puppydotcom]

I wonder how this will pan out? The voluntary bankruptcy filing by Ira/Mosky is incomplete and he can not supply the correct documentation required, simply because it does not exist. Just because mosky agreed to the trustee appointment does not cure the pending issues. When the time line expires, the judge must rule if the bankruptcy is effective and legal. The filing by Ira/Mosky does not automatically guarantee the Bankruptcy, per the courts request of additional documentations and filings. Plus, there is the possibility of the US bankruptcy office filing fraud and forgery charges against Ira and Mosky.

I believe the courts must terminate the filing and let it expire.

Now what? Unless a group of creditors come forward and force the chapter 11 there will be no bankruptcy. So, the judge will still need to rule on the SEC motions appointing a receiver and freezing the defendants accounts.

Once the SEC motion is approved and the court appoints the receiver and freezing all accounts. I believe the receiver can file for voluntarily bankruptcy to protect any remaining assets and remove any officer or employee of the company.

I'm really enjoying this great learning experience.