Spongetech Delivery Systems Inc (fka SPNGQ)

[OldTymer]

puppy, well a learning experience it sure is. There are so many different avenues available to the courts and the trustee, and each have their own set of guidelines. It would seem to me that if SPNG does not cough up the missing filings, then no chapter 11. Also, unless SPNG provides a plan of reorganization, there will be no DIP financing. If the trustee already brought up the chapter 7 option, then I have to assume they and the courts and the SEC know they don't really have much of a revenue producing company. How could they? Even after siphoning off well over $700K of Dicon's money, they still can't pay their bills. Where did all that money go? I can't see this going anywhere but a chapter 7. But then again, I don't know all the ins and outs of this stuff. It can be very confusing.

By the way, according to dpilon on Yahoo, Moskowitz told him that the 10K should be out in about a week, so hang in there, salvation may be at hand!