Spongetech Delivery Systems Inc (fka SPNGQ)

[loanranger]

"Could Pike be that stupid?"

I had the exact opposite reaction. I saw the letter as proof that he very well may be.
1. He obviously threw good money after bad with his post-suspension buys.
2. We don't know when, but he threw a little more in the kitty in the form of unsecured lending.
3. Finally, he showed that he had something else in common with others who shared his financial misfortune.
He demands "An explanation of any knowledge that the Trustee has of a post-petition loan made to the Debtor by Robert Greenberger, as alleged by Mr. Greenberger in his July 22, 2010 letter to the Court (D.I. 58), including the amount of such loan, the intended use of proceeds, any security granted to Mr. Greenberger to secure the loan and the term of such loan."
Yet, in spite of his position as beneficial owner and largest non-management shareholder, he has remained publicly dead silent regarding the issues facing Spongetech, including borrowings from related parties that the company did not see fit to report in any fashion.
So he, too, seeks transparency from EVERYBODY ELSE. And accountability from all but the perps.
It will be interesting to see if he is equally interested in providing input to the derivative and class action suits.....