Spongetech Delivery Systems Inc (fka SPNGQ)

[scion]

b. Termination Of Marvel License Agreement.

The Debtor also manufactures and sells products using images and trademarks licensed by Marvel Comics. Marvel has also attempted to terminate its license agreement for failure to pay royalties; however, this purported termination occurred post-petition and the Trustee does not believe that this agreement has been validly terminated. Nevertheless, relationships between the Debtor and its primary licensors are in a difficult state largely due to adverse publicity arising from the arrests of the Debtor’s principals in May and failure to pay royalties.

Doc 69 PDF file
http://viewer.zoho.com/docs/hchi4