Spongetech Delivery Systems Inc (fka SPNGQ)

[puppydotcom]

There also seems to be a significant misunderstanding in emails from shareholders about
the Trustee’s relationship with the SEC. As noted in Mr. Hays’ publicly available resume, he
has been appointed to serve as a receiver in numerous and federal state courts throughout the
United States. Some of these appointments have come in enforcement actions brought by the
SEC. When Mr. Hays has served as a receiver in SEC enforcement actions, he is actually
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appointed by the Federal Court Judge handling the case, not the SEC. Moreover, the role of a
receiver in receivership cases is to look out for the interests of creditors and investors, not the
SEC. Indeed, Mr. Hays is only one of many insolvency professionals whom the SEC
recommends, from time to time, to serve as receivers in matters brought by them. Mr. Hays does
not work for and is not employed by the SEC and has never been paid any salary or
compensation by the SEC. None of his family members work for or are employed by the SEC.
It is a matter of public record in this case that the SEC submitted Mr. Hays’s name to the
Court to serve as a receiver for Spongetech in the enforcement action brought by the SEC.
However, the Court never ruled on the SEC’s Motion and Mr. Hays was never appointed to serve
as receive