Spongetech Delivery Systems Inc (fka SPNGQ)

[puppydotcom]

about as cloe to fully secured as you can get with dip funding

is the super-priority claim, which supersedes any claims that existed "pre-petition" or prior to the bankruptcy filing. That means in the event of a sale or liquidation, save for certain legal and court expenses and other secured claims, no one else gets paid until the DIP tender is paid in full. It also means if the company remains viable, it cannot exit the bankruptcy process until the DIP is completely paid.