Spongetech Delivery Systems, Inc. (fka SPNGQ)

[patchman]

Shaggy, did Jay's memo to the court impress you?

Funny thing about that letter.

1. Never addresses the fact that SPNG does not make a profit and never has.
2. Never addresses the fact that there is a reported $11 Million in Accounts Payable to deal with.
3. Never addresses the fact that there are significant open legal matters to deal with.
4. Fails to recognize that to re-start this pig it will require capital (better than $10 Million) to get this losing company back up and running.

So lets say the courts recover $38 Million from the Mutts (which I sincerely doubt they will). They pay out the lawsuits, pay out the AP, and pay off the DIP financing and Trustee. Lets say that leaves you with $10 Million (big bonus to you here). Now divide $10 Million by 3 Billion shares. That's $0.0033/share. Nobody here is clean at $0.0033 and in fact, none deserve the re-start of a pig company for that price considering all had since October to sell out their position higher but refused.