Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

Did Trustee Silverman use his hired accountant for help with this?

Again, from his Objections to the sale filing:
"However, the motion is silent on why the sale of assets valued on the July Balance Sheet in excess of $3,000,000.00, for a purchase price of $625,000.00, is warranted at this time."
Did he not notice that amongst those other $2,375,000 of assets was a building capitalized at $2,000,000+ and that the Liability section of that same Balance Sheet reflects a $2,600,000 Lease Liability for that building that is scheduled for assumption by the Proposed Purchaser?

And:
"However, the July Operating Report also shows that, during the period from June 29, to July 21, 2010, Dicon had net ordinary income of $682,280.25 and cash receipts in excess of disbursements of more than $34,000.00. Dicon’s business is not a moneylosing enterprise sapping the estate of large volumes of cash, nor are there wasting assets that must be preserved by an expedited sale."
I wonder how he will respond to the court when he is asked to explain how Dicon got $682K in income from $60K in sales. And whether that ratio can be expected to continue.
And I wonder if he will be able to address the likelihood that the $34K in positive cash flow, or any kind of positive cash flow, can be anticipated going forward if that $34K resulted from total receipts for the period of $110K in A/R collections in a period when retail sales were $60K. Will that continue as well?

Trustee Whitaker has a financial firm, too (OK, so it's literally Whitaker's financial firm). And I suspect that it will point out the pointlessness of the above to the court. Trustee Silverman's other Objections need to be better founded if he hopes to stall the sale.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54533639

If memory serves, tomorrow we get to find out if Whitaker keeps his job and on Thursday the sale gets kicked around.

Popcorn time.