Spongetech Delivery Systems Inc (fka SPNGQ)

[toxicdebtspiral]

"Assume that the company has no assets."

At the risk of sounding cute, if there are no assets, the Trustee will file a declaration to that effect and the court will close the case so priority is meaningless.

That said, I am unsure as to the priority of any SEC judgment but I do know that the priority of the other claims will be secured, class action (obviously if a judgment is obtained) then unsecured.
I wonder if the SEC is looking for a disgorgement from the company as yet another means of getting at the other defendants. They may have personal guarantees in place.