Spongetech Delivery Systems Inc (fka SPNGQ)

[harvard homeboy]

I think the SEC is giving big time allowances in order to close the BK.


The SEC's revocation of Spongetech's securities isn't predicated on what happens in the bankruptcy court, however. The company isn't current on its filings and never will be -- after all, we know there's no accounting firm that would ever touch this company with a 100 foot pole given the contingent liability issues involved -- and even if the company could find an auditor, they don't have any money with which to pay one.

What I'm wondering is if the SEC waits x number of years from the last 10-Q filing date -- say three years or five or whatever -- before taking the revocation before an administrative hearing officer to officially zero the securities out.

If so, it might be a long wait.