Spongetech Delivery Systems Inc (fka SPNGQ)

[toxicdebtspiral]

"If I remember correctly, the BK judge denied the SEC request to revoke the stock during the BK process. The SEC may asked again of the courts to revoke the stock or simply wait until the BK is discharged."

The judge didn't allow the trustee to include in a proposed settlement with the SEC the waiver of the right to a revocation hearing. Had that gone thru the revocation would have simply needed a pro forma signing of the order by the SEC. As things stand, the SEC can invoke administrative proceedings for revocation at any time but they have to follow the protocol for hearings. They can also rule on and institute a revocation after a hearing regardless of BK status. Why they haven't done so is anyone's guess, but it will happen. They have gotten very active in securing revocations in the last couple of years but there remain many like SPNG that are long overdue.