Spongetech Delivery Systems Inc (fka SPNGQ)

[loanranger]

Do I have this right?

There was a question....and I think it remains....as to whether Spongetech was the eventual holder, via some kind of document signed on behalf of 3 parties by Stevie the Chins, of a $5M note that was an asset of BTR. Certain parties went so far as to suggest that the collection of that note was an obligation of the SPNG Trustee which, handled properly, would have allowed the payment of the creditors (contending at the same time that those claims were vastly overstated) and the whole bankruptcy could have been avoided. Seemed crazy.
Now, if I'm understanding it correctly, the court has basically handed whatever dollars that BTR might now or ever have to THE SEC as backup for whatever fines/interest/disgorgement that the defendants in that case can't come up with.

At least I think that's what that says. Oh, what a tangled web we weave.....