Spongetech Delivery Systems Inc (fka SPNGQ)

[oilspec]

Frontline & DPILON: The "government" isn't responsible for your investments - YOU ARE. At least until we have a complete "Nanny State" like Bloomberg would advocate.

The SEC is responsible for Securities Violations. They did their part in charging about a dozen SpongeCrap players, including Metter and Moscowitz. Their primary action has been to charge the defendants with the illegal sale of unregistered shares of SpongeCrap stock. Their only legal recourse is the levying of fines and penalties.

The DOJ is responsible for pursuing criminal charges, which they did. They screwed up their own case regarding Metter, resulting in a laughable $100 fine. The DOJ can seek prison sentences as they already obtained in the cases of 3 or 4 of the SpongeCrap perpetrators. They still have the ability to hit Moscowitz and others with the sentences for Moscowitz and a couple of others that are still pending for disposition in Q1 of 2014.

The bankruptcy TRUSTEE is responsible for the disposition of all remaining assets with the first priority being to reimburse all SECURED creditors (not stockholders). IF any assets remain, they can be used to pay stockholders - usually zero and at best with pennies on the dollar. In this case the remaining money is used to pay the stockholders (UNSECURED creditors) WHO FILE A CLAIM WITH THE COURT. According to the U.S. Bankruptcy Court: "Creditors must complete a proof of claim form and return it to the Court by the deadline to be eligible to receive any distributions from the liquidated assets." Did you file a claim? (I guess not).

http://www.uscourts.gov/FederalCourts/Bankruptcy.aspx

http://www.bankruptcylawnetwork.com/what-are-the-duties-of-the-trustee-in-bankruptcy/

As a Stockholder, you also have a right to sue - either individually or as part of a class action suit? Did you take either of these steps? (I guess not).