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shajandr

05/24/14 4:38 AM

#343888 RE: starfire #343887

Sorry, that is legally impossible. Chapter 7 results in liquidation. There is no management and no directors. Spongtech Delivery Systems, Inc. is now a legal nullity. It has no means to conduct business and no means to appoint new management or directors or file such list with the secretary of State of Delaware. Plus all the debts remain, there is no debt discharge in a Chapter 7 liquidation.

"In a Chapter 7 case, a corporation or partnership does not receive a bankruptcy discharge—instead, the entity is dissolved. Only an individual can receive a Chapter 7 discharge (see 11 U.S.C. § 727(a)(1)). Once all assets of the corporate or partnership debtor have been fully administered, the case is closed. The debts of the corporation or partnership theoretically continue to exist until applicable statutory periods of limitations expire."

SPNG is DEAD - dead as Abe Lincoln, Adolf Hitler, and Elvis.

It simply does not exist anymore.

Let's go through this again.

There are no corporate officers and no corporate directors. The bankruptcy receiver has been dismissed. There is no way for this non-entity to conduct any business, including filing with the Delaware secretary of state. Nobody has authority to appoint directors or officers. Done.

It's G-O-N-E, just like shareholders' money.

Elvis has left the building.

BTW, all the assets were sold off to BFPs. There is nothing left. Nothing.

puppydotcom

05/24/14 11:15 AM

#343890 RE: starfire #343887

No it will never be restructured

SPNG is gone forever, along with share holders money