Replies to post #346589 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[236T568]

Wasn't the SEC judgment against Moskowitz and Metter somewhere around $52 million?

Steven admitted to stealing $24 million. He was Ordered to pay the amount injured investors claimed, which was only $12 million. If he was worried about Tepfer's extortion attempt, I don't think that he would have gone to the FBI and again agreed to take part in yet another sting operation.

[cowtown jay]

Yes, it was $52 million, jointly and severally. So yes, if Steven were to pay the $24 million of that which he admitted to stealing, he would have continued liability if other defendants had not paid their share.

I just think that it is lunacy to admit to stealing $24 million, only to have the judge Order that $12 million must be paid, because that was all that victimized shareholders claimed.

Shareholders should not be required to self-identify, when the law requires that a list of shareholders must be provided in a corporate bankruptcy proceeding.

[surfmore]

So some people actually got money back?! I still have my shares in E*TRADE. Was hoping for a miracle