Replies to post #233022 on Spongetech Delivery Systems Inc (fka SPNGQ)

[Renee]

M&M cannot be removed by any vote because they have voting power control with the Preferred Series B shares .

Same principle of not wanting to lose control via any Chapter of BK and then having their books yanked open by unfriendlies .

The SEC subpoenas may quickly evolve to criminal prosecution under the DOJ if Spongetech has stonewalled the subpoenas with insufficient data or by incriminating data .

A black hole , IMO .

Renee

[TEX]

In lieu of an effective BOD, which I've asked about a coupla times, apparently the SEC can bar the principals from public companies and put the biz into receivership. Somebody posted about that last night, as I recall. of course, that would take quite some time at the normal speed-of-the-SEC. On the other hand, given the "public-image push" the SEC is making this year, maybe enough letters/e-mails from shareholders could spur such an action if the company really does have the assets to warrant such expediency.