WHAT DOES SPONGETECH HAVE?
SPNG has a lot--a lot of problems. Let's take a look at what they have:
Two new Lawsuits with the Chicago Bears and the New York Islanders. Yep That's right. NOW IT"S THE CHICAGO BEARS and THE NEW YORK ISLANDERS WHO ARE SUING SPNG. SPNG stiffed two more sports teams and wrote one of them a felony hot check as well.
This kind of stuff doesn't happen by accident. It happens when a fraudster is on a hot check writing binge. DAs all over the country have seen characters like Moskowitz who try to steal goods and services by hanging hot paper.
It gets worse. SPNG is involved in many more lawsuits for unpaid bills that have the potential of sending this scam into Involuntary Bankruptcy.
Getting sued by CBS Radio for unpaid advertising bills
Getting sued by the NFL's New York Giants for unpaid advertising and food bills.
They are getting sued by the Major League Baseball's NY Mets for hot checks and unpaid bills
Getting sued by Madison Square Garden (New York Knicks and New York Rangers) for hot checks and unpaid bills.
Getting sued by the NHL's NY Islanders for hot checks and unpaid bills.
Getting sued by the NFL's Chicago Bears for unpaid bills. The Bears filed a Confession of Judgment against Spongetech on April 22 for two hundred thousand dollars.
Getting sued for unpaid royalties by the Florida company which produced their television commercials.
SPNG is also in a lawsuit with Cresta Capital over not allowing CRESTA to exercise the stock warrants Cresta received as part of investment banking fee. SPNG LAWYERS HAVE ALREADY RESIGNED FOR REASONS OF NON PAYMENT
Getting sued by their shareholders in Six Class Action Lawsuits. Yep. SPNG has six class action lawsuits filed by disgusted wiped out shareholders in which this unique investment opportunity has been accused of lying, cheating, falsifying financials and otherwise engaging in general bad behavior.
A 3 billion A/S which has been raised over and over again while the transfer agent was gagged to keep all the ignorant shareholders blind as to the outstanding share count. which at this point is likely to be as high as 2.75 billion plus shares...OOOPS Update: Newly discovered court documents indicate that SPNG is only 15,050 shares from their authorized ceiling.
Over a half million dollars worth of liability for hot checks.
Liability for forging "over 100" legal opinion letters which they used to dump hundreds of millions of shares of unregistered stock onto the public. !
Liability for falsifying financials.
Liability for Refusing to file their 10K and 10Qs which sets the stage for the company to have its registration revoked. The stock will then no longer trade and will have a market value of zero.
Liability for lying in PRs while dumping hundreds of millions of shares of unregistered stock onto witless naive investors,.
Liability for Creating fake customer list which supposedly accounted for up to 99% of total sales
A stock which was suspended by the SEC,
Trades on the grey sheets, which puts them in an exclusive club of companies known for scamming the public
A Wells Notice, which means the SEC has notified them of their intent to sue for securities fraud. Not many companies have one of those.
And, after all of this, to top it off, Wayne Celia quit as CEO at Dicon. He got out with his rep intact, before the DOJ moves in.
SPNG has a lot of problems. But does any sane investor want to make what SPNG has part of what he or she has?
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