Replies to post #314518 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[Christy from Google]

100% disagree. Its not debt, its liabilities.

[flptrnkng]

Bankruptcy can be a very good thing for any company.

And a very bad thing for any common shareholder. The judge can wipe out the common with a rap of his gavel. Count on it to happen, if Spongetech goes the reorganization route.

Regards

[Tavycal]

Yes Suspension and banruptcy are good for SPNG.
Good luck with that SPNG. This kind of thinking only happens with pink/grey sheet POS's.
Bounced checks are good
Suspensions are good
Wells notices are good
Lawsuits are good
BK is good
3 billion OS/AS is good
Fake buybacks of shares are good
fake buyers are good
forged opinion letters are good
did I miss any?
stolen from Puppy

[harvard homeboy]

christy,

I have to say I'm surprised that in one message post you suggest that SPNG has filed fraudulent income tax forms with the IRS based on phony revenues, but say it's not a big deal since SPNG can restate their income taxes due as long as it's within the statute of limitations and get a refund.

Now you're saying that a Chapter 11 reorg is no big deal for SPNG.

There are some significant unknowns associated with this company right now. For example, we don't know what the off-balance sheet liabilities are for this company, and they could very well be big enough all on their own to wipe this company out, and I believe they are.

I guess we'll have to just wait and kick back and see how the shareholder class action litigation goes, for one thing, and take it from there.

However, with SPNG getting lawsuits now all the time, and with other sports teams likely to file as well, this company could very well be forced into involuntary bankruptcy at any time.

I don't think I'd be sanguine about the bankruptcy scenario, especially given SPNG's well-known cash flow problems.

GLTA

[puppydotcom]

and now a bankruptcy for spongy is a good thing

lol