Replies to post #325504 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[zomniac]

It appears that management made a decision, about a year ago, to sell as much stock as was possible, stiff as many suppliers as was possible, and hide the status of the corporation from shareholders.
All those funds are gone.
The corporation was looted and left destitute.
All under the watchful eyes of the SEC.

Spongetech is broke, where do you think the money will come from to resume operations ?
Who will loan them money ?
What supplier will give them terms ?
And anyway, IF the company could reorganize, it would have to cancel the old shares, and sell new shares in order to raise funds.

Sorry, but that's the way it works.
SPNG stock is worthless going forward.

destitute
Part of Speech: adjective
Definition: down and out; wanting
Synonyms: bankrupt, beggared, bereft, busted, dead broke, deficient, depleted, deprived of, devoid of, dirt poor, divested, drained, empty, exhausted, flat broke, flat*, impecunious, impoverished, in need of, indigent, insolvent, lacking, moneyless, necessitous, needy, on the breadline, on the rocks, penniless, penurious, pinched, played out, poor, poverty-stricken, stony, strapped, stripped, totaled, wiped out, without

[patchman]

Starfire, lay it out for me...

New Management. Is it a takeover from a private firm? What should this firm offer existing shareholders who own essentially nothing. In a deal like a reverse merger, shareholders of a shell get 10%. that means 90% dilution. Is that what you suggest? why would new management and investors come here for anything less than 10% since the company is presently bankrupt and out of business (shell). The company is likewise liable to any damages declared by the SEC (bankruptcy does not exclude that liability).

So come on genius, lay out a plan as to how new investors and new management come in here and offer anything up to existing shareholders. Tell me in detail how you win out with any kind of return on investment. 3 billion O/S on a POS company filing bankruptcy. Reverse it down to 3 Million and then sell 30 Million to raise the capital necessary to restart the company. before you sell anything you are already at 33 Million shares and existing shareholders have 1/1000 what they had. Why even bother when Spongetech doesn't even own a patent on their product. You can buy Dicon out of the bankruptcy at pennies on the dollar and start clean private and/or public for much cheaper.

[pantherj]

Are you under the impression that all debts will attach to the insiders personally and that Dicon and SPNG will emerge debt free?