I think this case is getting ahead of its self .. with all the normal legal motions and filings. I don't think much is really going to happen until the trustee decides the proper recommendation to the courts in regards to the trustees opinion of chapter 11 or chapter 7 or dismissal. Part of the settlement the company can make with the SEC civil charges is the reduction or dismissal of any fines or penalties if they survive. Now the 2 crooks are own their own the trustee will decide the fate of the company.
the odds of spongy surviving is zero to none imo - because of the reporting status - failure to file will still cause the company to be revoked .. and bring up the filings from day one will cost $100,000 plus .. I very much doubt any DIP financing will cover that plus up start cost and new operating capital for selling a few sponges as we found out from the true sales figures. Dicon the manufacture of the product for spng is in a separate chapter 11 to be decided by a separate trustee.
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