3. The Pike Funds join in the statements of other shareholders expressing a belief in the intrinsic value of the Debtor. The Pike Funds base their belief on a year of independent due diligence on the Debtor, including verification of the Debtor’s relationship with numerous national retail buyers of its products, store visits to these retailers across the country, a tour of the Debtor’s wholly owned subsidiary, Dicon Technologies, LLC’s, manufacturing facility, and repeated meetings with various key employees. As a result of this diligence, the Pike Funds have concluded that the Debtor is actively engaged in an on-going business involving the manufacturing, marketing and selling of sponge products in major US retail outlets, such as Walmart and CVS and, pursuant to agreements with Marvel, Viacom (Nickelodeon), and MGM, has licenses to use valuable trademarked and copyrighted properties, including Spiderman, SpongeBob, Dora the Explorer and the Pink Panther, in connection with its products. Due to the Debtor’s failure to file financial statements for more than a year, it is impossible to determine the exact value of the Debtor’s assets and liabilities at this time; however that does not mean that the value does not exist.
Could Pike be that stupid? There is somethiung fishy about Pike. Why would any person lend money to spng after doing DD for a year. It took me about 10 mins to see what a scam SPNG was/is.
No kidding!! This issue has been a problem for me since Pike got involved. No one can be that dumb so I can only see money laundering or some sort of under-the-table kickback.
("lets' see.. this company has dozens of red flags.. we better put a few million bucks into it before it gets revoked. If we play our cards right, we can lose even more than the 12 million we blew on those other two big winners")
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