THE INFORMATION ON THIS WEBSITE IS FOR INFORMATIONAL PURPOSES ONLY.NOTHING CONTAINED ON THIS WEBSITE IS INTENDED TO BE OR SHOULD BE CONSTRUED AS LEGAL ADVICE.
NOTICE TO ALL SHAREHOLDERS
Below, please find a link to a copy of the Trustee's update on recent activity in the bankruptcy case. The update concerns a Motion to Approve a Settlement with former Spongetech director Frank Lazauskas (the "Motion"), and a Stipulation of Settlement with Easter Seals New Jersey, regarding abandonment of certain of the Debtor's inventory (the "Stipulation").
Below, please also find links to the Motion and the Stipulation. Please note that the Motion and the Stipulation are also filed with the Bankruptcy Court and viewable to anyone with access to the Bankruptcy Court's ECF system.
A hearing to consider the Motion and the Stipulation will be held by the Bankruptcy Court on May 24, 2012 at 10:00 a.m. (EST).
Thank you.
Notice to All Shareholders
In accordance with the Sale Order entered by Judge Bernstein on April 27, 2011, approving the Asset Purchase Agreement (as modified) betweeen the Trustee and the Stalking Horse Bidder (collectively, the “Parties”), the Parties consummated the Asset Sale of Certain of the Debtor’s Assets on Wednesday, June 8, 2011 (the “Closing”).
All of the Debtor’s Intellectual Property (including but not limited to the name “Spongetech Delivery Systems, Inc.”, trademarks, domain names, etc.) and certain of the Debtor’s inventory were transferred as a result of the Sale Order and Closing.
Please be advised that the hearings scheduled for June 21, 2011 at 10:00 am, regarding the Motion filed by James Sasser and the Motion filed by the Trustee for approval of the SEC Stipulation (the "Hearings"), have NOT been Stricken from the Judge's caledndar as has been represented on the message boards.
