Get the Money Up Front!

[bmfc1]

The biggest creditor of bankrupt Sponge Tech is, of course, the Mets who are owed almost $2.8 million dollars:

http://www.cnbc.com/id/38772268

[ashie62]

Interesting. Spongetech was one of the more interesting garden variety cases of securities fraud.

Of interest would be who acted as agent at the brokerage holding the Mets (or individuals) account(s) to execute the trades.

[seawolf17]

Tell you what; we'll trade Francoeur to SpongeTech and call it even.

[Guest LeiterWagnerFasterStrongr]

Ashie62 wrote: Interesting. Spongetech was one of the more interesting garden variety cases of securities fraud. Of interest would be who acted as agent at the brokerage holding the Mets (or individuals) account(s) to execute the trades.

As I understand it, neither Sterling nor the Mets were investors-- they're creditors, owed money for services-- on-air and stadium ads-- rendered.

On the plus side... we're, like 4-5 bankruptcies away from the scoreboard either being Metsified or looking like the back pages of the Voice.

[Guest John Cougar Lunchbucket]

I think the marriage of baseball and advertising, particularly these screwups, would make for a fascinating book, don't you?

[Guest LeiterWagnerFasterStrongr]

Hint, hint?

[metirish]

John Harper is furiously trying to work this in to an article on how incompetent the Wilpon's are, this will be seen as proof of something bad with the Mets....

[metsmarathon]

the mets got soaked by the sponge

[Guest John Cougar Lunchbucket]

LeiterWagnerFasterStrongr wrote: Hint, hint?

Kinda. Trying to come up with something on it, but hard sell!

[Frayed Knot]

I surprised that Elaine buying up all the 'Sponge-Tech' inventory didn't keep the company afloat longer.

[G-Fafif]

I went to a game the last year of Shea with someone who said he knew the Spongetech guy (this as we were being assaulted by Spongetech signage and so forth). Crazy SOB, I think was the verdict.

Spongetech's 2008 marketing agreement with the Mets here.

Re: Shea Stadium Advertising Agreement Dear Mr. Moskowitz: I am writing to confirm the agreement reached between Sterling Mets, L.P. (�Sterling�), owner and operator of the New York Mets National League Baseball team (the �Mets�), and Spongetech Delivery Systems, Inc. (�Advertiser�), manufacturer of the Spongetech brand of vehicle cleaning products (�Spongetech�) for advertising rights during the 2008 baseball season. Per the agreement, Spongetech will receive the following advertising rights, goods and services during the 2008 baseball season: 1. The right to advertise Spongetech on one panel on each of two 7� by 35� rotating tri-vision signs, one located in right field, and the other located in left field, each next to the outfield foul poles. Each of Spongetech�s panels will be displayed on a one-third rotating basis during each Mets game at Shea Stadium (the �Stadium�) (i.e., three innings during a nine-inning game). Fabrication of the signage will be at the expense of Spongetech. 2. Four Field Box tickets to ten mutually agreed upon Mets regular season games at the Stadium. 3. Sponsorship by Spongetech of a mutually agreed upon promotional day on May 13, 2008 (the �Event�), at the Stadium. On the Event date, a mutually agreed upon promotional item supplied by Advertiser, displaying Spongetech and the Mets logos, will be distributed to the first 12,000 kids (ages 12 and under) in attendance at the Stadium. Sterling will promote the Event and Spongetech�s sponsorship thereof in: One 30 second announcement during each Mets game broadcast on each of (i) SportsNet New York; (ii) WPIX TV and (iii) WFAN radio, all during the two-week period prior to the Event. On the day of the Event, Advertiser will receive: (a) Sponsorship of a pre-game baseball clinic at the Stadium for up to 125 children. Advertiser shall secure releases of liability in favor of Sterling, in a form acceptable to Sterling in its sole discretion, from each individual who will be permitted to enter the Stadium field. ( 300 upper reserved tickets to the game. (c) Sterling will display two 3�X 6� banners bearing Spongetech�s logo on the first and third base camera wells (the banners will be provided by Advertiser, at its expense). (d) �Welcome to Spongetech day� will appear periodically on the matrix scoreboard from the time the Stadium gates open until game time. 4. Use of one 15-person Diamond View Suite, including food and beverages for 15 guests, on two mutually agreed upon Mets regular season home game dates. Advertiser shall be responsible for compliance with all usage rules issued by Sterling applicable to suite holders. The tickets and suites provided hereunder may not be used for a contest or promotion without the prior written approval of Sterling.

[Guest John Cougar Lunchbucket]

the SpongeTech world HQ building is just a block from the Cyclones park, or maybe it's jusother ad.

[Willets Point]

Is Bubba Sponge involved?