Spongetech Gets Green Light For Bankruptcy Asset Sale

Law360, New York (April 28, 2011, 6:47 PM EDT) -- A New York bankruptcy judge on Wednesday signed off on the sale of substantially all remaining assets of scandal-plagued and bankrupt sponge maker Spongetech Delivery Systems Inc.

U.S. Bankruptcy Judge Stuart M. Bernstein cleared the way for Spongetech to hand its Internet domain names, trademarks, copyrights and other assets over to stalking horse bidders Andrew Tzanides and Chao Jiang, who scooped them up for $500,000 after no one offered to top their bid at the company's April 11 bankruptcy auction.

The SEC sued Spongetech, its CEO...
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