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  1. 07-28-2010 07:56 PM #1
    WickedKlown2's Avatar
    WickedKlown2
    WickedKlown2 is offline Space Monkey 615 WickedKlown2 has a few balls short of a hopper.
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    Smart Parts files to change from Chapter 11 to Chapter 7 Bankruptcy

    Smart Parts has filed to change over from Chapter 11 Bankruptcy (Re-Organization) to Chapter 7 Bankruptcy (Liquidation)...

    Heres the link to 68Caliber.com : http://68caliber.com/?p=8397

    Let the discussions begin and please keep it Civil as to keep this thread open and not closed due to bad behavior...

    WK2



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  2. 07-28-2010 08:04 PM #2
    Big Bear's Avatar
    Big Bear
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    ^ LMAO all I got to say about that!

    Smart Parts may yet return (who knows what the Gardner brothers will do), but if so, it will be under an entirely new name, with entirely new products.

    ^ Can any one take a guess on the new name and new products?? LMFAO
    Last edited by Big Bear; 07-28-2010 at 08:23 PM.
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  3. 07-28-2010 08:19 PM #3
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    Duck Dodgers
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    The first sentence in the OP pretty much said it all....

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  4. 07-29-2010 06:21 AM #4
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    Chappy
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    burn baby burn
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  5. 07-29-2010 07:37 AM #5
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    GFGJester
    GFGJester is offline Patch Administrator GFGJester has a few balls short of a hopper.
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    Not much to say. You reap what you sow. Too bad that all of the players that bought their SP guns can't file for damages under the C7. Dealers, too. If only for the lack of warranties.
    Pierce "L'il Jester" Sharai 1988-2008 JES-PBJ BLOG "The Brotherhood of Scenario Players"
    Jester's Personal Blog - "Little Lambs Eat Ivy" You only THINK I'm crazy... JES - BLOGGER BLOG
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  6. 07-29-2010 08:20 AM #6
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    I've always wondered what was in the Magic Box...
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  7. 07-29-2010 10:00 AM #7
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    Quote Originally Posted by thumper View Post
    I've always wondered what was in the Magic Box...

    Magic Beans of course....................
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  8. 07-29-2010 10:46 AM #8
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    If the Smart Parts organization is truly the evil empire that so many have made them out to be.... I would assume that the owners / family have merely arranged this Chapter 7 operation in a very calculated strategy to avoid paying their creditors and "clear the books" as they move on to other ventures. I don't have the knowledge of their exploits as many of you all here do, but I have heard the stories many of you have told on various threads. While I am sure that the papers of incorporation will one day find themselves useless in a file somewhere, keep in mind that the people that have brought on this bad reputation that they have, will probably go forward with other plans for many years to come. Everyone should be watching carefully for their re-emergence in a new form....It might be best to avoid any products and services coming out of any new organizations or you too may be stuck with unsupported products that once again "looked great and worked so well". Buyer beware.
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  9. 07-29-2010 12:20 PM #9
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    Skeeter
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    Through "insider" word of mouth... The entire manufacturing facility has been cleaned out (all equipment moved to China?). When PNC Bank sent investigators to verify the collateral (the C n C milling machines & all other hardware in the facility) for liquidation, there was nothing left. Apparently, the owners of SP took out HUGE loans to buy hardware. Shipped the hardware overseas for other purposes, and now the bank has nothing left to liquidate. Even the IP (patents) behing held by the bank are due to expire in the near future (next year?). SP took the $$ and the hardware, but the bank has nothing left to collect on. PNC Bank has been royally screwed over!!!

    What does this do for the sport??????? A huge black eye for the industry, since fewer banks (especially PNC) will ever offer a line of credit for a paintball company again. It doesn't hurt me, but it may well hurt the next small PB manufacturer who needs a loan to start or expand their business.

    Thanks, SP, for your continued efforts to hurt the sport of paintball, and the industry that supports it!

    Edit: BTW... This is word of mouth, from other people who follow the sport from the inside. IF there is anything incorrect in my statements above, please let me know and I will adjust accordingly (similar to Glenn Beck's red phone to the White House).
    Last edited by Skeeter; 07-29-2010 at 01:38 PM.
    PS:"An industry driven by paintball players, for paintball players, is better than an industry driven by nonpaintball players for dollars" Skeeter

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