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View Full Version : It's Official - Smart Parts files Chapter 11


druid
05-21-2010, 11:21 AM
http://www.pittsburghlive.com/x/pittsburghtrib/business/s_681978.html

It's a sad day in paintball

shunut
05-21-2010, 12:26 PM
I'm not too sad. I'm not a big fan of SP.

druid
05-21-2010, 12:31 PM
Any time ANY company has to file chapter 11 is bad....and ANY time a PAINTBALL company does it is REALLY bad for US.

shunut
05-21-2010, 01:33 PM
I don't see it that way, not with SP.

bigred76
05-21-2010, 02:34 PM
SP has many, many ties deep within the industry. There will be some underlying ripples in the paintball industry because of this. It won't be felt by most common consumers, but it'll be there when you look for it.

xsvly-fat
05-21-2010, 04:23 PM
:'( was never to big on SP but it is kinda sad. Although I did see it coming.

paintballkid0206
05-21-2010, 06:28 PM
I agree with Druid, if any paintball company goes bankrupt, its bad for the industry. We need the businesses so we can keep the sport alive.

slim and shady
05-21-2010, 07:28 PM
Thats to bad.

DRAGON
05-22-2010, 11:12 AM
If you didn't see this coming, you're out of touch. I do and don't think it's a bad thing. Reason being is, I don't see them not coming back some time in the future under a different company name following a short hiatus. No, I'm not referring to GIMilsim -

Far as the haters go, good for the sheep that haven't a clue. Face it, SP have provided waaaaaay more positive to the paintball community than negative. The blinded sheep have no sense of balance or merit. They dwell soly on the negatives that infects them with a false sense of equilibrium. The same goes for the Spyder, Tippmann, **insert company name** , **insert company name** , love vs hate crowd. A little reality check could very well change all that once everyone walks onto the field and the games begin -

vikingshadow
05-23-2010, 08:14 AM
As most of you know, I used SP for a long time and still love my old Shocker (wish I still have it- that thing was a beast!) I've also said over and over, paintball is paintball, but to stay in business you have to be a business and that's what SP was - a business. They did what MANY businesses did and still do to this day, yet because it was "Paintball" they were supposed to be different? Nah - we can't take the moral high ground in this.

Now, hitting the "paintball" subject, I think it's a loss for the paintball world, and to be honest, I'll miss them.

TheDarkShadow
05-23-2010, 06:29 PM
it was a matter of time, uit will be a hard hit for the paintball community

Hob Hayward
05-23-2010, 06:32 PM
Had no idea this was coming... Then again I've been MIA for a while.. what happened to them?

OtterSC
06-16-2010, 09:04 PM
if they only witheld all the court things with "stepping on patents", they may not have issues! lawyer fees are outragious.

druid
06-17-2010, 02:28 AM
OK...who hacked Otter's account again?!? DAN?!?!?!

WhatThaSmurf
06-17-2010, 05:15 AM
For someone who has been away from the sport for a while, this is a shock. When I left, SP was on fire. Their barrel kits and guns were selling like nobody's business.

druid
06-17-2010, 09:50 PM
I know. That's what happens when the bank panics and screws the people they lend to...problem is...SP owed them [I hear] MILLions....

Hob Hayward
06-18-2010, 08:54 AM
Yep.. the legal costs for winning their copyright battles were like 6mil or something ridiculous. They lost a loottt of money being douches to the rest of the paintball world. They certainly didn't make close to that much back in royalties.

markgsa
06-28-2010, 05:29 PM
that sux

Jimmyd24
07-06-2010, 08:27 PM
funny that i come on this site for the first time in a few years or so, since i went off to college, i have had no money and have fallen out of the sport. but when it was in the game, smart parts was everywhere, and everyone had them. can someone tell me what happened?

druid
07-06-2010, 11:26 PM
basically this:

1. They took out a bank loan for [allegedly] Millions $ for new equipment [allegedly] for the "new" [old] .50 cal crap.
2. They spread their current resources too thin by putting out too many markers in one calender year.
3. Some say lawyer fees defending patents
4. When Wall Street took a nose dive last year, banks started calling in all markers...in essence screwing SP to the wall.

paintballkid0206
07-07-2010, 05:40 AM
that'll do it... i must say, it shocked me as well. I've been completely out-of-touch with the paintball world, and when i was playing, Ions and SP Barrels were all over the place.

shunut
07-29-2010, 08:36 AM
Well, Smart Parts has converted their Chapter 11 to Chapter 7, so Smart Parts is done.

Copied and Pasted from PbN:

IN THE UNITED STATES BANKRUPTCY COURT
FOR THE WESTERN DISTRICT OF PENNSYLVANIA
__________________________________________
)
IN RE: ) Chapter 11
)
SMART PARTS, INC. ) Case No. 10-23521-TPA
)
Debtor. ) Doc. No. _____
__________________________________________)
) Related to Doc. No. ____
SMART PARTS, INC. )
)
Movant, ) Hearing Date and Time:
)
v. )
) Response Deadline:
NO RESPONDENTS. )
__________________________________________)
ORDER CONVERTING CHAPTER 11 CASE TO A CASE UNDER CHAPTER 7
AND NOW, this ____ day of ____________, 2010, and upon consideration of the motion
(the “Motion”) of Smart Parts, Inc. (the “Debtor”) styled: Motion of the Debtor to Convert Its
Chapter 11 Case to a Case under Chapter 7, and it appearing that notice of the Motion has been
adequate and that the relief sought in the Motion is in the best interest of the Debtor, its estate
and creditors and that good and sufficient cause exists for granting the relief sought in the
Motion, it is hereby:
ORDERED, that the Motion is granted; and it is further
ORDERED, that this Chapter 11 case is hereby converted to a case under Chapter 7 of
Title 11 of the United States Code; and it is further
ORDERED, that the United States Trustee is directed to appoint a Chapter 7 trustee as
soon as possible; and it is further
Case 10-23521-TPA Doc 59-1 Filed 07/28/10 Entered 07/28/10 18:23:26 Desc
Proposed Order Page 1 of 2
{P0175119.1 }2
ORDERED that the clerk shall serve a copy of this Order on all creditors and parties
having requested notice.
UNITED STATES BANKRUPTCY JUDGE

timmyshoota
07-29-2010, 04:42 PM
:(


Who wants to buy a Shocker rebuild kit? $300 :p

DFSniper
07-30-2010, 05:54 AM
We should start gutting shockers and ions a sell them as "replacement parts"

vikingshadow
07-31-2010, 09:25 PM
Should have kept my Shocker as part of "history", lol!