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smart parts files for chapter 7 bankruptcy

S

SteveD

Getting Up Again
Jun 11, 2003
187
0
26
www.vengeancepaintvballdistributors.com
hey Pete - if I had a current email I'd have sent this right to you, but

anyways.

Smart Parts attorney's filed a petition today in the Western Pennsylvania Federal Bankruptcy court to convert their chapter 11 bankruptcy filing (for reorganization) to chapter 7 (liquidation)

Cited as reasons for the conversion were an inability of the debtor (Smart Parts) to come to an agreement with their secured creditors.

More detail, including the filing, over on 68caliber
 
John C

John C

Told u So.
Jul 7, 2001
3,764
2
0
Under a pile of boards.
www.spitfirepaintball.co.uk
At least now the silly rumours that they are about to re launch will stop.




Here are the documents.

http://www.timschaffer.net/SmartPartsDebts&Assets.pdf

http://www.timschaffer.net/SmartPartsFinances.pdf

They turned over an impressive 17 million dollars in '08. Which dropped to 9 million in '09.
They owe fifteen million dollars to various creditors. But have assets of 17.5 million. Almost entirely in machine tools and equipment.

I find it interesting how little value is given to the patents. Something that cost them millions.
It would be interesting to know how they came to that figure.


Their list of unpaid debts is huge. They owe dynasty nearly 100k and couldnt even settle their coffee bills.
But at least they found the money to pay Adam, Michelle, Deborah and William Gardner money owed to them. 'Every cloud' as they say :)
 
k4p84

k4p84

Platinum Member
Oct 14, 2009
1,069
243
88
www.paintballskirmish.co.uk
So the company that tried so hard to sue every other business for everything they had and put a few good companies out of business has finally rolled over and died......
 
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