Smart Parts Rise from the Grave

[Robbo]

robbo, interesting read my friend, and iam intrigued by the the insite u have given after i have read alot of rubbish about sp over the years from people with less exsperience with this company than me. just one question, how can a bank pull the plug if all payments had been made that seems like the killed the mouse early?? unless they could see the books and that it was only a matter of time before defaulting on a payment would happen, or were they paying the debt out of personal money etc,

to me if i had a car on fianance but lost my job i wouldnt expect to lose my car until i missed a payment, not just because i had no income?
obv more complicated than that like

Good question Chris and it's one I asked Adam when he called me; he basically said the bank have contract terms that get reviewed every time that contract comes up for renewal.

In this situation, the contract's term came up periodically within the life-time of the repayment plan and was subject to conditions and pressures outside of whether or not the repayments were being met.
When the latest contract renewal was in front of the bank, they refused to extend the loan any further and called it in.
This of course beggars the question, why the fuhk would they do that if by doing so, it prevented them getting all their money back?

The bank make decisions like this based upon projections and predictions and they therefore deemed it appropriate that by doing it this way, they optimised their chances of getting the most back ..... basically, they decided to pull the plug because they felt, by leaving the plug in, things would have gotten worse and repayments would have eventually stopped and even less money would have been recovered once SP had been bankrupted.

This is of course a value judgment on their part and not one Billy or Adam subsequently agreed with; as to which party as right?

I genuinely have no idea but I will say this much; Billy and Adam are NOT the sort of people who fuhk people over in terms of non payments ... they have always paid their bills as far as I know.

Prior to the bank pulling, see if you can dredge up one instance of people talking about those two guys not paying their bills ... trust me, you won't find any.

The bank's decision to pull that plug neutered any possibility of SP making any payments they owed to people within the industry because the bank had taken first charge on any of the capital that was floating around.

I ain't saying SP would have survived if the bank hadn't pulled but I can genuinely say this much, Billy and Adam would not have pis$ed on anyone who they owed money to ... believe it or not, they are actually too honourable in that department.

We shall never know what would have happened but I know this much, in this situation, it's a lose-lose for everybody but the banks have never been known for their commonsense; greed and fear rule those institutions and sometimes when we succumb to those two emotions, rational decisions go straight out of the window ... I hate banks for other reasons but in this case, I'm glad they got stiffed for the money. They acted disgracefully.

 

[Ant_UK_Refs]

Whether you love or hate SP and the Gardner brothers, you have to admit that they do have a genuine love of paintball, at all it's levels, and have done a damned lot to encourage the sport. So to see them having the rug pulled from right under their feet, on the basis of projections and business/financial predictions, is a downright disgrace. Personally I welcome them back.

And...........I wonder which financial genius at the bank is gonna theoretically lose their head over this whole sorry affair. Bet the frigging bank don't make that information public will they. I hedge bets on the person responsible being given a fat wedge of "hush money", just to keep the general public kept out of knowing the truth as to why Smart Parts were closed down.

 

[kamikaze_chris]

thanks for the insight robbo lets hope they get it right 2nd time around im sure they are alot wiser!!!