Tag: bankruptcy

Smart Parts Files Chapter 7

For a while, Smart Parts has been on a steady decline. Their monetary downfall started with them filing for chapter 11 earlier this year and now they have filed for chapter 7 bankruptcy.

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

NPPL / Pacific Paintball Declare Bankruptcy

The NPPL, or really it’s parent/holding company, Pacific Paintball, which also has PB2X, Paintball.com, XPSL, and a couple of other things, is in the process of declaring Chapter 7 Bankruptcy. No Chapter 11 for them. Some VCs are probably pretty unhappy right now.

Basically, all of Pacific’s assets will be auctioned off, with all the capital being given to the creditors that Pacific couldn’t pay. Some person or group could get some good deals, assuming they can actually do something with them in the end.

There will also be a meeting for all the “big wigs” in Vegas. Mostly, I assume, about this and how to keep their own asses from failing. There is also supposed to be talks about the possibility one single league (for the entire world, no, the universe) with one set of rules

John Amodea, the editor of PB2X, has sent out an email about PB2X and his future intentions. He has a blog that he will keep updated.

Here’s their press release:

Pacific Paintball and its subsidiaries will be filing proceedings under the United States Bankruptcy Code to effect a liquidation of their respective assets and business operations. The affairs and assets of Pacific Paintball LLC, NPPL LLC, XPSL LLC, PB2X LLC, Xtreme Paintball Fields LLC and Camp Pendleton Paintball LLC will be administered by a court appointed trustee in bankruptcy. The bankruptcy court will provide you with written instructions regarding how and where to file any claims in this matter.

Despite doing all we could do, we were unable to make the business a viable concern. Further, in this severe economic climate, we were unable to secure new funding. It is a truly regrettable outcome, though one which is unfortunately occurring more and more frequently in this environment. We thank all those who have supported us.

Here’s Amodea’s email:

Hello friends,

By now you probably have heard that Pacific Paintball and its subsidiaries will be filing proceedings under the United States Bankruptcy Code to effect a liquidation of their respective assets and business operations. This includes our magazine, the NPPL, and all of Pacific Paintball’s other companies. Since many have speculated as to what this means as far as the magazine and my future in paintball goes, I thought I’d try to clear that up.

First, the liquidation of Pacific Paintball means that all of the company’s assets—from their computers, airball bunkers, netting and other physical property as well as their trademarked names—will all be sold. This is assuming there are interested buyers. At least that’s how I understand this. That leaves open the possibility for someone to buy any of the Pacific Paintball brand names to continue running the operation(s) as they see fit.

As for me—I’ve been in paintball for 23 years, with 18 years of running paintball magazines. This is what I am and this is what I’ll continue to be. I will pass on more about what I will be working on next at my new blog site, http://john-amodea.blogspot.com/, which will be up and running this Friday, December 5th.

Finally, I wanted to express my gratitude for all of the relationships I’ve developed and for all of the support you’ve given to Paintball 2Xtremes Magazine. Please keep in touch and feel free to e-mail me at [omg, no spam]. I look forward to working for and with you all again soon.

John Amodea