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Old 06-14-2010, 01:43 PM #1
tjs0349
Tim
 
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Join Date: Nov 2005
Location: Evnaston, IL
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Smart Parts

This doesn't sound so good for paintball. This makes it sounds as if Smart Parts is looking to turn into a Paintball Patent troll. Taken from this court document filed 6/11 in the Smart Parts bankruptcy proceedings.

Background

5. The Debtor was incorporated on May 9, 1989, as a for profit business corporation
under the laws of the Commonwealth of Pennsylvania. Prior to ceasing its operations, the
Debtor manufactured and sold paintball guns and related products to various customers both
nationally and internationally. Additionally, the Debtor holds various patents associated with its
product line and licenses such patents to other manufacturers in exchange for negotiated
royalties.

6. Partially due to the overall deterioration in the global economy, the Debtor’s
business operations began to struggle in 2008, revenues and profitability fell and losses ensued.
In January, 2010, after analyzing and discussing numerous potential options, the Debtor
determined that there was no feasible return to profitability as an operating entity in the
foreseeable future and fully discontinued its normal business operations.

7. Since that time, the Debtor has undertaken efforts to wind-down its business with
an eye toward maintaining and maximizing the stream of royalty income associated with the
licensing of its patents and maximizing the value of the patents themselves.

8. The Debtor’s primary secured creditor is PNC Bank, N.A., which holds a claim of
approximately $12 million and a security interest in substantially all of the Debtor’s assets. The
Debtor also has approximately $2 million in unsecured claims.
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