Originally Posted by nerdcore
White Hats LLC basically bought Smart Parts after they filed Chapter 11. The legal process is supposed to take a good long time, but hopefully this means someone will pick up where SP left off.
sorta semi-correct...in Chapter 11 the company is supposed to be reorganizing and re-emerging as itself reorganized but in a better financial position. However, when they elected to voluntarily change from Chapter 11 (filed May 13th, 2010. Case # 10-23521 TPA http://www.timschaffer.net/sp-bankruptcy.pdf
) and enter Chapter 7 in August 2010 that was the liquidation phase where asets could be placed on the open market. White Hat has made an offer to acquire SP. Until the offer is accepted and all the legal doodoo is done SP still belongs to SP even if it isn't currently doing any business. If the current owners have enough money they could buy SP and rename it as a new company (yes, this is possible but highly unlikely). But remember they still have a stake in GI-MilSim and are making some good money there. So all it really means is everyone is hopeful that someone (White Hat LLC) will pick up where SP left off. On a positive note, there are so many new and used SP parts and aftermarket parts out on the market that their markers will probably be supportable for the next two decades even if nobody makes another part.