Originally Posted by Kazer
Originally Posted by bulzeye
Um Yeah. in 2006 DYE, SP and WDP signed a licensing agreement which gave Dye and WDP rights to elecropneumatic guns and SP received rights to use Spool valve technology that DYE held patent for.
Are you positive the first part is accurate? From what I remember, the electropneumatic patent was a lawsuit between the Green's (WDP/APS) and the Gardiner's (SP). The judge awarded the patent to both SP and WDP jointly. When SP filed for bankruptcy and the bank started to liqudate assets is when KEE action sports bought up the SP part of the patent. WDP/APS still retains their half of the patent.
Bulzeye has that part correct. See this press release:
You are also mostly correct. WDP and SP did go through a lawsuit that ended in Dye and SP jointly owning the electro pneumatic patents. This was prior to the events that lead to the above press release. SP did lose the patents in bankruptcy to a creditor (bank), and Kee bought said patents from the creditor. WDP did not, and does not, continue to own any stake in the patents after the events that lead to the above press release.
As part of the 2006 settlement sighted in said release, WDP relinquished their ownership in the patents back to SP, but retained the rights to use the technology.
You can see here on the USPTO website that on 4/27/06 five patents relating to a “Pneumatically Operated Projectile Launching Device”” were assigned from WDP (Assignor) to Smart Parts (Assignee) as a result of the settlement: