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Old 10-21-2020, 03:50 PM #1
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GI Sportz Bankruptcy Docs / KORE

Are Congrats in order to Billy Ceranski , New CEO of KORE?

Here are the legal docs from the Chapter 15 and Canadian filings.
You accountants out there should be really interested.


https://www.ksvadvisory.com/insolven...leab3TisQZewjg
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Old 10-21-2020, 05:03 PM #2
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Are Congrats in order to Billy Ceranski , New CEO of KORE?

Here are the legal docs from the Chapter 15 and Canadian filings.
You accountants out there should be really interested.


https://www.ksvadvisory.com/insolven...leab3TisQZewjg
I'm not being one to completely understand legal docs. And I'm going to admit, I sometimes need things spelled out. What does all this mean, exactly?
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Old 10-21-2020, 05:50 PM #3
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I dunno but a friend whos in the business told me that they we're going to go bankrupt they re-buy the company for cheaper.

looks like he was exactly right.

these big business guys are good at being snakes at big business.
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Old 10-21-2020, 06:48 PM #4
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Their finances don’t look great. Last year they lost almost $2.5 million and that was even before interest costs on their massive debt. Sales were also down from 2018-19 almost $10 million and this year they were on pace to be down another $12 million from last year.

I’d have to imagine all the years of not producing new or viable products has finally caught up with them. What was the last successful product they had? Seems like the entire business essentially earns everything through paint, an area in which they are losing market share rapidly.

I’m not sure how they turn it all around even with the restructuring. Most all of their brands other than Tippmann and GI Paintballs seems to be failing pretty heartily, and even Tippmann is losing entry market share rapidly to PE on the rental front.
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Old 10-21-2020, 07:11 PM #5
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Well the paint is losing market share because the only thing consistent about it is the lint it leaves on your bolt.
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Old 10-21-2020, 07:16 PM #6
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Well the paint is losing market share because the only thing consistent about it is the lint it leaves on your bolt.
Good one !!!
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Old 10-21-2020, 07:39 PM #7
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this should be merged into the other thread


i fully agree the numbers look terrible and it seems like all the did was shuffle a bunch of stuff around and make an agreement to repay part of whats owed. allowin them to buy gi and its IP at a reduced rate.

the only things of value to me is gi's paintballs. all the rest including tippmann are a dying horse without some serious changes.

i asked long ago to our sales rep why they didnt just get rid of all the legacy branding and just focus on GI for paintballs, let empire draxxus zap procaps and all the rest die. and just promote GI only.
gi store for the box stores
gi field for the rental fields
gi custom
gi winter
gi 1-5* for the competitive side

this would eliminate all the extraneous art and marketing and allow one name to become dominant with proper focus.
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Old 10-21-2020, 08:35 PM #8
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Well the paint is losing market share because the only thing consistent about it is the lint it leaves on your bolt.
ProShar will take their market share, their paint is not marbles like GI.
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Old 10-21-2020, 09:16 PM #9
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Well the paint is losing market share because the only thing consistent about it is the lint it leaves on your bolt.
here's why there's so much lint: https://www.youtube.com/watch?v=cbuwu51kdw4

there's a lot of towels and paper towels around the encapsulation machines. @2:24 with clip holding it to the rail. @2:40 @3:13 towels everywhere. @3:35 probably leaving fibers that rotate on the drum on to the outside of the shell sheet. @3:42 @3:56 on the rotating drum again. @4:05 @4:09 @4:31 @4:40 @4:46
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Old 10-21-2020, 09:57 PM #10
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I think I went cross eyed trying to look through that. Reminds me of the crap I have to read when I’m in the middle of a patent filing.
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Old 10-22-2020, 09:06 AM #11
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this should be merged into the other thread


i fully agree the numbers look terrible and it seems like all the did was shuffle a bunch of stuff around and make an agreement to repay part of whats owed. allowin them to buy gi and its IP at a reduced rate.

the only things of value to me is gi's paintballs. all the rest including tippmann are a dying horse without some serious changes.

i asked long ago to our sales rep why they didnt just get rid of all the legacy branding and just focus on GI for paintballs, let empire draxxus zap procaps and all the rest die. and just promote GI only.
gi store for the box stores
gi field for the rental fields
gi custom
gi winter
gi 1-5* for the competitive side

this would eliminate all the extraneous art and marketing and allow one name to become dominant with proper focus.

Agree with you. They seem to think they are good at building brands and products when that has never been their forte. Their Paint is a strong point, why they arenít putting all the focus into that GI direct brand is beyond me. Tippmann could be revived if they would bring out a crossover type mech at a $189 price point I think. They have just been riding 25 year old designs for way too long now with almost no improvement while the rest of the market evolved around them massively.

GI should focus this restructure on building a more efficient paint line with higher quality control and more focused branding. They have way too many lines. Then after a year or two of rebuilding that they should focus on fully scaling out all of these useless brands they own that they seem to think still pull prestige after being irrelevant for 10 years plus. Valken already dominates the cheap and quick portion of the market. GI should focus on quality driven products and paint.

But even then, I feel like the will never be able to catch up with HKs market presence, Valkens price points, or APX/Pro Shar paint quality
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Old 10-22-2020, 09:47 AM #12
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Agree with you. They seem to think they are good at building brands and products when that has never been their forte. Their Paint is a strong point, why they arenít putting all the focus into that GI direct brand is beyond me. Tippmann could be revived if they would bring out a crossover type mech at a $189 price point I think. They have just been riding 25 year old designs for way too long now with almost no improvement while the rest of the market evolved around them massively.

GI should focus this restructure on building a more efficient paint line with higher quality control and more focused branding. They have way too many lines. Then after a year or two of rebuilding that they should focus on fully scaling out all of these useless brands they own that they seem to think still pull prestige after being irrelevant for 10 years plus. Valken already dominates the cheap and quick portion of the market. GI should focus on quality driven products and paint.

But even then, I feel like the will never be able to catch up with HKs market presence, Valkens price points, or APX/Pro Shar paint quality
As an armchair marketing guy I think you guys are onto something with thinning out their brands. I'd get rid of all the GI branded stuff.
  • Paint - Call it Diablo again and stick with it. We don't need GI, Empire, Evil and whatever the hell else they have these days. It doesn't have to be Diablo but they should just stick with a single brand here.
  • Soft goods - You own JT for christ sake, use that for jerseys, pants, masks, packs and pads. That's one of the most iconic brands in the game, not using it to the full potential is stupid. All the other masks like the ev3 and v force stuff just make them JT too.
  • Guns - Use the Empire branding for this, i think most of their stuff already is so this should be easy.
  • Loaders - Last I checked they owned viewloader, again that's another iconic brand that is for all intents and purposes dead so bring it back. You have a VL revy again, a VL LVL and all the rest of their loaders.

I don't understand why they've let things get as bloated as they have with the number of brands. Tippmann is the one brand I don't really know what you would do different with but they need to do something because that Emek is really eating their lunch in that market.
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Old 10-22-2020, 10:01 AM #13
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As an armchair marketing guy I think you guys are onto something with thinning out their brands. I'd get rid of all the GI branded stuff.
  • Paint - Call it Diablo again and stick with it. We don't need GI, Empire, Evil and whatever the hell else they have these days. It doesn't have to be Diablo but they should just stick with a single brand here.
  • Soft goods - You own JT for christ sake, use that for jerseys, pants, masks, packs and pads. That's one of the most iconic brands in the game, not using it to the full potential is stupid. All the other masks like the ev3 and v force stuff just make them JT too.
  • Guns - Use the Empire branding for this, i think most of their stuff already is so this should be easy.
  • Loaders - Last I checked they owned viewloader, again that's another iconic brand that is for all intents and purposes dead so bring it back. You have a VL revy again, a VL LVL and all the rest of their loaders.

I don't understand why they've let things get as bloated as they have with the number of brands. Tippmann is the one brand I don't really know what you would do different with but they need to do something because that Emek is really eating their lunch in that market.

Ooh, thats a bingo!
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Old 10-22-2020, 10:09 AM #14
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I don't understand why they've let things get as bloated as they have with the number of brands.
I work for a company that is basically doing the same thing. Bought by a private equity company and all of the focus is to buy other brands to increase sales. No work is done to improve any brands. No work is being done to consolidate overlap.

The only thing that matters to them is to increase annual sales to a certain number, so they can sell us to the next private equity company. They assume they can buy enough companies and cut costs quickly enough to not implode before the lack of focus on internal improvements put them under. I suspect Fulcrum had the same plan.
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Old 10-22-2020, 10:21 AM #15
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I work for a company that is basically doing the same thing. Bought by a private equity company and all of the focus is to buy other brands to increase sales. No work is done to improve any brands. No work is being done to consolidate overlap.

The only thing that matters to them is to increase annual sales to a certain number, so they can sell us to the next private equity company. They assume they can buy enough companies and cut costs quickly enough to not implode before the lack of focus on internal improvements put them under. I suspect Fulcrum had the same plan.
I used to work for a place like that too. They owned like 50 different brands or something like that. The business model seemed to be to buy a company about every 8-12 months to increase revenue and if they missed the target then they'd lay 40 or 50 people off. When I got clipped I had been there about 8 years and in my department I had more seniority than anybody else but one guy who'd been there for 30 years.
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Old 10-22-2020, 11:53 AM #16
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As an armchair marketing guy I think you guys are onto something with thinning out their brands. I'd get rid of all the GI branded stuff.
  • Paint - Call it Diablo again and stick with it. We don't need GI, Empire, Evil and whatever the hell else they have these days. It doesn't have to be Diablo but they should just stick with a single brand here.
  • Soft goods - You own JT for christ sake, use that for jerseys, pants, masks, packs and pads. That's one of the most iconic brands in the game, not using it to the full potential is stupid. All the other masks like the ev3 and v force stuff just make them JT too.
  • Guns - Use the Empire branding for this, i think most of their stuff already is so this should be easy.
  • Loaders - Last I checked they owned viewloader, again that's another iconic brand that is for all intents and purposes dead so bring it back. You have a VL revy again, a VL LVL and all the rest of their loaders.

I don't understand why they've let things get as bloated as they have with the number of brands. Tippmann is the one brand I don't really know what you would do different with but they need to do something because that Emek is really eating their lunch in that market.
Good thoughts. I dont understand GI, they own an insane amount of IP and dont use any of it at all.
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Old 10-22-2020, 12:34 PM #17
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There's a bit of a tradition in paintball business of a company buying up a competitor just to eliminate them as competition, only to themselves fold up within a couple years.
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Old 10-22-2020, 12:36 PM #18
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Ooh, thats a bingo!
You just say bingo.
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Old 10-22-2020, 01:18 PM #19
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Amazing how many people skip blaming their local field for poor paint storage, and jump straight to blaming the manufacturer.
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Old 10-22-2020, 02:13 PM #20
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Amazing how many people skip blaming their local field for poor paint storage, and jump straight to blaming the manufacturer.
Yeah, because the paint being stored poorly at the field is why its covered in lint...
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Old 10-22-2020, 02:23 PM #21
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Yeah, because the paint being stored poorly at the field is why its covered in lint...
I've never personally had the lint issue with their paint but that would definitely be a packaging issue. The issues I've had with their paint always seems to be from the way my local field stores it. Keeping it in an box trailer that isn't ever climate control isn't great for it but that isn't on GI. I do think the field grade has a stupid thick shell and hurts like a bastard when you get shot compared with the HK/APX stuff I've shot recently and that's for sure on GI.
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