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I think the question here is: chapter 11 or chapter 13? (not that I remember the difference)
-- Feedback--Comment
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Waiting for it......Comment
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They even fail on announcements.... "Loyalhanna, PA – January 6, 2009" wouldn't that mean its been closed for a year....Comment
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Chapter 11 is when they continue to function while they follow debt repayment plans. So basically it gives them more time to pay off debts.
Chapter 13 is the same as 11, except it is for smaller amounts of debt, under about $336k in unsecured debts (no collateral) and secured debts under a million. 11 is over those amounts.
Chapter 7 is liquidation of assests...which would be awesome if they had to liquidate some patents, if you know what I mean, wink wink, nod nod, etc. etc.
So let us hope it is 7.Comment
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ding ding!!!
Two posts.Comment
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Clearly they wouldn't be liquidated to the GardenersOriginally posted by leloup
SwallowBleach: It's good for you.
www.seckspb.com: for all your third party needs
Where have all the scooters gone? -BobTheCowComment
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You know, pretty much anywhere I turn on the forums I see people recognizing what smart parts has done - and not tolerating it. Thank god! The real question is to see where the patents go, and what happens with G.I. Milsim. Although I think that after the last ballistics testing was done by multiple people on the .50 cal I don't see G.I. milsim having any bit of success - but who knows.
The real thing that NEEDS to be done is to keep the exposure out there, and not let smart parts' bad ways transfer over to G.I. milsim unnoticed. When and if they do, we need to be organized and make sure the word is out there on what they did.
I am actually very impressed with the paintball community over this, not allowing BS to happen to their sport. Its obviously worked, and SP is done because of it.
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Originally posted by mostpeopleYou know, pretty much anywhere I turn on the forums I see people recognizing what smart parts has done - and not tolerating it. Thank god! The real question is to see where the patents go, and what happens with G.I. Milsim. Although I think that after the last ballistics testing was done by multiple people on the .50 cal I don't see G.I. milsim having any bit of success - but who knows.
The real thing that NEEDS to be done is to keep the exposure out there, and not let smart parts' bad ways transfer over to G.I. milsim unnoticed. When and if they do, we need to be organized and make sure the word is out there on what they did.
I am actually very impressed with the paintball community over this, not allowing BS to happen to their sport. Its obviously worked, and SP is done because of it.
Agreed. 100% agreed.Comment
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Not quite correct, but pretty close.Originally posted by leloup
Chapter 7 is for either individuals or corporations. It is the death nail in the coffin for a corporation. If they are in or forced into a Chapter 7, then all assets will be liquidated by the Court and dispursed.
Chapter 13 is for individuals only. Corporations are not allowed to file Chapter 13's. This is the first level repayment plan for individuals.
Chapter 11 is the base repayment plan for corporations and some individuals with very large debt amounts are forced into this Chapter instead of a 7 or 13. Chapter 11 is considered the restructuring plan for corporations. If the Plan doesn't work, they convert to Chapter 7 pretty quickly.
Most times, if a corporation has to file a Chapter 7, the creditors don't usually get very much if any from it. The Court fees, attorney fees, and Trustee fees eat everything up. If you are a creditor, then you want the Chapter 11 for your debtor.
No matter how you slice it, not a good thing to have to file.Comment
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Now down with GI Milsim and Luxe!Comment
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Let's hope they stay dead forever and that the Gardeners really feel the sting.
They have cheated notoriously when they played the sport,then they screwed us all with their patents.
I hope this one hurts bad and that they never come back.
Dan@TriggernomicsComment
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I always had a chuckle at the "Tourney Lock" they had on the Max Flow regulators. I remember other chatter about velocity cheats by them too.Originally posted by MaghogComment
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Hahahaha, awesome news! Looks like its back to the ol' drawing board (splash kits, lol!).Comment
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