Smart Parts Closes (temporarily)

[spantol]

If I'm reading this correctly, it seems that the SP patents were re-assigned to PNC Bank in February 2008:

http://assignments.uspto.gov/assignments/q?db=pat&reel=021006&frame=0524

Presumably, they were used as collateral for a loan. If they've defaulted, well, that sure would be shame.

[Beemer]

Nice find.


___________

[Drix]

If they've closed their doors for the month that alludes to Chapter 7 bankrupcy which would mean they're selling off assets to pay debtors... I wonder if that means they will be forced to sell off their patents to the highest bidder....

[50 cal]

Someone cue up the Nelson "HaHa" pic

[mostpeople]

All patents transferred to PNC National Bank

http://assignments.uspto.gov/assignments/q?db=pat&reel=021006&frame=0524

edit* oops already posted haha

[maniacmechanic]

If I'm reading this correctly, it seems that the SP patents were re-assigned to PNC Bank in February 2008:

http://assignments.uspto.gov/assignments/q?db=pat&reel=021006&frame=0524

Presumably, they were used as collateral for a loan. If they've defaulted, well, that sure would be shame.

So should we all start writing the bank & tell them the patents are worthless , or that they are worth multi millions

if the bank held them for collateral , if sp paid off the loan wouldn't they have to reassign the patents to sp

[going_home]

You guys may be getting your panties bunched up for nothing.
Apparently buying patents is what this bank does.
The PNC Bank owns 7 pages of patents.

http://assignments.uspto.gov/assignments/q?db=pat&asned=PNC%20BANK,%20NATIONAL%20ASSOCIATION

Page 4 Assignment: 197 , Recorded: 03/11/2005 , NATIONAL PAINTBALL SUPPLY, INC.

Page 4 Assignment: 198 , Recorded: 06/15/2007 , NATIONAL PAINTBALL SUPPLY, INC.

Page 6 Assignment: 270 & 271 , Recorded: 05/27/2008 , SMART PARTS, INC.


Some other interesting names in there too.
Activision is in there a couple times,
Crocs Inc (those hideous slippers),
and Ritz Camera to name a few.

[AGD]

I think its more likely all those companies defaulted on loans. Banks are not stupid as you can see. When they loan you money you sign away every asset you own. Believe me I know...

I am dieing to know if SP will make a comeback under new (or old) owners.

AGD

[Tao]

If I'm reading this correctly, it seems that the SP patents were re-assigned to PNC Bank in February 2008:

http://assignments.uspto.gov/assignments/q?db=pat&reel=021006&frame=0524

Presumably, they were used as collateral for a loan. If they've defaulted, well, that sure would be shame.

Lol they lost their self squeegeeing barrel patent too :rofl:

[Skeeter]

So should we all start writing the bank & tell them the patents are worthless , or that they are worth multi millions

IIRC, several should expire within 3-4 years. I wonder how someone would contact the bank about purchasing a specific patent? How would you "value" them? Tom? Lets hold an AGD fund-raiser & get the IP moved over to Tom's hands!!!! Poetic justice!

if the bank held them for collateral , if sp paid off the loan wouldn't they have to reassign the patents to sp

Lets hope that they are so far in the hole, that they will never see these patents again. It sounds like they are gonners, with no hope of return. It would be hard to court the venture capitalist crowd, with their track record. I don't understand Richmond's logic. Why pump huge $$ into a failed venture with a horible starting reputation, for a dubious product, in an obvious effort to wiggle around a "non-compete" agreement? If you have that much $$, there are much easier ways to multiply it. Since the Gardner's have tried to screw the industry for so many years, why would anyone get in bed with them???

I see .50 cal treading water for a few years. Not in the sport of PB, but as a law enforcement training tool. This sport is too established to change formats. The tournament industry is withering on the vine (sorry, Camile). Rec Ball & Scenario Ball will stay .68, and keep the sport alive! After a few years of minimal profits (at best), .50 cal will just fade away. THEN we can all get together and TP the Gardner brothers houses!!!!!

[Reiner]

Well if the bank took them as collateral, let's hope they did that in jest and weren't actually thinking they were worth anything and could make money off them. That could be bad if the directors of a bank were in charge of setting up and collecting royalties.

[BigEvil]

Here's an interesting tid-bit. I ran into a friend of mine at a big game this weekend. This guy is sponsored by SP. He was shooting an ego. When I asked him about it, he laughed and said they are done.

[SSP REAPER]

I told you all last month and fishmishin confirmed it as well. It appears people still think they will make a return. I for one hope they flop and never come back!

We need a market that is not saturated (more than it presently is) with cheap piece of crap markers made in China and Taiwan that don't even work half the time...

[robo1]

Its about time. Is that the patent for the freak barrel too?

[leloup]

Not quite correct, but pretty close.

Chapter 13 is for individuals only. Corporations are not allowed to file Chapter 13's. This is the first level repayment plan for individuals.

True, I was giving just a simplified version. Also, partnerships cannot file 13. Is smartparts a partnership (between the two bros right)?

EDIT: I think that the patents in the hands of a bank might be even worse, as their interest would be money, and not the sport as a whole. I wonder if they know just how important those patents could be?