I may have been a bit off in suggesting smartparts was not folling their mantra after reading this. I still feel that my overall thought process is correct. I also have to wonder, why would you create the paintball arms race, and outsource the creativity for what you come up with to fuel it? Did the Gardners' think they could sit back and collect a paycheck while a second company corners a market for them? The math doesn't seem like it's there as far as cost versus profit goes.
-
-
From the website posted above:Originally posted by AGDDavidsons website was so off the chart I looked around and found this.
Needless to say its not looking good for him.
AGD
"Inventors pay $800 to see if their ideas conflict with existing patents and whether there's a potential market. If an invention passes those hurdles, Davison Design charges $10,000 or more to create a prototype of the product."
So, let's say the typical invention that 'passes those hurdles' gets charged anywhere from $11K on up to, let's say...$20K. Those two jackwagons (Gardner Bros.) owe that company OVER HALF A MIL! Am I the only one who is amazed by that?
I am utterly convinced that George Davison is crook, and I might even smile if he never gets his money from SPComment
-
Odd, the Forbes article isn't listed on their "press" page.
Originally posted by AGDDavidsons website was so off the chart I looked around and found this.
Needless to say its not looking good for him.
AGDI went like this :shooting:
He went like this :tard: then like this :wow: then like this :cry:
Now he shoots a Mag too...
-JRComment
-
The Gardner's and Davidson are both in Pa. Maybe its scheme to put some of SP frozen assets back into their own pockets.?
Comment
-
He won't get it from SP, but it's possible he'll get it (or at least some of it) from White Hats if they end up buying the company and take on their debt.Originally posted by RattComment
-
Tom,Originally posted by AGDDavidsons website was so off the chart I looked around and found this.
Needless to say its not looking good for him.
AGD
VERY important that you get the spelling of George Davison's name right. Mine is DaviDson. His is Davison.
And I have nothing to do with his inventor-scam company, lol.Last edited by rabidchihauhau; 09-06-2010, 09:43 AM.VENGEANCE PAINTBALL DISTRIBUTORS
X.O. INDUSTRIES PAINTBALLSComment
-
Originally posted by rabidchihauhau
Comment
-
He and the Gardners have a bit of a history in that line of work:
http://www.ftc.gov/os/1997/07/davisb~1.htmComment
-
Originally posted by spantol
Wow good find.
Comment
-
-
I can't help but to wonder if tweedle-dumb and tweedle-dumber (Gardner Bros) saw any kind of return from the $500k they gave to Davison, or if they got any of their money back after the lawsuit.
If they didn't, would that be considered a form of 'poetic justice'?
Comment
-
Isn't that the supposed cost that SP was in debt?Originally posted by AGDComment
-
Originally posted by RattI can't help but to wonder if tweedle-dumb and tweedle-dumber (Gardner Bros) saw any kind of return from the $500k they gave to Davison, or if they got any of their money back after the lawsuit.
If they didn't, would that be considered a form of 'poetic justice'?
Actually it's Smart Parts that owes DAVISON money. In their bankruptcy filing they list him as the creditor holding the third largest unsecured claim against smart parts. So the Gardners owe him $530,000.
A basic rundown of what their debt consists of for anyone who doesn't want to read the bankruptcy filing.
A million bucks owed to their chinese manufacturing facility. Another million owed between the Pennsylvania Industrial Development Authority and the Machine and Equipment Loan Fund. A quarter mil in bank loans. Half a mil to this George Davison character. A hundred and seventy thousand to an intellectual property law firm. Almost a hundred grand owed to a paintball club in california. And another couple hundred grand or so amongst a number of what I assume are various suppliers, phone companies, graphic design firms, etc...
All told it's around $3.5 million in unsecured debt.
They list on their chapter 11 filing that their assets are between 1 and 10 million and liabilities 10 to 50 million.Originally posted by druidLast edited by factoid; 09-07-2010, 09:40 AM.Comment
-
Originally posted by factoid
What I have not seen evidence of, is the >$3 million to PNC Bank... I have this on good authority, but have not been able to find "hard" information to back this up. PNC Bank was a major creditor to SP, and PNC was supposed to be the current holder of the SP IP.
I have spent a few hours searching for the PNC link with no luck at all. My sources could be wrong, but that would be a big surprise.
Is there a "shell" company for Smart Parts, LLC.? Is there another layer beyond what the current documentation shows?
If you are up for a giggle... Take a look at a 2007 "Billy Gardner" rant:
I hate to link ANYONE to PBNation, but the hypocracy is EPIC!Time is what keeps things from happening all at onceComment
-
Those are probably secured loans, meaning that there is collateral tied to it such as the factory, equipment, unsold inventory, etc.... They don't have to disclose those on a bankruptcy filing.Originally posted by SkeeterWhat I have not seen evidence of, is the >$3 million to PNC Bank... I have this on good authority, but have not been able to find "hard" information to back this up. PNC Bank was a major creditor to SP, and PNC was supposed to be the current holder of the SP IP.
I have spent a few hours searching for the PNC link with no luck at all. My sources could be wrong, but that would be a big surprise.
Is there a "shell" company for Smart Parts, LLC.? Is there another layer beyond what the current documentation shows?
If you are up for a giggle... Take a look at a 2007 "Billy Gardner" rant:
I hate to link ANYONE to PBNation, but the hypocracy is EPIC!Comment
Comment