ugr|dual
29.07.2010, 09:49
http://www.pbportal.de/files/2010/logos/smartparts.gifSmart Parts geht offensichtlich daran die Firma zu liquidieren. D.h. alles wird zu Geld gemacht um die Schulden zu bezahlen.
Gleichzeitig hört man das DLX nun bei Custom Products (CP) angesiedelt sei und schon zum World Cup 2010 mit neuen Luxe Guns zu rechnen ist.
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE WESTERN DISTRICT OF PENNSYLVANIA
__________________________________________
)
IN RE: ) Chapter 11
)
SMART PARTS, INC. ) Case No. 10-23521-TPA
)
Debtor. ) Doc. No. _____
__________________________________________)
) Related to Doc. No. ____
SMART PARTS, INC. )
)
Movant, ) Hearing Date and Time:
)
v. )
) Response Deadline:
NO RESPONDENTS. )
__________________________________________)
ORDER CONVERTING CHAPTER 11 CASE TO A CASE UNDER CHAPTER 7
AND NOW, this ____ day of ____________, 2010, and upon consideration of the motion
(the “Motion”) of Smart Parts, Inc. (the “Debtor”) styled: Motion of the Debtor to Convert Its
Chapter 11 Case to a Case under Chapter 7, and it appearing that notice of the Motion has been
adequate and that the relief sought in the Motion is in the best interest of the Debtor, its estate
and creditors and that good and sufficient cause exists for granting the relief sought in the
Motion, it is hereby:
ORDERED, that the Motion is granted; and it is further
ORDERED, that this Chapter 11 case is hereby converted to a case under Chapter 7 of
Title 11 of the United States Code; and it is further
ORDERED, that the United States Trustee is directed to appoint a Chapter 7 trustee as
soon as possible; and it is further
Case 10-23521-TPA Doc 59-1 Filed 07/28/10 Entered 07/28/10 18:23:26 Desc
Proposed Order Page 1 of 2
{P0175119.1 }2
ORDERED that the clerk shall serve a copy of this Order on all creditors and parties
having requested notice.
UNITED STATES BANKRUPTCY JUDGE
Taken from the filing to convert the case from chapter 11 to chapter 7:
5. The Debtor was incorporated on May 9, 1989, as a for profit business corporation
under the laws of the Commonwealth of Pennsylvania. Prior to ceasing its operations, the
Debtor manufactured and sold paintball guns and related products to various customers both
nationally and internationally. Additionally, the Debtor holds various patents associated with its
product line and licenses such patents to other manufacturers in exchange for negotiated
royalties.
6. Partially due to the overall deterioration in the global economy, the Debtor’s
business operations began to struggle in 2008, revenues and profitability fell and losses ensued.
In January, 2010, after analyzing and discussing numerous potential options, the Debtor
determined that there was no foreseeable return to profitability as an operating entity in the
foreseeable future and fully discontinued its normal business operations.
7. Since that time, the Debtor has undertaken efforts to wind-down its business with
an eye toward maintaining and maximizing the stream of royalty income associated with the
licensing of its patents and maximizing the value of the patents themselves. Because of these
patent and royalty related issues, the Debtor believed that the Chapter 11 proceeding is the best
and most efficient means of managing and maximizing value for the Debtor’s creditors.
Relief Requested
8. As mentioned above, the Debtor commenced this case as a chapter 11 case
because it believed that the best and most effective vehicle for maximizing value for both its
secured and unsecured creditors is through a chapter 11 case. While the Debtor continues to
believe that a chapter 11 case is the best process to bring value to all creditors, after numerous
discussions and negotiations with PNC Bank, N.A. (the “Bank”) – the Debtor’s primary and
most significant creditor – the Debtor has determined that it cannot propose a plan of
reorganization that is mutually acceptable to both the Debtor and the Bank. The Debtor further
believes any attempt to “cram down” a plan of reorganization on the Bank pursuant to
Bankruptcy Code § 1129(b)(1) would be vigorously contested by the Bank causing the Debtor to
exhaust its limited resources to effect such cram down. Moreover, the likelihood of successfully
implementing a cram down is uncertain at best.
__________________
www.pbportal.de-paintball-2759949-52879-Smart-Parts-Liquidieren-Firma.pdf (http://www.pbportal.de/attachments/4/www.pbportal.de-paintball-2759949-52879-Smart-Parts-Liquidieren-Firma.pdf)
Gleichzeitig hört man das DLX nun bei Custom Products (CP) angesiedelt sei und schon zum World Cup 2010 mit neuen Luxe Guns zu rechnen ist.
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE WESTERN DISTRICT OF PENNSYLVANIA
__________________________________________
)
IN RE: ) Chapter 11
)
SMART PARTS, INC. ) Case No. 10-23521-TPA
)
Debtor. ) Doc. No. _____
__________________________________________)
) Related to Doc. No. ____
SMART PARTS, INC. )
)
Movant, ) Hearing Date and Time:
)
v. )
) Response Deadline:
NO RESPONDENTS. )
__________________________________________)
ORDER CONVERTING CHAPTER 11 CASE TO A CASE UNDER CHAPTER 7
AND NOW, this ____ day of ____________, 2010, and upon consideration of the motion
(the “Motion”) of Smart Parts, Inc. (the “Debtor”) styled: Motion of the Debtor to Convert Its
Chapter 11 Case to a Case under Chapter 7, and it appearing that notice of the Motion has been
adequate and that the relief sought in the Motion is in the best interest of the Debtor, its estate
and creditors and that good and sufficient cause exists for granting the relief sought in the
Motion, it is hereby:
ORDERED, that the Motion is granted; and it is further
ORDERED, that this Chapter 11 case is hereby converted to a case under Chapter 7 of
Title 11 of the United States Code; and it is further
ORDERED, that the United States Trustee is directed to appoint a Chapter 7 trustee as
soon as possible; and it is further
Case 10-23521-TPA Doc 59-1 Filed 07/28/10 Entered 07/28/10 18:23:26 Desc
Proposed Order Page 1 of 2
{P0175119.1 }2
ORDERED that the clerk shall serve a copy of this Order on all creditors and parties
having requested notice.
UNITED STATES BANKRUPTCY JUDGE
Taken from the filing to convert the case from chapter 11 to chapter 7:
5. The Debtor was incorporated on May 9, 1989, as a for profit business corporation
under the laws of the Commonwealth of Pennsylvania. Prior to ceasing its operations, the
Debtor manufactured and sold paintball guns and related products to various customers both
nationally and internationally. Additionally, the Debtor holds various patents associated with its
product line and licenses such patents to other manufacturers in exchange for negotiated
royalties.
6. Partially due to the overall deterioration in the global economy, the Debtor’s
business operations began to struggle in 2008, revenues and profitability fell and losses ensued.
In January, 2010, after analyzing and discussing numerous potential options, the Debtor
determined that there was no foreseeable return to profitability as an operating entity in the
foreseeable future and fully discontinued its normal business operations.
7. Since that time, the Debtor has undertaken efforts to wind-down its business with
an eye toward maintaining and maximizing the stream of royalty income associated with the
licensing of its patents and maximizing the value of the patents themselves. Because of these
patent and royalty related issues, the Debtor believed that the Chapter 11 proceeding is the best
and most efficient means of managing and maximizing value for the Debtor’s creditors.
Relief Requested
8. As mentioned above, the Debtor commenced this case as a chapter 11 case
because it believed that the best and most effective vehicle for maximizing value for both its
secured and unsecured creditors is through a chapter 11 case. While the Debtor continues to
believe that a chapter 11 case is the best process to bring value to all creditors, after numerous
discussions and negotiations with PNC Bank, N.A. (the “Bank”) – the Debtor’s primary and
most significant creditor – the Debtor has determined that it cannot propose a plan of
reorganization that is mutually acceptable to both the Debtor and the Bank. The Debtor further
believes any attempt to “cram down” a plan of reorganization on the Bank pursuant to
Bankruptcy Code § 1129(b)(1) would be vigorously contested by the Bank causing the Debtor to
exhaust its limited resources to effect such cram down. Moreover, the likelihood of successfully
implementing a cram down is uncertain at best.
__________________
www.pbportal.de-paintball-2759949-52879-Smart-Parts-Liquidieren-Firma.pdf (http://www.pbportal.de/attachments/4/www.pbportal.de-paintball-2759949-52879-Smart-Parts-Liquidieren-Firma.pdf)