NO MORE NPPL NEXT YEAR

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NO MORE NPPL NEXT YEAR

Post  MANU on Tue Dec 02 2008, 01:09

Rumors says there will be no more NPPL next year...
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Re: NO MORE NPPL NEXT YEAR

Post  Spook on Wed Dec 03 2008, 22:31

Since Marco wants us to use the CXBL forum, I have posted a response to Manu's post in the CXBL Cowboy section.
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Re: NO MORE NPPL NEXT YEAR

Post  Spook on Thu Dec 04 2008, 10:42

Since some people don't have access to the CXBL forum yet, I will copy what I wrote in the CXBL Forum

The NPPL will file for Chapter 7 (or equivalent). Thatís my understanding of it from what I read on the web, but I can't find anything on court dockets (usually this happens in the Deleware courts, but maybe the official filling has not been done yet)

It looks as if it's pretty much over as we know it and not a good day for paintball either way

Here's what is circulating on the web as a statement issued by Pacific Paintball and its subsidiaries to what appears to be a note addressed to their members and suppliers.

"Pacific Paintball and its subsidiarieswill be filing proceedings under the United States Bankruptcy Code to effect a liquidation of their respective assets and business operations. The affairs and assets of Pacific Paintball LLC, NPPL LLC, XPSL LLC, PB2X LLC, Xtreme Paintball Fields LLC and Camp Pendleton Paintball LLC will be administered by a court appointed trustee in bankruptcy"

This is not Bankruptcy protection (AKA chapter 11). At least under Chapter 11 someone could have bought them out in an attempt to restructure and arrange settlements with the key creditors to keep the operations going. In this case, they went straight to Chapter 7 (or equivalent) which is liquidation of assets by a court appointed trustee. Creditors will have to file claims with the Bankruptcy courts and hope to recover some cash from the sale of the assets or even try to recover actuall assets if they had not yet been fully paid. Essentially, the creditors who file claims get a first crack at the assets which also includes any Accounts Receivable (money owed to NPPL). In general the assets can be anything that the creditors would have sold on credit to the NPPL including bunkers, scoreboards, computers, vehichles, office furniture etc...

Unfortunately, anyone that had not been paid up until the moment they filed, is pretty much screwed and will most likely never see a dime. These people also become creditors and must file a claim with the bankruptcy courts. Same thing for anyone who would have already prepaid their franchise fees for next year. Fun stuff eh!

How do I know about this crap...well I was in charge of negotiating all the large settlement agreements for Teleglobe (a Canadian telco) when we filed for Chapter 11 in the US (and the equivalent in many other countries worldwide). In some countries we went right to the Chapter 7 equivalent and abandoned the assets to the courts. This was back in 2002 when Bell Canada dropped us and it was when I lost all my hair...

Oh Well!!! time for the AXBL to expand? if they can afford it...probably not
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Re: NO MORE NPPL NEXT YEAR

Post  Blaze on Thu Dec 04 2008, 13:13

it is announced Wink no more nppl next year... bankrupt

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Re: NO MORE NPPL NEXT YEAR

Post  dahui on Thu Dec 04 2008, 17:33

they picked a great time to release an nppl videogame didnt they?
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Re: NO MORE NPPL NEXT YEAR

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