Early this morning the NPPL declared Chapter 7 bankruptcy. Traditionally, businesses file Chapter 11 which allows them to shed their debts and help reorganize their business operations / financials before either A) reentering the world, or B) declaring chapter 7 and liquidating assets.
Chapter 7, in the NPPL’s case, will mean that a bankruptcy court will begin selling off the assets at auction and returning the proceeds to the creditors. This means of course that PB2X, Paintball.com, the NPPL & XPSL brand names, and Xtreme Paintball Parks (specifically, Camp Pendleton Paintball Park) will be auctioned off to the highest bidder.
Please understand that Pacific Paintball LLC. was a group of venture capitalists who invest with the sole intention of turning an operation profitable so as to show a solid return on investment as quickly as possible. With the erosion of the global finance and more specifically, the credit markets, it was only a matter of time before the group “jumped ship”.
Straight from the mouth of the President of the NPPL;
Pacific Paintball and its subsidiaries will 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. The bankruptcy court will provide you with written instructions regarding how and where to file any claims in this matter.
Despite doing all we could do, we were unable to make the business a viable concern. Further, in this severe economic climate, we were unable to secure new funding. It is a truly regrettable outcome, though one which is unfortunately occurring more and more frequently in this environment. We thank all those who have supported us.
For additional information on how bankruptcy proceedings work, feel free to educate yourselves @ USCourts.gov’s section on Chapter 7 proceedings.