‘Smart’ Basketball Company Files Chapter 11 Bankruptcy

by San Antonio Attorney

The start-up company behind the 94Fifty Smart Sensor Basketball, sought for Chapter 11 bankruptcy protection after the depletion of their financial resources.

It was considered to be the world’s first smart basketball, with sensors attached that transmit the patterns of ball handling data to a phone.

Michael Crowley, who established the start-up last 2008, is looking for a bankruptcy loan that can aid in inventory before holiday season commences.

InfoMotion Sports Technologies was then given the permission by the bankruptcy judge to use their restricted cash for the meantime.

The company’s financial problems stemmed an investor’s promise to extend $5 million in loans last 2013 but did not fulfill the company task of securing additional loans, according to court papers.

The Chapter 11 bankruptcy filing allows the company more ‘breathing room’ to restructure debt with the increasing pressure of default interest rates and foreclosure filings.

The basketball created by the company, possesses motion sensors that can record intensity of dribbles, analyze shot backspin and even measure shooting arcs.  These statistics will be sent to a smartphone via Bluetooth.

This new innovation gained recognition from Time Magazine, earned a place in one of the top 25 inventions of the year in 2014.

The website of Smart Basketball revealed that the customers can preorder the balls since they are already out of stock.  One ball costs $159.95.  A shipment of 1,300 basketballs is expected to arrive in April, according to Crowley.

InfoMotion Sports Technologies also has a debt of $393,000 to a development agency in Ohio, who extended a loan six years ago.

The company’s headquarters is in Attleboro, Massachusetts but was originally based in Columbus, Ohio.  The company halted its operations there and opted to do contracted labor instead to reduce costs, according to court papers.

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