On May 20, smart gun manufacturer Armatix admitted they have entered into “chapter 11-style restructuring proceedings in Germany.”

Armatix makes the iP1 smart gun, which Democrats raved about and pushed to mandate as the only gun that could legally be sold in New Jersey in 2014. Democrats were joined in this effort by gun control groups like the Brady Campaign to Prevent Gun Violence.

The iP1 is only chambered in .22 long rifle and costs $1,800 per gun. The .22 lr is a meager round for self-defense coupled with a price tag that is over three times the amount Americans pay for .45 caliber Glock, and nearly four times the amount Americans pay for a .38 Special polymer revolver from Ruger.

In addition to these things, the iP1 is synchronized with a watch and will not fire unless in the hands of the person wearing the watch. Breitbart News has previously reported that this is not all that smart. For example, if Adam Lanza’s mother had owned an iP1 on the morning of December 14, 2012, it is likely he would have simply stolen the watch and the gun when he stole other weapons from his mother.

With the watch in his possession, he would not have been prevented in the least from carrying out his heinous criminality.

For these and other reasons, Democrats and the Brady Campaign’s smart gun push met stiff resistance. And Armatix is now in “chapter 11-style restructuring.”

According to Fortune magazine, this news comes after Ernst Mauch, Armatix co-managing director and head of technical operations, “abruptly parted ways with the company” on April 20. “Mauch is an eminent weapons designer who had worked for more than 30 years for Germany’s Heckler & Koch, and his presence at Armatix had leant the company technical credibility.”

Although an Armatix spokesperson describes the “chapter 11-style” proceedings as “a corporate restructuring, not an insolvency proceeding,” and said the company “will continue operations and does not anticipate any changes to its majority shareholders,” Armatix did cancel a planned presentation to a “smart gun technology fair” this past week in New Rochelle, New York.

Follow AWR Hawkins on Twitter: @AWRHawkins. Reach him directly at awrhawkins@breitbart.com.