It sucks when you have an old product that you love and it breaks. However, very few manufacturers continue to fix something forever vs trade it out or give credit towards a new item. Rod manufacturers swap a new model for an old one all the time. But, you are right - Lamson USA's warranty on their LP reels is useless since the company no longer exists. Lamson was bought by Sage and then Sage sold it to Waterworks. Waterworks-Lamson continued to support the reel for a while. Last I knew, US Law only requires manufacturers to stock parts to service discontinued products for 7 years and as the LP was discontinued when Waterworks bought Lamson in 1998, they are well past that period. Depending on the purchase agreement, they may not have had to support the reel or honor the lifetime warranty at all. Based on the problems with the LP, I know I wouldn't have signed up for honoring the lifetime warranty if I were them. However, Waterworks-Lamson does have a lifetime warranty on the products they produced, which started with the Velocity reel. For an old broken LP, the trade-in isn't $50 credit, it is 50% off a similar reel, which could be up to $180 off depending on the model. "Late in 1998, we acquired Lamson from Sage Manufacturing. The LPs were discontinued and the remaining stock was sold. We are sorry to inform you that we no longer repair or have parts for LP reels and spools. Here are some options for you. • You can purchase a Velocity, Guru or Konic reel at 50% off retail price. • LP reels can be repaired by Bill Archuleta of Archuleta’s Reel Works."