The franchise was purchased for an undisclosed amount by Krause Gentle, the parent company of Kum & Go convenience stores.

[3] Lewis Lloyd, who was banned from playing in the National Basketball Association (NBA) due to a violation of their drug policy, sought a court injunction in 1988 to allow him to play in the CBA after his contract with the Cedar Rapids Silver Bullets was rejected by CBA commissioner Jay Ramsdell.

On December 21, 1988 Linn County, Iowa District Judge William Thomas ruled that the CBA had a right to bar players who had a history of drug use.

After Cedar Rapids posted a 119–98 victory over the Lightning, Rosen met Whittaker in the hallway outside of the Silver Bullets locker room and struck him in the neck and shoulder.

Bimm Ridder Sportswear, an athletic apparel manufacturer, got its start making products for the Silver Bullets and the Minor League Baseball team, the Cedar Rapids Reds.