TW reports USSA possible foreclosure

[tyromeo55]

The Tulsa world is reporting USSA in financial trouble

http://bit.ly/cvw2pc

I'm out of town and on my iPhone. Can someone post the article above?

 

[SMS]

If they are truly in financial trouble why did the bank wait until the owners's passing to file suit? Sharks in the water trying to get something on the cheap?

By Lacie Lowry, The News On 6

TULSA, OKLAHOMA -- The future of a Tulsa shooting academy is under fire.

The U.S. Shooting Academy is*the largest law enforcement training and competition facility in the nation and now it's under foreclosure after the sudden death of its founder.

Tom Fee died on August 31st. Three days later, F&M Bank sued the Shooting Academy and Fee's other company, Fee Oil and Gas, saying they defaulted on their loans.

Despite foreclosure proceedings,*the academy is gearing up for a busy fall.

"I'd say the future is bright. I'm not going to sit here and say we don't have some challenges and obstacles in front of us," said Brad Delauter, USSA CEO.

Like legal challenges. An F&M Bank executive testified Friday that the Shooting Academy business account is overdrawn by almost $30,000 and the next payroll is September 15th.

On top of that, Neal Tomlins with F&M says the shooting academy has $2.3 million in loans from the bank. The bank is now asking the court to name a third party to manage its assets.

The shooting academy is fighting that request, insisting the company is worth $15 million.

"It's important for us to keep things status quo as they were for Tommy, for our clients and for the City of Tulsa," Delauter said.

The insurance to run the facility reportedly expires around September 28th and the academy hasn't renewed yet. Still, the CEO is pushing forward with several training events and insists business is booming.

"We are going to continue to build our membership program, we are going to continue to build our training group, we are going to continue to bring in department of defense contracts and we are going to continue to have some of the largest shooting events in this country throughout the year," Delauter said.

Delauter said the academy added 105 new members last month, for a total of more than 600.

The judge issued a temporary restraining order on both businesses Friday. However, U.S. Shooting Academy and Fee Oil and Gas can continue with their ordinary course of business. The next court date is next Friday.

 

[finnimus]

If they are truly in financial trouble why did the bank wait until the owners's passing to file suit? Sharks in the water trying to get something on the cheap?

Or it could be they wanted to let him pass without seeing the business he built go into foreclosure.

Could even be they wanted to lay first claim to any assets in his name before they disappear.

Lots of business related reasons for the timing.

In any case, I hope the best for USSA. Great place to shoot and learn.

 

[Seedy]

Hmmmmmmm...... As a member, this raises a lot of concerns for me. I'm surprised there is not more discussion of this issue here on the forum. Am I missing other threads?

 

[bulbboy]

Its Saturday morning - a very slow OSA time

 

[tacmedic]

This has been coming for some time. No sharks just a bad economy and another business not able to make ends meet. Sad situation.

 

[Seedy]

Its Saturday morning - a very slow OSA time

True...

...I was unaware of the owners passing. Is this the normal kind of "transition period" caused by the loss of the owner...or is the range really in trouble? If it is just "transition" issues, then why did TW report as they did? This is the kind of report that can ruin a business that would otherwise have survived.

Any official response from ussa at this time?

To steve Aryan and other ussa employee's...are you allowed to comment? ?

 

[Keelty]

Don't worry about USSA. The range will remain open and everything will stay the same.

 

[Mitch H.]

If they are truly in financial trouble why did the bank wait until the owners's passing to file suit? Sharks in the water trying to get something on the cheap?

I think maybe you are looking at this situation backwards. It takes a little bit to get all the information necessary to file suit in a case like this. I suspect this was something that was predictable, especially by the owner, prior to his death.

 

[POSITIVE DISCONTENT]

I wouldn't worry about it too much. even if the ownership changes I think It will still be available for Joe Public...