TW reports USSA possible foreclosure

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Glocktogo

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Let me clarify my earlier post.

What I meant was that the bank could be trying to take advantage of a bad situation. Certainly wouldn't be the first time that's happened.

I suspect that USSA could be a very minor secondary concern to the bank. I suspect that Mr. Fee's Oil & Gas Company has them licking their chops because from the amount of debt that the article stated that the bank held notes to could be covered by the assets the oil company held. In fact wells, leases, other various types of royalty interests could cover both companies notes several times over. I don't know if it will, but it's entirely possible.

The bank probably knew that they were going to be set up as a one of those evil greedy boogie men OR it's possible that they just wanted to keep quiet out of respect so they didn't return the reporters calls. But I just don't see how waiting another day or two before filing suit so the family could at least bury the man and have his service would have made much of a difference in the grand scheme of things.

So with that said I'll bow out now and I'll state again that I wish only the best for his wife, kids, friends and all of his employees and I really do hope that USSA continues on and is successful. Mr. Fee built and staffed a world class facility that all of us should be proud of.

I don't know their specific motive here, but I've worked for a bank before. I have nothing good to say about them. I specifically have nothing good to say about F&M bank. :(
 

AKguy1985

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I don't know their specific motive here, but I've worked for a bank before. I have nothing good to say about them. I specifically have nothing good to say about F&M bank. :(

Not to hijack the thread but I've heard bad things about F&M bank. A coworker of mine had a teller pocket some of his money then lie about it and act like nothing happened. Its a bad deal with whats going on. I hope USSA stays open and everything runs smoothly
 

_CY_

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Tulsa businessman's death prompts bank to sue for foreclosure

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Thomas Fee: He founded USSA in 2005 and built its facilities at a cost of more than $5 million in the Cherokee Industrial Park.

Published: 9/15/2010 2:33 AM

Although its founder died less than a month ago, United States Shooting Academy is facing a foreclosure lawsuit from F&M Bank & Trust.

The suit, filed in Tulsa County District Court on Sept. 3, says the business owes more than $2.3 million in loans plus interest, and it also seeks to have a receiver appointed for the property. The bank indicated in the suit that the death of Thomas Fee constitutes an event of default on the loans.

Additionally, a separate suit filed the same day by the Tulsa-based bank is seeking to foreclose on six pieces of property held by Fee's other business, Fee Oil & Gas Ltd., and tied to $3 million in loans. It also cites Fee's death as a default.

The properties are located in Caddo, Garvin, Grady, Latimer, McClain and Pittsburg counties.

Clark Brewster, a lawyer representing Fee's family and his businesses, said the loans were not in default before Fee died.

"I find it extraordinary that they would file these lawsuits two days after this man's death, before his funeral," he said.

Brewster said he and the family are optimistic they can negotiate with the bank to keep United States Shooting Academy operating. The facility has remained open after Fee's death.

Representatives of F&M Bank were unavailable for comment.

Fee founded USSA in 2005 and built its facilities at a cost of more than $5 million on 93 acres in the Cherokee Industrial Park in northern Tulsa County.

The site includes more than 30 pistol
ranges, numerous 100-meter carbine ranges, a 300-meter rifle range, a 36-point practical-pistol competition range and a fully ballistic, live-fire training building.

Tulsa County Sheriff's Office records show that Fee was found dead shortly after midnight Sept. 1 at the USSA facilities at 6500 E. 66th St. North. He was unarmed, and the report lists the death as unattended.

The Medical Examiner's Office ruled Fee's death a suicide that was caused by asphyxiation, said office spokeswoman Cherokee Ballard. The office is still working on a full report of the death, she said.

F&M Bank's suit against USSA, which also lists Fee Oil & Gas LTD, The Tom Cat Revocable Trust and The Thomas L. Fee Trust, says F&M extended a $2 million loan to the shooting academy in May 2008 and an additional $312,700 loan in August 2008.

In the lawsuit against Fee Oil & Gas Ltd.'s properties, F&M says it loaned the company $3 million in October 2008.

http://www.tulsaworld.com/business/...cleid=20100915_32_E1_ULNSbd666356&archive=yes

There is an article in the TW today about F & M Banks suit in the business section with a little more information on what the bank is planning on doing.
 

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Let me clarify my earlier post.

What I meant was that the bank could be trying to take advantage of a bad situation. Certainly wouldn't be the first time that's happened.

I suspect that USSA could be a very minor secondary concern to the bank. I suspect that Mr. Fee's Oil & Gas Company has them licking their chops because from the amount of debt that the article stated that the bank held notes to could be covered by the assets the oil company held. In fact wells, leases, other various types of royalty interests could cover both companies notes several times over. I don't know if it will, but it's entirely possible.

The bank probably knew that they were going to be set up as a one of those evil greedy boogie men OR it's possible that they just wanted to keep quiet out of respect so they didn't return the reporters calls. But I just don't see how waiting another day or two before filing suit so the family could at least bury the man and have his service would have made much of a difference in the grand scheme of things.

So with that said I'll bow out now and I'll state again that I wish only the best for his wife, kids, friends and all of his employees and I really do hope that USSA continues on and is successful. Mr. Fee built and staffed a world class facility that all of us should be proud of.

When Tom first told me about his plans of building USSA he didn't plan on it making a penny which obviously means it would be funded by his other business.Tom wanted to put professional shooters on the same plane as other athletes(tennis,golf,etc.) and while this may of been a pipe dream given the liberal anti gun sentiment in this country, it was none the less his plan! The bank would of loaned money based on Tom's record and other business not on USSA, keep in mind this was not the early 80s where anyone with a business card that had "OIL" on it could walk into Penn Square Bank and get whatever they wanted.
Tom obviously was well covered or there was no way he would of gotten the loans so I think the bank is looking to go after Fee Oil & Gas and sell it and come out with a major profit JMO.
That said I hope Bridget and her attorney are able to kick F & Ms tail and keep both businesses going!
 

Shadowrider

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When Tom first told me about his plans of building USSA he didn't plan on it making a penny which obviously means it would be funded by his other business.Tom wanted to put professional shooters on the same plane as other athletes(tennis,golf,etc.) and while this may of been a pipe dream given the liberal anti gun sentiment in this country, it was none the less his plan! The bank would of loaned money based on Tom's record and other business not on USSA, keep in mind this was not the early 80s where anyone with a business card that had "OIL" on it could walk into Penn Square Bank and get whatever they wanted.
Tom obviously was well covered or there was no way he would of gotten the loans so I think the bank is looking to go after Fee Oil & Gas and sell it and come out with a major profit JMO.
That said I hope Bridget and her attorney are able to kick F & Ms tail and keep both businesses going!
This is what I fear as well.
 

bsdubois00

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I'm not trying to start anything here.

But if USSA was indeed in default on their loans - isn't the bank 100% in the right trying to get their money back? I realize that this is a very bad situation - but the bank is also a business - when you Loan a PERSON money based on his business plan and previous history with you - then that person goes late and defaults on loans (assuming that the loans are in default) then that person commits suicide - who do you trust now? They put their trust into Tom Fee and loaned Tom Fee the money to build USSA - not his children, or his trust, or his former coworker. As bad as this is - the bank isn't the bad guy here - they are just trying not to lose their tail on what is a very bad situation.

I personally hope that USSA comes out kicking and stays open - but the bank also cannot lose on the loan.
 

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I'm not trying to start anything here.

But if USSA was indeed in default on their loans - isn't the bank 100% in the right trying to get their money back? I realize that this is a very bad situation - but the bank is also a business - when you Loan a PERSON money based on his business plan and previous history with you - then that person goes late and defaults on loans (assuming that the loans are in default) then that person commits suicide - who do you trust now? They put their trust into Tom Fee and loaned Tom Fee the money to build USSA - not his children, or his trust, or his former coworker. As bad as this is - the bank isn't the bad guy here - they are just trying not to lose their tail on what is a very bad situation.

I personally hope that USSA comes out kicking and stays open - but the bank also cannot lose on the loan.

I don't think your starting anything,valid question.The bank says total owed 5.3 mil on both companies.USSA is on 93+- acres, then the assets of the oil & gas company. The bank would be first in line holding the liens so I don't see their hurry unless they are looking to come out way ahead,just don't see where they are in any danger JMO.
 

Mitch H.

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I'm not trying to start anything here.

But if USSA was indeed in default on their loans - isn't the bank 100% in the right trying to get their money back? I realize that this is a very bad situation - but the bank is also a business - when you Loan a PERSON money based on his business plan and previous history with you - then that person goes late and defaults on loans (assuming that the loans are in default) then that person commits suicide - who do you trust now? They put their trust into Tom Fee and loaned Tom Fee the money to build USSA - not his children, or his trust, or his former coworker. As bad as this is - the bank isn't the bad guy here - they are just trying not to lose their tail on what is a very bad situation.

I personally hope that USSA comes out kicking and stays open - but the bank also cannot lose on the loan.

I think you have the right take on things here. I also want to see USSA succeed, but, given the totality of the circumstances, I can't blame the bank for protecting their interests.
 

bsdubois00

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I don't think your starting anything,valid question.The bank says total owed 5.3 mil on both companies.USSA is on 93+- acres, then the assets of the oil & gas company. The bank would be first in line holding the liens so I don't see their hurry unless they are looking to come out way ahead,just don't see where they are in any danger JMO.

I agree Bravo - I just wanted to be a semi voice of reason here - where the shooting community sees this maybe as an attack on USSA at a bad moment for the company - you have to step back and look at this from the broader picture. This is a business deal that both parties have to protect themselves in.
 

OUshooter

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I'm in agreement as well that the bank has a right to protect itself. It just turns my stomache a little that they moved as quickly as they did. Hopefully, Okie common sense and cooler heads will prevail.
 
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