TW reports USSA possible foreclosure

[Glocktogo]

Most people are not arguing about the quality of the staff or facilities. The members including myself would like an official statement backed up with facts about this story. Not just the we are doing great blah blah blah. We want proof to support the claims. We are not attacking or being negative we are just wondering about the situation and future. These are legitimate concerns from the customers of USSA.

How "official" of a statement do you want? Unless you're a shareholder or creditor, you're not entitled to look at the books so to speak. While USSA may choose to provide specifics to their members about how they plan to keep the gates open, they're better off providing that information to their creditor(s).

This was all very sudden and it would be best to give the folks there a little time to work this out, rather than storming the doors demanding answers they may not be willing or able to give you right now.

 

[Glocktogo]

I knew Tom well and gave him his first handgun shooting lession which started him down this path. I told anyone that there was no way Tommy would go the way he did unless FeeOil & Gas was in trouble,which it appears was the case.
Tommy and I were good friends and I was probably the first person he told of his plans for USSA which he orginally said he had no plans of it making any money and he would fund it from his oil business and I convinced him that it should at least pay its expenses which he listened to and agreed to.
USSA could not borrow anything and had to be funded by Tom and his business,I didn't ask and just thought Tom funded it and not taken a loan but I was obviously wrong.
As Steve said earlier I hope that the bank will seperate the two and have a 3rd party that knows the business come in and get USSA on its feet and set up a reasonable payment plan that can be made.
I have not been to USSA since Tom took me there just before it opened, the club/pro shop was not even there at that time.
I hope that USSA is able to survive and the bank does the right thing because Tommy did build the ultimate shooting facility!
I will always miss Tommy and keep Bridget and the girls in my prayers.

Gods Speed Tommy

I hope the moderator will not feel this is does not apply and remove it.

Thank you for your post. A lot of us feel the same way.

 

[Traxxis]

How "official" of a statement do you want? Unless you're a shareholder or creditor, you're not entitled to look at the books so to speak. While USSA may choose to provide specifics to their members about how they plan to keep the gates open, they're better off providing that information to their creditor(s).

This was all very sudden and it would be best to give the folks there a little time to work this out, rather than storming the doors demanding answers they may not be willing or able to give you right now.

I agree. It's none of anybody's business unless they are a stake holder. As for the members... the only statement I think you "deserve" is whether or not your membership etc... will be honored. Other than that, be thankful for what they ARE saying, because you don't really deserve anything more.

 

[dhomoney]

Really? Come one... I am sure that honoring the current memberships would be a huge priority. Why would they damage themselves by blocking those memberships? Many companies do this... Midas, Meineke, AAMCO to name a few. They keep the places open with current staff and add an accountant to manage purchasing and to watch the banks interest. I wouldn't worry about it, if I am wrong flame away....

Actually what you are describing is bankruptcy and not foreclosure.

 

[saryan]

What the bank is doing is protecting its loan. I've seen this happen many times before.
If the bank doesn't step in and waits, in many cases in the past, the family, employees or whomever totes off everything of value and abandons the place. This ruins a perfectly viable business.
Its just like if you die tomorrow the state freezes your bank accounts, blocks access to your safety deposit box, Etc.

With a good lawyer, a good business plan and 3rd party oversight they should get thru it. As long as nobody Panics!

+1
This is the exact situation we are in. Spot on.

 

[greeniii2]

I agree. It's none of anybody's business unless they are a stake holder. As for the members... the only statement I think you "deserve" is whether or not your membership etc... will be honored. Other than that, be thankful for what they ARE saying, because you don't really deserve anything more.

You are correct.. A private business doesn't have to say or prove anything.. Then again, a person doesn't have to do business with a company that doesn't want to disclose anything..

It is in their "best interest" to be as forthcoming as they can during times of uncertainty.. But as you said earlier, they are not obligated to say a word..

 

[Ranger FO]

And from what I hear, there are questionably expenses being written off as a "business expense" / "range expense". If they are true and is disclosed in court etc, hello IRS.

 

[POSITIVE DISCONTENT]

What the bank is doing is protecting its loan. I've seen this happen many times before.
If the bank doesn't step in and waits, in many cases in the past, the family, employees or whomever totes off everything of value and abandons the place. This ruins a perfectly viable business.
Its just like if you die tomorrow the state freezes your bank accounts, blocks access to your safety deposit box, Etc.

With a good lawyer, a good business plan and 3rd party oversight they should get thru it. As long as nobody Panics!

Amen... In fact this is how one of the popular Tulsa based muffler shops got started. Bank was slow to "Protect" it's assets and the equipment was hauled to new locations and a new business started with "borrowed" equipment.

 

[claricSTi]

I agree that it is not our right as members to see anything regarding financial information. It is more a question of the memberships being honored. Regardless I will be there shooting multiple times a week because the academy is truly awesome.

Since I joined 3 friends have signed up(member for 2 months). Everyone that comes out genuinely enjoys it. There is no doubt in my mind that the following for this great establishment will continue to grow.

 

[tacmedic]

Website is down.