TW reports USSA possible foreclosure

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sigsilly

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Ill never call my home state of Oklahoma "lower end".
We are in the lower end of wages in the country and that is a fact.
If USSA structures their membership fees to what the average shooter and average Okie can afford, then their business clientele might grow considerably.
And it looks like they have addressed this recently and hopefully it will keep them open.
 

mbfree

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I have recently been thinking of getting a "trigger time" membership out there, guess it is time. I have shot out there some and really like it. I hope they will stay around, and I hope they can also get skeet.
 

Bravo 3

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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.
 

Surveyor1653

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The article mentions receivership. How does this work? Does it mean that the business continues to operate under the watchful eye of a third party who has the bank's interests in mind?

A question that came up in coversation was whether or not there was an executive insurance policy that would provide protection of the loans since Mr. Fee's passing is the bank's basis for the lawsuit.

Bad situation all around (tragic for those closest, I know) and as many questions as answers at this point. I know that's typical with things like this so I don't want anybody saying I'm hounding for answers, just making a statement.
 

joshuasmaximus

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The article mentions receivership. How does this work? Does it mean that the business continues to operate under the watchful eye of a third party who has the bank's interests in mind?

A receiver is there to make sure the bank gets its money. It usually, means they want assets liquidated and the receiver makes sure the bank isn't screwed. It could also mean that the bank wants the going business watched and to make sure payments are made to them first. These being bankers, I would wager they will shoot for liquidation.

I am a new Triggertime and Training Group Member and I think USSA is an amazing concept. I really hope the lawyers can work this out and keep it open.
 

Shadowrider

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If the article is accurate, and that's a very big "if", it appears that the bank might be trying to snatch the companys out from the estate. If that is the case it's just a pretty low life, underhanded, douchey thing to do. I don't find it surprising that the bank officers were not available for comment before the article was published.
 

sigsilly

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If the article is accurate, and that's a very big "if", it appears that the bank might be trying to snatch the companys out from the estate. If that is the case it's just a pretty low life, underhanded, douchey thing to do. I don't find it surprising that the bank officers were not available for comment before the article was published.

The bank had their faith in the man that built USSA and let them use the bank's money to do it.
Without that man present, they are only insuring they get the best return they can.
His death is a real loss to the shooting community and the bank as well.
The bank cares more about their money than they do the shooting community.
Neither the bank nor USSA are charitable or non-profit organizations.
I hope the place stays in business.
 

GroupGuy

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I've been following this thread and out of respect for the Fee family, have been quiet to this point. However, the bank bought into a man's vision. If the visionary no longer believes in it, at least not enough to stick it out and build it, why should the bank? The visionary took his way out and the bank wants their way out. Not douchy. Who could blame them? When the captain jumps ship it's hard to blame others for wanting to do the same. After all, it's not the bank's money but the depositors. They'd be remiss in their duties for not wanting to cash out of any business they've invested in where the owner commits suicide. It's a real shame for the Fee family and the family of every employee of USSA. It's an amazing facility and an asset to the shooting community but they better pay those Insurance premiums or there will be no more shooting at USSA, regardless of how much they believe in the concept.
 

Shadowrider

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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.
 
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