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The Water Cooler
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Downward Spiral? USSA selling 360, Rogers, shoot house...
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<blockquote data-quote="Annie" data-source="post: 2995662" data-attributes="member: 42224"><p>Found this on CalGuns:</p><p></p><p>"How sad. The USSA owner killed himself a few weeks ago, causing $2.3 million in loans on the property to go into default.</p><p></p><p><a href="http://www.tulsaworld.com/business/article.aspx?subjectid=32&articleid=20100915_32_E1_ULNSbd666356&archive=yes" target="_blank">http://www.tulsaworld.com/business/a...56&archive=yes</a></p><p></p><p>Quote:</p><p><strong>Tulsa businessman's death prompts bank to sue for foreclosure</strong></p><p></p><p>by: ROBERT EVATT World Staff Writer</p><p>Wednesday, September 15, 2010</p><p></p><p>Although its founder died less than a month ago, United States Shooting Academy is facing a foreclosure lawsuit from F&M Bank & Trust.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>The properties are located in Caddo, Garvin, Grady, Latimer, McClain and Pittsburg counties.</p><p></p><p>Clark Brewster, a lawyer representing Fee's family and his businesses, said the loans were not in default before Fee died.</p><p></p><p>"I find it extraordinary that they would file these lawsuits two days after this man's death, before his funeral," he said.</p><p></p><p>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.</p><p></p><p>Representatives of F&M Bank were unavailable for comment.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>In the lawsuit against Fee Oil & Gas Ltd.'s properties, F&M says it loaned the company $3 million in October 2008."</p><p></p><p>So not a gunshot suicide but an "unattended death" would raise doubts. Sounds like either he hung himself, or he had help hanging himself and the investigation didn't find any or enough evidence to prove foulplay, although Cherokee Ballard said the ME's Office did rule it a suicide.</p></blockquote><p></p>
[QUOTE="Annie, post: 2995662, member: 42224"] Found this on CalGuns: "How sad. The USSA owner killed himself a few weeks ago, causing $2.3 million in loans on the property to go into default. [URL='http://www.tulsaworld.com/business/article.aspx?subjectid=32&articleid=20100915_32_E1_ULNSbd666356&archive=yes']http://www.tulsaworld.com/business/a...56&archive=yes[/URL] Quote: [B]Tulsa businessman's death prompts bank to sue for foreclosure[/B] by: ROBERT EVATT World Staff Writer Wednesday, September 15, 2010 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." So not a gunshot suicide but an "unattended death" would raise doubts. Sounds like either he hung himself, or he had help hanging himself and the investigation didn't find any or enough evidence to prove foulplay, although Cherokee Ballard said the ME's Office did rule it a suicide. [/QUOTE]
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