Tactical Firearms (Katy, TX) being "forced" out of business?

[SC-Texas]

So, Evans is on the bank board and a partner in the foreclosure firm? So what?

his fiduciary duty is to the bank and his firm.

think about this . . . . THE margins in the gun business do not approach the margins at Evans law firm and the bank.

his shop isn't competing with tactical firearms in Katy.

Thats a joke. Seriously. He isn't a range he is on the other side of the world from tactical firearms.

This really keeps coming back to the $6.5 million loan and why the 33.3% investor is walking away from such a profitable business and his relationship with Jeremy and company?

 

[SIG_Fiend]

So, Evans is on the bank board and a partner in the foreclosure firm? So what?

his fiduciary duty is to the bank and his firm.

think about this . . . . THE margins in the gun business do not approach the margins at Evans law firm and the bank.

his shop isn't competing with tactical firearms in Katy.

Thats a joke. Seriously. He isn't a range he is on the other side of the world from tactical firearms.

This really keeps coming back to the $6.5 million loan and why the 33.3% investor is walking away from such a profitable business and his relationship with Jeremy and company?

That's precisely what I was thinking. A managing partner of a law firm engaging in that sort of activity over.......trying to start their own gun business?! That sounds pretty preposterous to me, and I'd have a hard time believing that. Especially considering the profit margins and ridiculous nonsense one must put up with in having a business in the firearms industry. Litigation can pay far better.

 

[TheDan]

Sounds like I don't want to do any business with Tactical Firearms or Icon Bank.

 

[RetArmySgt]

Fox News has picked this up and are running full force with his version of the story.

 

[matefrio]

Some Video They could only produce 3 months of payments?

Tactical Firearms- HW - Houston weather, traffic, news | FOX 26 | MyFoxHouston

 

[Brains]

Some Video They could only produce 3 months of payments?

Tactical Firearms- HW - Houston weather, traffic, news | FOX 26 | MyFoxHouston

It appears they may be using Wells Fargo for their banking, who provides the ability to search 18 months of history with the click of a mouse. They also appear to provide 7 years of statements online.
Wells Fargo online banking FAQ

 

[Major Kong]

I never had any personal issues with them. Before the ammo comment brouhaha, I purchased a couple firearms from them and used their range.

However, something just doesn't pass the smell test here.

I have been a commercial banker for 20+ years, and know that there are a myriad of reasons a bank may call a loan.
It may be because of pressure from Washington, and if so that is a serious concern.

Most loans of that size have covenants in a loan agreement that the borrower agrees to live by during the life of the loan. These could be cash on hand requirements, minimum net worth, debt level limits, and numerous others. If the borrower violates these covenants, the bank has the right to demand payment.

I have not seen his loan agreement or his financial statements, but I would hazard a guess that something is out of whack, and the bank is just trying to protect their investors.

Sent from an undisclosed location.

 

[zincwarrior]

When it became time to refinance the loans, one of our owners (30%), Steven Coe Wilson, decided to back out. It is our belief based on what we have since learned that Steven wished to seize control of the company. We have substantial reason to believe he recruited some of our longest and hardest working employees to overbuy, to overspend, and to bury Tactical Firearms in debt to the point that we could not pay our bills. His grand plan appears to have been to swoop in and buy up the loan when the bank foreclosed on us for failure to pay. Perhaps to his disappointment, not only have we successfully paid our loan notes, we have also cut the unpaid bills by over half.

If you're putting this out there, its not evil Obama, black helicopters, the Quadrilateral Commission, or commie Rick Perry. Its you and your hyper bad practices.

 

[Major Kong]

In addition, just based on the cash statement they showed, that seems like an awfully low amount of cash for a business with that amount of debt.

Sent from an undisclosed location.

 

[zincwarrior]

I feel pretty, and witty, and gay.

Now that song is in my head. Hopefully I will remember it and break out into song at the airport security line later today.

 

[zincwarrior]

Can you clarify what you mean by this statement?

Agreed. I go to Shiloh about twice a month to shoot IDPA. They are friendly, the range is kept up, and they give FFL discounts to vets.

 

[Hoji]

I needed a memory boost, but after a little looking around I found this gem. One of the employees during the Piers Morgan filming. Notice the tactical can of Cope in his gear.

 

[Southpaw]

I needed a memory boost, but after a little looking around I found this gem. One of the employees during the Piers Morgan filming. Notice the tactical can of Cope in his gear.

Well, after all, He is The Cowboy.

 

[London]

Well, after all, He is The Cowboy.

Damn. Good eye. I couldn't even read that.

Anyone know the story behind the picture? I'm curious as to why he's brandishing a can of what looks like pepper spray when there is no apparent threat present, he doesn't look threatened, and he's not even looking in the direction he's pointing the can. I'll bet it has something to do with being a douchebag.

 

[Hoji]

Damn. Good eye. I couldn't even read that.

Anyone know the story behind the picture? I'm curious as to why he's brandishing a can of what looks like pepper spray when there is no apparent threat present, he doesn't look threatened, and he's not even looking in the direction he's pointing the can. I'll bet it has something to do with being a douchebag.

When Piers Morgan was at TF the owner had his staff working "security".
That is a still taken from a video I believe.

 

[Southpaw]

Damn. Good eye. I couldn't even read that.

Anyone know the story behind the picture? I'm curious as to why he's brandishing a can of what looks like pepper spray when there is no apparent threat present, he doesn't look threatened, and he's not even looking in the direction he's pointing the can. I'll bet it has something to do with being a douchebag.

From all the evidence I could gather..... I say you are correct.

 

[London]

When Piers Morgan was at TF the owner had his staff working "security".
That is a still taken from a video I believe.

In clear violation of Texas law.

 

[RACER X]

Some info

My buddies dad is Steven coe wilson. The man who put up the 30% and is now pulling out. By him doing that the bank is also pulling out. Im pretty sure he just dosent want to continue business with people like them. His lawyer will be on 950 am this afternoon discussing it all

Well turns out owners of tactical have been blowing money like crazy well over 100k on cars vacations jewerly and other items. And taking 30k a month under the table and not reporting it or putting it back in the company and mr wilson hasn't seen a cent of his investment back so he is pulling his 30 percent and the bank is pulling as well.
they are scam artist

 

[matefrio]

Looking forward to July. Is it July yet?

 

[matefrio]

Got this from this thread: http://www.ar15.com/forums/t_8_8/561261_Tactical_Firearms_Katy_being_shut_down_.html&page=2

Wilson v. Alcede, Cause no. 2013-68459, Harris County District Court no. 151.