*NEW* Front Sight Members Check-In Here!

[Citizen_B]

I believe he's being advised not to send anymore for a while as it complicates the Court Procedures since he has to have Accurate Financial Records submitted by June 15th. HARD DATE per the Court. SHE WAS TOLD DON'T BE COMING BACK FOR AN EXTENSION AS YOU WON'T RECEIVE IT.

[eaglemike]

I believe he's being advised not to send anymore for a while as it complicates the Court Procedures since he has to have Accurate Financial Records submitted by June 15th. HARD DATE per the Court. SHE WAS TOLD DON'T BE COMING BACK FOR AN EXTENSION AS YOU WON'T RECEIVE IT.

Thanks very much! I have a fair sized chunk of $$$$ involved also. I'm hoping they can come up with a functional plan going forward.

[beanz2]

What I hope for is at least some preservation of membership achievement records, e.g. the ability to take higher level classes, and privileges, e.g. classes currently allowed, in the surviving entity.

As far as cost of classes, it’s up to each one of us to decide if it’s worth the training. Every member’s situation is different.

[acegunnr]

I believe he's being advised not to send anymore for a while as it complicates the Court Procedures since he has to have Accurate Financial Records submitted by June 15th. HARD DATE per the Court. SHE WAS TOLD DON'T BE COMING BACK FOR AN EXTENSION AS YOU WON'T RECEIVE IT.

Well there goes that theory, I just received an email...actually two.

[eaglemike]

Got a notice of proceedings via email tonight

[Doctor_Chicago]

Got a notice of proceedings via email tonight

Stretto is sending them out via email to all 263,000 Members and 400 Former Members. So if you have an old email on file or none then they need to contact Stretto to be included on the Notifications of the Chapter 11 Proceedings.

[beanz2]

Stretto is sending them out via email to all 263,000 Members and 400 Former Members. So if you have an old email on file or none then they need to contact Stretto to be included on the Notifications of the Chapter 11 Proceedings.

Who is Stretto representing?

[NorthBay Shooter]

Stretto is sending them out via email to all 263,000 Members and 400 Former Members. So if you have an old email on file or none then they need to contact Stretto to be included on the Notifications of the Chapter 11 Proceedings.

Dr Chi, you are far more involved it seems than most of us. Your insights whenever you can provide them would be extremely helpful. I did just read through some of the current and previous filings with the court (there are a ton) and found some interesting tidbits.

Do you agree that they are in worse financial status than any of the members were led to believe? It was a big red flag to me that they were using the merchant account (cc processing) to do payroll.

Do you anticipate that the membership based on fees paid for future services will be creditors in the case based on their investments in FS?

[NorthBay Shooter]

After reading more filings, there are more interesting facts to be found. Assuming the truth is somewhere in between what FS presented and what the creditors presented regarding the financial aspects of FS, I did find it extremely interesting regarding the DIP financing. FS requested approval to get a 5M loan to run the business for the 13 weeks of the hearing process. That would have figured out to approx 20M a year to run FS. After the motions, they were granted 600k. Which when extrapolated to a year is about 2.5M. WTF. If it really is only 2.5 or 3M a year to run FS and they are losing money, this really was a scam on the membership. The fact that they don't have 600k is crazy. Moreover, they are going to get a loan for the 600k at 9.5% for seven months. If I would have known that and had the security of using the property for security and being first paid out of the BK case, I would given them the money... LOL. Perhaps the good doctor should have been more transparent with the membership about being in extremis he may have avoided all of this.

[VolvoWrench]

You guys remember reading this...?

To dispel some of the most ridiculous lies being spread by our enemies about me, Brad Ackman, our supportive staff, and our great members let me assure you that Brad has not come out of the closet as being gay. He does not hate women. He is not the new owner of Front Sight and he has not abandoned his duties. He does not support nor has he initiated a hostile takeover of Front Sight. I have not spent all of Front Sight's money on street drugs and patronizing brothels. In fact, I have NEVER used ANY recreational drugs and at the age of 62 do not take ANY prescription medication either. I have never even seen the front door of a brothel let alone ever walked inside one. No, our members have not descended on the offices or homes of any lender armed with guns and threatened anyone. No, our employees have not walked off the job or threatened a mutiny to take over Front Sight. As I said, ridiculously slanderous, libelous and defamatory comments.

The lies our enemies are spreading about financial impropriety are equally outrageous so here is the TRUTH...
Over the last 25 years Front Sight has collected $147,784,303.10 from our members. With this amount of money collected Front Sight has done the following:
We have delivered (meaning actually provided the courses to individual students) $260,210,000 dollars of retail value in Four Day Courses.
We have delivered (meaning actually provided the courses to individual students) $122,663,000 dollars of retail value in Two Day Courses.
We have delivered (meaning actually provided the courses to individual students) $80,000,000 dollars of retail value in Private Training Courses.
This is a total of $462,873,000 dollars in training courses provided at retail value to members, their family, and friends.
In addition, Front Sight has delivered 54,683 guns as bonuses to members for their participation, along with assorted gear bonuses, hats and membership cards totaling over $30,000,000 dollars.
In addition, Front Sight built the world's largest and best firearms training facility appraised at over $25,000,000 dollars.
In addition, Front Sight has created the greatest firearms training instructional staff and support staff in the industry and during the last 25 years, have paid them over $100,000,000 dollars. I am not part of the instructional or support staff. NONE of this money was ever paid to me.
In addition, over the last 25 years Front Sight has spent well over $10,000,000 in assorted legal expenses.
If you are a business owner, you know there are dozens of other daily expenses that during 25 years add up to tens of millions of dollars more in money spent delivering value to our members and students.
In addition, since Front Sight is an LLC, and I am the sole member, all Front Sight profit must flow down to me, and I am responsible for paying the tax on the profit. Front Sight has been profitable EVERY YEAR. As a result, most of the money that our enemies slanderously claim I pulled from Front Sight was to PAY FRONT SIGHT'S TAXES!
In fact, over the last four years, while I have been fighting the enemies attempting to destroy Front Sight and fighting to protect your membership, I actually placed $2,275,802 (two million, two hundred seventy five thousand, eight hundred two dollars) more into Front Sight than I took out. Meaning over the last four years, EVERY PENNY I took out of Front Sight, even to pay Front Sight's taxes, I put back into Front Sight PLUS $2,275,802 dollars MORE! In 2022, I have not taken a dime from Front Sight. I'm now the ONLY person working for Front Sight to win this battle against our enemies and save your membership who is NOT being paid.
Add all these numbers up and you can see that accusations of financial impropriety are ludicrous. Those attempting to turn our members, staff, vendors, and even potential lenders against us and destroy Front Sight's ability to fight the wrongful foreclosure action with their nefarious slander, libel and defamation, know that what they are saying is not true. Front Sight has done an amazingly remarkable and ethical job in creating the greatest firearms training facility and organization in the world, while providing you and your family with a huge Exchange in Abundance for the last 25 years.

[-hanko]

After reading more filings, there are more interesting facts to be found. Assuming the truth is somewhere in between what FS presented and what the creditors presented regarding the financial aspects of FS, I did find it extremely interesting regarding the DIP financing. FS requested approval to get a 5M loan to run the business for the 13 weeks of the hearing process. That would have figured out to approx 20M a year to run FS. After the motions, they were granted 600k. Which when extrapolated to a year is about 2.5M. WTF. If it really is only 2.5 or 3M a year to run FS and they are losing money, this really was a scam on the membership. The fact that they don't have 600k is crazy. Moreover, they are going to get a loan for the 600k at 9.5% for seven months. If I would have known that and had the security of using the property for security and being first paid out of the BK case, I would given them the money... LOL. Perhaps the good doctor should have been more transparent with the membership about being in extremis he may have avoided all of this.

You conveniently forget that when Piazza speaks or puts something on the web, he's lying. I'd keep that in mind.

[NorthBay Shooter]

the fact that Dr. P. only talks about what he took in the last four years is telling when he states revenue and expenses for the last 25 years. Classic. I love this from the creditors filings:
Tax returns and financial statements of the Debtor reflected that in excess of $20 million dollars was disbursed to Piazza and/or his entities in the form of an interest free note receivable to shareholder and shareholder distributions. In particular, from 2016 to 2019, the Debtor paid in excess of a million dollars for luxury or antique cars and approximately $15 million dollars was
disbursed to Piazza without indication of any apparent purpose or benefit to the Debtor,

Or this
Through discovery, the Lender Parties received Front Sight’s financial records, including tax returns and bank statements, which demonstrated that the Piazzas, either individually or through the VNV Dynasty Trusts, were paying themselves millions of dollars a year from Front Sight’s bank accounts. In addition, the Front Sight bank statements and tax returns also revealed that the Piazzas were using the Front Sight bank accounts to purchase luxury automobiles for themselves because the luxury automobiles were never listed on Front Sight’s tax returns but were listed on Ignatius Piazza’s personal financial statements. Id. p. 5, l. 20-28 and Exhibit 10.2

A forensic accountant issued an expert opinion on May 27, 2021 summarizing and detailing the evidence of the millions of dollars the Piazzas took out of Front Sight’s bank accounts from 2016-2019. Id. p. 6, l. 1-7 and Exhibit 11.3

[-hanko]

As I said...

[Corbin Dallas]

[ShootTargetFun]

Front sight Membership

I just logged into my front sight account and noticed they changed my membership to a founders membership. Also saw that it'll cost me $100 per day to take a class. I haven't used my membership yet was planning this summer. I was told it was free. I paid $1000 for it. Did I get scammed and lost that money?