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[surferbum]

Latest

Case Name Front Sight Management LLC
Case No. 22-11824
The following contains recent activity in the bankruptcy proceedings of Front Sight Management LLC, Case No. 22-11824 in accordance with your notification preferences.
Date Filed 09/23/2022
Docket No. 361

Link to the filing. Good review of the timeline.

https://cases.stretto.com/public/X185/11735/PLEADINGS/1173509232280000000090.pdf

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[eaglemike]

Latest

Case Name Front Sight Management LLC
Case No. 22-11824
The following contains recent activity in the bankruptcy proceedings of Front Sight Management LLC, Case No. 22-11824 in accordance with your notification preferences.
Date Filed 09/23/2022
Docket No. 361

Link to the filing. Good review of the timeline.

https://cases.stretto.com/public/X185/11735/PLEADINGS/1173509232280000000090.pdf

Sent from my iPhone using Tapatalk

I see they filed an objection to the proposed plan. Trying to read and understand it is giving me a headache. Hopefully someone with a law background will come along and explain a bit.
Thanks for posting it!

[smoothy8500]

Latest

Case Name Front Sight Management LLC
Case No. 22-11824
The following contains recent activity in the bankruptcy proceedings of Front Sight Management LLC, Case No. 22-11824 in accordance with your notification preferences.
Date Filed 09/23/2022
Docket No. 361

Link to the filing. Good review of the timeline.

https://cases.stretto.com/public/X185/11735/PLEADINGS/1173509232280000000090.pdf

Sent from my iPhone using Tapatalk

Interesting tidbits on pages 5-8 discussing business plans. PrairieFire is described as an "affiliate" of Piazza, and another line discusses the new debtor engaging Piazza "into a consulting agreement"?

[smoothy8500]

Page 13 lists the objections including:
The Amended Plan provides for Piazza and PrairieFire to share any excess
value from the $15 million litigation reserve, as well as for Piazza to receive the benefit of a new consulting agreement with the Reorganized Debtor. There is no information, however, regarding the terms of the consulting agreement, including the compensation Piazza is to receive thereunder and for what period of time. Nor is there any information to support the basis by which Piazza is entitled to any value when unsecured creditors will not be paid in full. The Disclosure Statement must provide information to support the basis for Piazza’s retention of value under these circumstances.

And I though PrairieFire was sending out all those PR statements denying Piazza has anything to do with their future operations...

[-hanko]

Page 13 lists the objections including:


And I though PrairieFire was sending out all those PR statements denying Piazza has anything to do with their future operations...

Just like Dr. Piazza...a bunch of **cking liars.

[LV_G22]

Interesting tidbits on pages 5-8 discussing business plans. PrairieFire is described as an "affiliate" of Piazza, and another line discusses the new debtor engaging Piazza "into a consulting agreement"?

Nope. PrairieFire is described as an affiliate of FS DIP LLC.

FS DIP LLC was formed to provide DIP (Debtor in Possession) Financing during the bankruptcy and FS DIP LLC filed with the court, under oath, a statement that they were NOT affiliated with FS or IP.

DIP_STATEMENT.pdf

If you were an unrelated company that decided to scoop up Front Sight from bankruptcy by putting up $24Million - wouldn't you keep IP on as a consultant at least during the transition - especially as they are still trying to fight LVDF in court over an $11M item. A consultant is completely under the control of PrairieFire, not the other way around. IP built and ran the place for over 2 decades, you would want access to answer any questions during the transition.

From the court filings, it appears to be a completely separate entity interested in purchasing the Front Sight property and developing their own Firearms Training Center.....

If IP had access to $24M in investment, Front Sight never would have filed bankruptcy!

Just my 2 cents from reading and thinking about the documents.

Welcome all viewpoints.....

[SWalt]

Page 13 lists the objections including:
The Amended Plan provides for Piazza and PrairieFire to share any excess
value from the $15 million litigation reserve, as well as for Piazza to receive the benefit of a new consulting agreement with the Reorganized Debtor. There is no information, however, regarding the terms of the consulting agreement, including the compensation Piazza is to receive thereunder and for what period of time. Nor is there any information to support the basis by which Piazza is entitled to any value when unsecured creditors will not be paid in full. The Disclosure Statement must provide information to support the basis for Piazza’s retention of value under these circumstances.

And I though PrairieFire was sending out all those PR statements denying Piazza has anything to do with their future operations...

Or, the unsecured creditors are throwing everything up against the wall to see what sticks. Think of lawsuits as screaming matches. They seem to be claiming the disclosures do not disclose enough and to make sure they are paid before Piazza. Unsecured is unsecured though.

[seeedgar]

Nope. PrairieFire is described as an affiliate of FS DIP LLC.

FS DIP LLC was formed to provide DIP (Debtor in Possession) Financing during the bankruptcy and FS DIP LLC filed with the court, under oath, a statement that they were NOT affiliated with FS or IP.

[ATTACH]1118468[/ATTACH]

If you were an unrelated company that decided to scoop up Front Sight from bankruptcy by putting up $24Million - wouldn't you keep IP on as a consultant at least during the transition - especially as they are still trying to fight LVDF in court over an $11M item. A consultant is completely under the control of PrairieFire, not the other way around. IP built and ran the place for over 2 decades, you would want access to answer any questions during the transition.

From the court filings, it appears to be a completely separate entity interested in purchasing the Front Sight property and developing their own Firearms Training Center.....

If IP had access to $24M in investment, Front Sight never would have filed bankruptcy!

Just my 2 cents from reading and thinking about the documents.

Welcome all viewpoints.....

I believe LVDF proceeded with foreclosure actions due to the default to the loan agreement with FS. The default could have been cured to avoid the foreclosure. Not sure what that amount could have been, usually means becoming current with the terms of the loan, plus added expenses for the cure. I think the principle amount was @6 or 7 million. In order to stave off the foreclosure FS LLC filed for bankruptcy protection. It appears the FS LLC protects the owners personal assets from liabilities of the LLC entity. During the @2 decades of operation the owner may have paid/transferred to himself handsomely. I don't know what those amounts may add up to. He is playing the long chess game, using the system that is available to him. After, and if, the sale goes through, anything is possible. It's all very complicated, but it appears he wants to keep the property, by any and all means necessary. The business may not be worth much, but the property must be worth @11 or 12 million, maybe.

[LV_G22]

I believe LVDF proceeded with foreclosure actions due to the default to the loan agreement with FS. The default could have been cured to avoid the foreclosure. Not sure what that amount could have been, usually means becoming current with the terms of the loan, plus added expenses for the cure. I think the principle amount was @6 or 7 million. In order to stave off the foreclosure FS LLC filed for bankruptcy protection. It appears the FS LLC protects the owners personal assets from liabilities of the LLC entity. During the @2 decades of operation the owner may have paid/transferred to himself handsomely. I don't know what those amounts may add up to. He is playing the long chess game, using the system that is available to him. After, and if, the sale goes through, anything is possible. It's all very complicated, but it appears he wants to keep the property, by any and all means necessary. The business may not be worth much, but the property must be worth @11 or 12 million, maybe.

Under the plan filed with the court, the new company, PrairieFire (Nevada PF, LLC), pays $24M and owns everything, including the land....If accepted, Front Sight is gone and IP owns nothing.

[Supersapper]

Wow...what changes. This is what i get for being out of the loop for a while.

Would just seem to a simpleton like me that having IP anywhere near this, regardless of reason, is an unholy conflict of interest. I'm really hoping that IP is investigated for the possibility of comingling funds from the LLC/Inc to personal accounts. I hope the judge and the legal beagles really dig into the owners/shareholders of PF to ensure that IP, his agents, hiers, assigns, relations of any sort, business parnters, affiliates and anyone related in any way to him are discovered and this is denied.

In any event, I think the little city of Pahrump is the one that's going to pay for this...really bad. Before FS, it was a map dot on the blacktop. If FS goes away, and PF fails (which at those fees I think it will), then Pahrump will return to it's roots.

[Kenponographer]

Got my Commander membership on this forum in trade for a $40 widgit. First class was in Jan of '19, last class was in Feb of '22. 49 classes and 135 training days in three years. Even made it all the way to Tac Scenarios in one year. Ah, it was a good run while it lasted...no regrets.
To all my fellow instructors and students from there, here's to finding greener pastures.

[SWalt]

Got my Commander membership on this forum in trade for a $40 widgit. First class was in Jan of '19, last class was in Feb of '22. 49 classes and 135 training days in three years. Even made it all the way to Tac Scenarios in one year. Ah, it was a good run while it lasted...no regrets.
To all my fellow instructors and students from there, here's to finding greener pastures.

That right there is a reason FS failed. Not that you jumped on a deal but what did FS get for that $40 Commander? FS could have had more revenue if that $40 Commander came with a $1,000 payment to FS. Piazza cut the worth of memberships to basically $0 by selling them dirt cheap. $40 for all that training, everyone knows that doesn't pass the smell test. When Piazza was selling $125 Diamonds, it was the same thing, people buying tons of them and FS got $125 each for a "lifetime" of training. If he had the condition that whoever bought it would have to pay FS an additional $1000 or 2 that additional revenue would have gone a long way. He is a horrible business man and equally bad huckster. I'd bet if someone bought some land and copied the FS business idea, reasonably priced lifetime memberships for all courses it would fly. Just add a reasonable yearly fee or per class charge, limit it to say 4 or 6 classes a yr it would work.

[LCU1670]

https://www.trigger-treat.com/20220122-front-sight-restructuring/voices/20220623-insider-report-2/index.html

[beanz2]

https://www.trigger-treat.com/202201...t-2/index.html

[seeedgar]

That right there is a reason FS failed. Not that you jumped on a deal but what did FS get for that $40 Commander? FS could have had more revenue if that $40 Commander came with a $1,000 payment to FS. Piazza cut the worth of memberships to basically $0 by selling them dirt cheap. $40 for all that training, everyone knows that doesn't pass the smell test. When Piazza was selling $125 Diamonds, it was the same thing, people buying tons of them and FS got $125 each for a "lifetime" of training. If he had the condition that whoever bought it would have to pay FS an additional $1000 or 2 that additional revenue would have gone a long way. He is a horrible business man and equally bad huckster. I'd bet if someone bought some land and copied the FS business idea, reasonably priced lifetime memberships for all courses it would fly. Just add a reasonable yearly fee or per class charge, limit it to say 4 or 6 classes a yr it would work.

I might be giving him much more credit than he deserves , but this end game may have been already calculated in his own business plan. I admit, I was one of those with a low cost membership ($759, and I think that was more than I could have paid) and took @14 or more classes, but I never bought into the bonus and resort nonsense. I was banned and received all my money back. I participated due to needing the training for armed private security in CA for myself and possible employees. I have also paid retail for training at Gunsite and various other training facilities in CA and from celebrity visiting trainers like Larry Vickers. I think the purpose of low cost memberships was to get as many people to experience entry level training and then spring for higher upgrades in hopes the resort, hotel thing would actually happen. I don't think he was ever going to go beyond a training facility. He had done this before.