Gunwerks enters receivership
 

Accusations claim Gunwerks has defaulted on $2.8mil in loans, is behind over $300k in back taxes over the last two fiscal years, and allegedly has transferred debt and potentially sold at-stake collateral to service other debts, and has entered into receivership, such Wells Fargo can recover against the debt. Interestingly, equipment and inventory are included, as well as intellectual property - which could have interesting implications for potential continued operations. It’s unclear whether Wells Fargo’s appointed firm will merely piece out the equipment or potentially continue operations to recover their debt.

Ultimately, it appears Gunwerks leveraged themselves far beyond their means during their recent expansion. Indications suggest this doesn’t really relate to the coronavirus pandemic.

K2 Radio Wells Fargo sues Cody firm Gunwerks

Sad to hear but I think your assessment of the situation is spot on.

Posted by the CEO on another popular forum....

https://www.gunwerks.com/blog/press-...25#scrollTop=0

-Jake

That sure takes a lot of guts on the part of Wells Fargo if this article is true, seeing as how they made up fictitious bank accounts to make it look like they were doing better than they really were and inflate their assets. Wells Fargo doesn't have a stellar reputation.

Wells Fargo seems to have gone full scum bag in this matter. I wonder how much they had to pay Gun Werks for their slander.

Wow!!! Yet another reason never to do business with WF.

WF has traditionally been remarkably pro-firearms, relative to many other mega-bank and financial institutions.

These reports are obviously in conflict, so it will be interesting to see whether the receivership is actually satisfied as GW suggests in their retort, or if WF will retain its position. The allegation GW was offloading leveraged equipment isn’t something to be ignored.

Time will tell which way this particular domino falls.

Sounds like WF got whacked with a legal stick and probably had to fork over some cash for their troubles.

Do you have any reference for this? It seems you’re implying a counterclaim was made based on alleged slander (really libel, in this case), but despite some speculation on forums, it doesn’t appear to be based on any fact.

The reference is posted above by Bocajnala.