May 22nd, 2020

Gunwerks States It Has Settled Lawsuit with Lender Wells Fargo

gunwerks wells fargo bank litigation creditor lawsuit federal court loan payment

Today, May 22, 2020, Gunwerks LLC published a statement on its website, declaring that it has settled the lawsuit brought by lender Wells Fargo Bank. This Official Statement from Gunwerks CEO Aaron Davidson explains that the Wells Fargo credit line has been paid. In addition, Davidson said that Gunwerks is NOT delinquent on Wyoming State Sales Taxes and that there are no late payments to the company’s vendors. The lawsuit was filed in U.S. District Court for the District of Wyoming. View Court Documents HERE.

OFFICIAL STATEMENT FROM GUNWERKS CEO
REGARDING WELLS FARGO LITIGATION

Cody, WY – May 22, 2020

The reports of Gunwerks’ demise are completely false. In fact, we’re crushing it! So far, 2020 has set records for sales performance and profitability, and it only gets better from here!

This week’s report of Wells Fargo filing a lawsuit has gotten a lot of attention. The bottom line is, the litigation has been settled, the entirety of our Wells Fargo operating loan has been paid off, and it is business as usual for Gunwerks.

The Wells Fargo narrative of Gunwerks’ financial distress was untrue. The dispute was never about Gunwerks’ financial condition or late payments, but about a difference of opinion on asset valuation. Within days of filing the suit, it has been settled and the case will be dismissed immediately.

Most of the stories circulating around the social media landscape are just wrong! Here are two good examples: In Wells Fargo’s narrative complaint filed in federal district court, they assert that Gunwerks was delinquent on sales tax payments. This is not true now and has never been true (Check here for a list of current delinquents in WY). They also allege that Gunwerks is late paying vendors. Again, this is untrue. We pride ourselves in dealing fairly with our vendors.

Unfortunately, despite our numerous good faith attempts to resolve the issues with Wells Fargo, the bank chose to file a lawsuit, which has now been settled. Fortunately, we had the resources to pay off the credit line within two business days of Wells Fargo filing suit. Our customers have really supported us this year with record sales. We’re on track to have our best performing year on record.

Gunwerks CEO Aaron Davidson Comments on Litigation

About the Future — New Products
In 2020 Gunwerks will be announcing several new and innovative products that have been in development the past several years. Keep an eye out for an entirely new, next-gen rifle system engineered from the ground up, at least three more Skunkwerks projects, and new optics products and ballistic solutions in the Revic lineup.

The damage to Gunwerks’ reputation from Wells Fargo’s lawsuit will take quite a while to overcome, but with our team and a foundation of innovation and product quality, we see this as a minor incident. We’ve never been more excited about our business!

Sincerely,

Aaron Davidson, CEO Gunwerks

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May 21st, 2020

Gunwerks Sued by Wells Fargo to Collect on $2.8 Million Loan

gunwerks llc wyoming wells fargo lawsuit

Wyoming-based Gunwerks LLC is a highly visible producer of high-grade rifles, modern optics, and rifle accessories. Gunwerks had its own television show and operated upscale long-range shooting clinics and guided hunts. Now the company may be in tough financial straights.

K2radio.com reports that: “Wells Fargo Bank has sued the Cody-based custom-rifle maker Gunwerks, LLC, for $2.8 million for unpaid loans and wants the company’s equipment, according to federal court records filed Wednesday. Gunwerks … also owes $1 million to creditors and and for unpaid sales taxes, according to the complaint by the bank and Wells Fargo Equipment Finance, Inc., through its attorneys[.]”

For full details, we recommend you read the full 5/20/2020 news story from Wyoming Radio Station KTWO (K2) in Casper, Wyoming. That report provides extensive details of the legal claims by Wells Fargo. The lawsuit was filed in U.S. District Court for the District of Wyoming. View Court Documents HERE.

Wells Fargo’s complaint alleges that Gunwerks owes the bank roughly $2.8 Million. Wells Fargo further alleges that a Gunwerks financial report reveals that Gunwerks owes approximately $622,000 in creditors’ bills. The complaint also alleges Gunwerks owes $365,000 in unpaid state sales taxes.

gunwerks llc wyoming wells fargo lawsuit

Wells Fargo’s Motion for a Receiver states the loan amount owed is $2,783,757.82, with interest accumulating at more than $20,000 a month.

Wells Fargo is seeking to recover and secure inventory and other Gunwerks property used as collateral for the bank’s loans. The complaint filed in Federal Court alleges: “These circumstances require the immediate appointment of a receiver to recover, salvage, and retain the value of the Collateral.”

Wells Fargo has alleged that Gunwerks has already sold part of the collateral inventory and deposited the proceeds in different banks: “The Borrower has taken control of Wells Fargo’s collateral, refuses to disclose the names and addresses of account obligors for accounts that constitute collateral for Wells Fargo and has removed and refused to remit proceeds of Wells Fargo’s collateral to prevent such collateral from being applied to the Borrower’s loans[.]”

Gunwerks has not made a public statement about the situation: “What all this means for the company’s future and its employees is unknown. A Gunwerks’ spokesman did not return calls seeking comment.” (Source KTWO Report.)

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February 18th, 2019

SHOT Show — 6.5 Guys Reveal New Rifles and Chassis Systems

65guys.com Ed Mobley Steve Lawrence Scope Optics SHOT Show Videos modular driven accuracy international seekins precision Tactical Long Range 2019

Every year our friends Ed and Steve, aka the 6.5 Guys, produce informative SHOT Show videos. These two hard-working dudes visited dozens of product booths during SHOT Show 2019, producing over 40 video interviews for 65Guys.com. Ed and Steve roamed the Expo Center finding the latest and greatest rifles, stocks, optics, and accessories. Here are five 6.5 Guys Videos about new rifles and chassis systems. Next week we’ll feature more 6.5 Guys videos covering new optics. You can see all 42 SHOT Show 2019 videos from Ed and Steve on the 6.5 Guys YouTube Channel.

Modular Driven Technologies

modular driven ACC chassis

Modular Driven Technologies (MDT) produces impressive chassis systems with innovative features, including modular weights. MDT is now a top choice for the PRS/NRL tactical disciplines. Steve was quite impressed by the new MDT ACC. See more at MDTTac.com.

Accuracy International — Mile High Shooting Accessories

One of the most impressive rifles at SHOT Show 2019 was the massive Accuracy Int’l Advanced Sniper Rifle (ASR) at the Mile High Shooting Accessories booth. The Advanced Sniper Rifle (ASR) will be submitted for SOCOM’s multi-caliber rifle program. It is offered in a $19,544 deployment kit with three barrels: (.308 Win, .300 Norma Mag, and .338 Norma Mag).

Seekins Precision — Complete Rifles and Actions

2019 shot show 6.5 Guys chassis system rifles

Seekins Precision showcased some impressive custom actions plus complete rifles for both tactical competitors and long range hunters. We were impressed with the build quality of the Seekins precision rifles. We liked the new Seekins Havak Bravo, and the Seekins action has some interesting features, such as four locking lugs with 90° bolt throw. Full Seekins Havak Bravo Review.

Gunwerks — Long Range Precision Rifles

Gunwerks is more than a builder of expensive (some say over-priced) rifles. It also sells branded electro-optics, and suppressors. Gunwerks also runs shooting clinics, and has hundreds of training and hunting videos on the Gunwerks YouTube channel. We like what Gunwerks is doing in the media space. Here the 6.5 Guys showcase some of the latest rifle and stock options from Gunwerks. Steve said he liked the adjustability and ergonomics on the Gunwerks stocks.

Legacy Sports International (Howa)

Legacy Sports Int’l (LSI) offers a variety of hunting and tactical rifles featuring the smooth-running Howa actions from Japan. At SHOT Show 2019, Legacy previewed a new tactical rig featuring a modular MDT Oryx chassis and Howa 1500 barreled action. The 6.5 Guys got to shoot this rig during media day and were impressed. This will be offered for Howa Short, Long, and Mini Actions.

2019 shot show 6.5 Guys chassis system rifles

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July 14th, 2018

PRS in the Wild West — Match in Cody, Wyoming on July 28-29

Monster steel challenge cody wyoming PRS Monster Lake Ranch tactical gun match

Gunwerks is hosting its first Precision Rifle Series Match, the Monster Steel Challenge, in Cody, Wyoming, July 28-29, 2018. This will be a major match with very different experiences on Day One vs. Day Two. For your hefty $250 fee, you’ll get lots of action with 10 stages on Day One, followed by a “walk in the woods” in the Wyoming back-country on Day Two

The first match day, held at Cody Shooting Complex, will include 10 stages in a fast-paced, square, range-style set-up. Day Two, at Monster Lake Ranch, will provide competitors with a 270-degree fire fan allowing for some incredible vistas and challenging shots. For the practical competitor who enjoys the backcountry — this is as good as it gets.

Watch Monster Steel Challenge Match Preview:

“Gunwerks is very proud and excited to be hosting our first-ever Precision Rifle Series right here in our backyard,” Aaron Davidson, Gunwerks founder and CEO, said. “The courses will be challenging and the vistas that Wyoming will be offering the competitors will be outstanding.”

Monster steel challenge cody wyoming PRS Monster Lake Ranch tactical gun match

Match Restrictions on Gun Calibers and Ammo Velocity
As with most other PRS matches, the allowed span of calibers is .224 through .308 inclusive. No .338s and .375s gents. Velocities are limited to 3200 FPS for ALL calibers/chamberings. NOTE: If a competitor’s ammo speed is in question, he must shoot through a LabRadar to verify velocity. If the ammo exceeds 3200 FPS, the competitor will be automatically DQ’d (disqualified), with NO REFUNDS. Competitors will require 200 rounds for both days, plus extra for sight-ins or confirmation shots.

Monster steel challenge cody wyoming PRS Monster Lake Ranch tactical gun match

Slots for competitors are limited. Registration is available for a $250 non-refundable fee. For more info, contact Gunwerks (307-298-1313 or team@gunwerks.com), or visit www.gunwerks.com.

Monster steel challenge cody wyoming PRS Monster Lake Ranch tactical gun match
The rich prize table will include a complete rifle built by Gunwerks. Nice.

Monster steel challenge cody wyoming PRS Monster Lake Ranch tactical gun match
Cody, Wyoming is a beautiful Western locale, suitable for quality vacation time before or after the Monster Steel Challenge match. Photo courtesy City of Cody.

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