levallois
Member
Thanks LightningMan - I'd love to find a first model frontier army with the long barrel that I could afford too. Mr. Young has some but I'm about 10-14 thou short.
Merwin Hulbert & Co.
- Thread starter Magwa45
- Start date
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LightningMan
Member
- Joined
- Apr 1, 2008
- Messages
- 1,029
There's a topic on the coltforum about MH revolvers, & suposedly someone has already gotten one.
Link--> http://www.coltforum.com/forums/showthread.php?t=34460
Link--> http://www.coltforum.com/forums/showthread.php?t=34460
No, someone was trusting enough to send in his money because his gun was going to 'ship soon'. The same thread has a post saying that at SHOT MH didn't have a gun or even parts at their booth. All talk, no beef, er guns. Go ahead, send in your money and hold your breath. Me, I'm waiting to see product before I send in a dime. Dave
CraigC
Sixgun Nut
Is it me or is it just really fishy that they were supposed to be shipping only a couple months ago but we have yet to even see a working prototype?
I get lost between who is posting what at which site regarding the supposed M&H new production. Long post at another forum, the brochure at SHOT was found in an unmanned booth and brochures for several equally phantom companies. The brochure had a phone number and a location in Glenrock WY. The number ends up at an answering machine that says the mailbox has not been set up. The Glenrock location does not reveal an actual working site, etc.
Fishy? NAHHHHHH
Dave
Fishy? NAHHHHHH
DaveRadagast
Member
It does seem like something is rotten in the state of Denmark. If I was the guy at Colt forum I would cancel the credit card transaction if the gun doesn't appear by the end of the time limit for cancelation.
CraigC
Sixgun Nut
I noticed a rather interesting post on the M&H forum. The head cheese said that he thought people would rather wait and see a working production gun, rather than a non-firing pre-production piece. That's total hogwash. At least if there were something tangible, even a friggin' wooden model, it wouldn't seem so fishy. Hell, I haven't used AutoCAD in 15yrs but given a new copy and an original M&H I could produce a solid model in a week or two. Which is all they have produced. I almost posted a response on their forum but figured it would get deleted anyway.
eldorado888
Member
- Joined
- Jan 25, 2011
- Messages
- 5
more bs from Merwin Hulbert
This is from a recent edition of the online version of the Glenrock Independent, Glenrock Wyoming where the plant is supposed to be.
By ALEX GUERRERO
Reporter
A new pistol factory is opening south of town on US-87 at the same property as the current A-Square rifle factory.
Responding to an increasing demand, Sharp's Rifle Company, a guns-manufacturing subsidiary of Merwin, Hulbert and Co. specializing in model pistols of the 1870s and 1880s, will start shipping manufactured gun parts to Glenrock no later then June, though no concrete timeline exists.
"Well, when dealing with the (Bureau of) Alcohol, Tobacco, and Firearms, there is no such thing as a 'firm' timeline," Michael Blank, CEO of Sharps Rifle Company, said. "Paperwork to them should be completed this month. Then from there on out it's up to them. Could be as little as two to three weeks, could be as long as two to three months. So we'd hope by June we'll be up and running there. Until then we'll use Glenrock for testing."
While only two to three people will initially be hired for fit and finishing, Blank hopes to eventually hire 15 people working with contractor companies employing 15-20 more for "final assembly and making sure the parts fit together and the mechanisms are shined," he said.
"Folks are looking for traditional shooting. Revolvers are a more pleasurable experience. It's a different experience. It's the romance and mystique of the Old West.
"With the A-Square companies already in town and its long history as a firearms community, (Glenrock) is still a hub for outdoor hunting and shooting activities. We're very pleased with the town and people."
The company is privately owned, and no state or federal grants will be used to fund the project, he said.
---------------------------------------------------------------
So now they blame ATF ( if you don't remember A-square had prblems with not obtaining man permits) when they should have had the ATF Manufacturers licensed BEFORE they started taking deposits. Notice how the start date for GETTING parts is now June 2011. What amazes me is how many people are willing to cut them slack when if it was somebody not involved with gun manufacturing they would be getting the pitchforks and torches out. A crook is a crook.
This is from a recent edition of the online version of the Glenrock Independent, Glenrock Wyoming where the plant is supposed to be.
By ALEX GUERRERO
Reporter
A new pistol factory is opening south of town on US-87 at the same property as the current A-Square rifle factory.
Responding to an increasing demand, Sharp's Rifle Company, a guns-manufacturing subsidiary of Merwin, Hulbert and Co. specializing in model pistols of the 1870s and 1880s, will start shipping manufactured gun parts to Glenrock no later then June, though no concrete timeline exists.
"Well, when dealing with the (Bureau of) Alcohol, Tobacco, and Firearms, there is no such thing as a 'firm' timeline," Michael Blank, CEO of Sharps Rifle Company, said. "Paperwork to them should be completed this month. Then from there on out it's up to them. Could be as little as two to three weeks, could be as long as two to three months. So we'd hope by June we'll be up and running there. Until then we'll use Glenrock for testing."
While only two to three people will initially be hired for fit and finishing, Blank hopes to eventually hire 15 people working with contractor companies employing 15-20 more for "final assembly and making sure the parts fit together and the mechanisms are shined," he said.
"Folks are looking for traditional shooting. Revolvers are a more pleasurable experience. It's a different experience. It's the romance and mystique of the Old West.
"With the A-Square companies already in town and its long history as a firearms community, (Glenrock) is still a hub for outdoor hunting and shooting activities. We're very pleased with the town and people."
The company is privately owned, and no state or federal grants will be used to fund the project, he said.
---------------------------------------------------------------
So now they blame ATF ( if you don't remember A-square had prblems with not obtaining man permits) when they should have had the ATF Manufacturers licensed BEFORE they started taking deposits. Notice how the start date for GETTING parts is now June 2011. What amazes me is how many people are willing to cut them slack when if it was somebody not involved with gun manufacturing they would be getting the pitchforks and torches out. A crook is a crook.
dogngun
Member
I have seen the same questions asked on Gunboards, with the same answers. All I have sen is their website, which is pretty much unchanged for some time.
FWIW, I just saw several large frame MH's on an online antique auction site...from around $1500 to close to $5000.
I'd certainly wait till there were actual guns sold and being used for a year or so...But I don't have that kind of money now anyway.
mark
Link: http://www.armchairgunshow.com/otsCM_Merwin_Hulbert.htm
Scroll down-there is one MH for sale, many more "sold" at the bottom...
FWIW, I just saw several large frame MH's on an online antique auction site...from around $1500 to close to $5000.
I'd certainly wait till there were actual guns sold and being used for a year or so...But I don't have that kind of money now anyway.
mark
Link: http://www.armchairgunshow.com/otsCM_Merwin_Hulbert.htm
Scroll down-there is one MH for sale, many more "sold" at the bottom...
Any new news on the return of Merwin & Hulbert revolvers? Price ranges?
If they really do start to re-make these I might get one or at least try shooting one at the range. They look really nice and I like the unique mechanism. Hope they get made again. I'm sure Cowboy Action shooters would like something different than the 100's of Colt SAA clones. They're good but a bit boring after seeing them for years.
Wikipedia has some info but not much.
http://en.wikipedia.org/wiki/Merwin_Hulbert
If they really do start to re-make these I might get one or at least try shooting one at the range. They look really nice and I like the unique mechanism. Hope they get made again. I'm sure Cowboy Action shooters would like something different than the 100's of Colt SAA clones. They're good but a bit boring after seeing them for years.
Wikipedia has some info but not much.
http://en.wikipedia.org/wiki/Merwin_Hulbert
Last edited:
CraigC
Sixgun Nut
Just more promises that they will ship "soon". Still no guns in the flesh.
If they really do start to re-make these I might get one or at least try shooting one at the range. They look really nice and I like the unique mechanism. Hope they get made again. I'm sure Cowboy Action shooters would like something different than the 100's of Colt SAA clones.
Since they are double action, won't be legal for SASS shooters.
Since they are double action, won't be legal for SASS shooters.
CraigC
Sixgun Nut
They are not all double action and as far as I know, only single actions will be produced at first.
Owen Sparks
member
- Joined
- May 27, 2007
- Messages
- 4,523
Excelent photography Levallois but why would you use a modern Sharpie marker amid all the 19th century artifacts?
They won't sell in large numbers among CAS shooters, too slow to be competitive & too expensive for most.
IF they ever get off the ground, which is doubtful, some will use them at matches just for the novelty factor, but not many.
There'll really be a limited market for the things, if & when.
Denis
IF they ever get off the ground, which is doubtful, some will use them at matches just for the novelty factor, but not many.
There'll really be a limited market for the things, if & when.
Denis
Jonah71
Member
I had one appraised a couple of years ago. The small frame short bbl .38 folding hammer. Around $500 to a collector. Much better to keep it at that price. imo. He said the larger frames were worth more.
Stumbled on this thread while web-searching..
Called A-square yesterday to talk to Toyon - one of the foremen.
result: Call cant be completed as dialed.
The last time I talked to Toyon about 4 weeks ago, and have talked to him since he hired in.. Everything seemed on the up and up..
So, I called the Chamberlain number,
Result: Phone disconnect..
I looked up Sharps Rifle number in MO,
Result: Phone disconnected.
I called the Glenrock Police department, (done this before about 1.5 years ago)
result: Uh, you need to talk to the county attorneys office @ this number
I called the county attorneys office,
result: you need to call A-squares attorney @ this number.
Called the A-square attorney,
result: talked to the secretary, took my message & number, and promised I would get a call..
DOESNT LOOK GOOD
Called A-square yesterday to talk to Toyon - one of the foremen.
result: Call cant be completed as dialed.
The last time I talked to Toyon about 4 weeks ago, and have talked to him since he hired in.. Everything seemed on the up and up..
So, I called the Chamberlain number,
Result: Phone disconnect..
I looked up Sharps Rifle number in MO,
Result: Phone disconnected.
I called the Glenrock Police department, (done this before about 1.5 years ago)
result: Uh, you need to talk to the county attorneys office @ this number
I called the county attorneys office,
result: you need to call A-squares attorney @ this number.
Called the A-square attorney,
result: talked to the secretary, took my message & number, and promised I would get a call..
DOESNT LOOK GOOD
eldorado888
Member
- Joined
- Jan 25, 2011
- Messages
- 5
New Merwin Hulbert Company defunct NO REFUNDS ON DEPOSITS
http://www.scribd.com/doc/87204011/Merwin-Hulbert-Memorandum-3-28-12
The above thread goes to a state by Merwin Hulbert Company CEO Michael Blank.
Merwin Hulbert and associated companies became INSOLVENT last year!
Even then he was still ripping people off!
THEY WILL NOT REFUND ANY DEPOSITS!
THOUSANDS OF DOLLARS IN MONEY IN THE FORM OF DEPOSITS FROM GUN BUYERS THAT WILL NOT BE RETURNED!!
Not only customers but the town of Glenrock Wyoming whom he bilked out of tens of thousands of dollars.
This crook is probably going to get away with it too!
http://www.scribd.com/doc/87204011/Merwin-Hulbert-Memorandum-3-28-12
The above thread goes to a state by Merwin Hulbert Company CEO Michael Blank.
Merwin Hulbert and associated companies became INSOLVENT last year!
Even then he was still ripping people off!
THEY WILL NOT REFUND ANY DEPOSITS!
THOUSANDS OF DOLLARS IN MONEY IN THE FORM OF DEPOSITS FROM GUN BUYERS THAT WILL NOT BE RETURNED!!
Not only customers but the town of Glenrock Wyoming whom he bilked out of tens of thousands of dollars.
This crook is probably going to get away with it too!
eldorado888
Member
- Joined
- Jan 25, 2011
- Messages
- 5
text from above link
MEMORANDUM
TO: Whom It May Concern
SUBJECT: Status of Sharps Rifle Company LLC, Merwin, Hulbert & Co. LLC, A-Square of South Dakota LLC and A-Square of Wyoming LLCa nd related brands and divisions including but not limited to H H Heiser, Sharps MilSpec, Pope Barrels, et al.
DATE:March15, 2012In August of 2011,faced with the pending insolvency of Sharps Rifle Company, LLC, Merwin, Hulbert & Co., LLC, A-Square of South Dakota LLC and A-Square of Wyoming LLC, Michael Blank, the CEO engaged the Advisory Services of Kevin Tierney and William Martin. Following an exhaustive analysis of the businesses of A-Square South Dakota LLC, A-Square Wyoming LLC, Merwin, Hulbert & Co. LLC, and Sharps Rifle Company LLC, Michael Blank, with the assistance of Kevin Tierney and William Martin determined in early October 2011 that A-Square of South Dakota LLC and A-Square of Wyoming LLC as well as Merwin, Hulbert & Co. LLC and Sharps Rifle Company LLC were insolvent and no longer viable. Employees in both A-Square locations were let go. A-Square of South Dakota’s secured creditor was notified that the company’s operations had ceased and its facility and contents were turned over to the building’s owner and the secured creditor. In addition, Sharps Rifle Company LLC’s main
Office
In
St. Louis was closed.
Further, on February 15, 2012,Michael Blank conveyed all of the equipment located in Glenrock, WY belonging to A-Square of Wyoming LLC as well as all of the intangible assets belonging to A-Square South Dakota and Wyoming, Merwin, Hulbert & Co. LLC and Sharps Rifle Company, LLC to Sharps Rifle Company, Inc. a Wyoming corporation formed by Kevin Tierney and William Martin. On or about February 15, 2012, Kevin Tierney, the CEO of the new Sharps Rifle Company, Inc. informed the Town of Glenrock, WY that A Square of Wyoming LLC was defaulting on its lease with the town and that Sharps Rifle Company, Inc. would like to present a proposal to the town that would afford Mr. Tierney and his partner, William Martin (President & COO) the time necessary to raise $1,300,000 in order to re-launch operations of the new Sharps Rifle Company, Inc. in the Glenrock, WY. facility. Mr. Tierney was invited by the Glenrock Town Council to present his proposal at a meeting on February 27, 2012. Mr. Tierney explained his reasons for closing the Glenrock facility and described the financial condition of the old companies as “toxic” if not “radioactive”. He told the Council that “there is financial tragedy across the board”. He further explained that the State of South Dakota and one of its major financial institutions had lost a lot of money. Mr. Tierney also indicated that the State of Wyoming and the Town of Glenrock had believed in a lot of people. He then took care to cite the numerous consumers who had invested money in firearms that were never delivered and assured the Town Council that if they looked favorably upon the proposal, that it is the intention of the new Sharps Rifle Company, Inc. “to make right by those people”. The Glenrock Town Council is working with their attorney in considering the company’s proposal and a decision is anticipated within the next two weeks.
As of February 2012, Mr. Tierney and Mr. Martin have formed Sharps Capital Group, LP. a Wyoming limited partnership, the general partner of which is TM Advisors, LLC ,a Wyoming limited liability company. Sharps Capital Group, LP has retained Michael Blank, the former CEO of Sharps Rifle Company, LLC, through the new Sharps Rifle Company, Inc. to serve as its Chief Armorer and Director of Strategic Development upon the successful completion of the Phase I funding.
Sharps Capital Group, LP is launching a highly innovative sector-focused private equity initiative in three PHASES that will leverage a special growth opportunity in the firearms industry.
PHASE I $1,300,000 Mezzanine convertible debt (12 months)
PHASE II $5,000,000 Equity
PHASE III $20,000,000 Equity
By combining a number of ‘small cap’ companies into a single portfolio under an iconic brand, Sharps Rifle Company, Inc. the Sharps Capital Group LP will create a unique blend of traditional and modern brands and products to garner above market returns in the international firearms industry.
With an aggressive philosophy for quality, integrity and sustainability, Sharps Capital initiative endeavors to make a responsible impact by bridging old economy craftsmanship and new economy market practices. Sharps Capital integrates its core expertise for disciplined long term capital appreciation backstopped by a clear strategic vision to build durable value for its partners. The Sharps name is among the most powerful brands in the U.S. firearms market.
Mr. Tierney and Mr. Martin have completed the necessary documentation in order to raise the $1,300,000 in investment in Sharps Rifle Company, Inc. and have begun making presentations to potential investors. Once the necessary capital has been secured by the new Sharps Rifle Company, Inc., Mr. Tierney and Mr. Martin will immediately implement Phase I of the business plan and begin the production, sale and shipment of the Merwin Hulbert revolvers and the Sharps Relia-Bolt from its facility in Glenrock, WY.
A-Square defaults on lease–CEO closes doors, proposes new business
Tweet
Kevin Tierney
Sharps Rifle Company, Inc. CEO Kevin Tierney presents his business proposal to the Town Council Feb. 27.
Posted: Thursday, March 1, 2012 10:44 am |
Updated: 11:27 am, Thu Mar 15, 2012.
Jesse Bishop
Despite hopes that Sharps Rifle Company, LLC, and A-Square of Wyoming would be able to find investors to restart Glenrock operations this year, A-Square of Wyoming is no more. During its regular meeting Feb. 27, the Glenrock Town Council authorized the town attorney to take any legal procedures necessary to terminate the lease agreement with A-Square after accepting their default. After events surrounding A-Square’s former owner and founder Art Alphin led Sharps CEO Michael Blank to shut down both A-Square of South Dakota and Sharps’ main operations in St. Louis, Blank conveyed ownership of all contents in the Glenrock operation to the new CEO Kevin Tierney, and his partner William Martin. After the deal was struck, it was determined that the company as a whole was not fit to even exist. “There is financial tragedy across the board,” Tierney said. “The State of South Dakota has lost a lot of money, the major financial institution in South Dakota has lost an awful lot of money. The State of Wyoming and the Town of Glenrock believed in a lot of people and invested alot of money to build this facility. There have been numerous consumers who invested money for guns which were not delivered.” Tierney asked Town Council for understanding, explaining his decision to completely shut down the company due to the fact that its financial condition was “toxic, if not radioactive.” He proposed a break on lease payments for a replacement company called Sharps Rifle Company, Inc., which he created using the equipment and intellectual property he acquired from Blank. “If you allow me to work with you with this new company that I intend to form, I’m going to make right by those people and they’re not going to lose a dime,” he said. Tierney announced his plan to raise $1 million from investors over the next six months in order to begin production in Glenrock of a new product that he proposed will be a “positive game changer in the industry.” With his business plan, he anticipates being able to keep a very viable business in Glenrock in the building that formerly housed A-Square. His plan doesn’t end there, however. “After we raise our million dollars, we’re going to try to strike gold and go for $5 million of equity,” Tierney said. “With the $5million of equity, we’re going to try to acquire two, possibly three companies in the firearms industry. We currently have six companies in America that have expressed interest to be acquired by us once we raise the capital.” Tierney’s proposal to the town was less than sugarcoated, however. He admitted that his company does not have the funds to pay rent on the lease agreement for the building. He proposed that the town give his new company the same lease agreement A-Square had, but defer rent for six months while he raises the needed equity. “I need six months to try to raise $1 million,” he said. “I can’t pay the rent for six months--March, April, May, June, July and August. I’m requesting that the Town of Glenrock will allow me to consolidate the next six months of rent plus all the back taxes, and the next six months of rent and taxes going forward. I’m proposing to pledge as collateral all of the equipment that’s in that building to the Town of Glenrock. Upon me raising the $1 million, I will immediately repay the note and obligation, and I commit to prepay six months more of rent and taxes so that we can be good corporate citizens in this community going forward.” Tierney estimated the rent and taxes to be owed to the Town at around $30,000, but said he believes the equipment offered as collateral is worth$100,000. After going into executive session to discuss Tierney’s proposal, Council referred the matter to legal counsel for due diligence and to draft a possible agreement with Sharps Rifle Company, Inc. Council will consider the matter at its next meeting March 12.The town’s major concern is the involvement of the Wyoming Business Council, which approved a $1.5 million economic development grant to bring a gun manufacturing company to Glenrock, and to build the 8,500-sq.-ft. facility. “We got an economic development grant for that building,” Community Development Director Kathy Patceg said. “It was to supply a new business and jobs for our community, so hope fully this can be used for that. The Business Council really went out on a limb to build such a specific building, so we want to try to keep it in the shooting and sports business.”
--------------------------------------------------
They're hiring the main crook back and asking for millions and millions more. There has to be plenty of tar laying around from road projects and I'm sure feathers could be rounded up as well as rails to ride these flim flam artists out of the country. And they'll probably get away with it!
MEMORANDUM
TO: Whom It May Concern
SUBJECT: Status of Sharps Rifle Company LLC, Merwin, Hulbert & Co. LLC, A-Square of South Dakota LLC and A-Square of Wyoming LLCa nd related brands and divisions including but not limited to H H Heiser, Sharps MilSpec, Pope Barrels, et al.
DATE:March15, 2012In August of 2011,faced with the pending insolvency of Sharps Rifle Company, LLC, Merwin, Hulbert & Co., LLC, A-Square of South Dakota LLC and A-Square of Wyoming LLC, Michael Blank, the CEO engaged the Advisory Services of Kevin Tierney and William Martin. Following an exhaustive analysis of the businesses of A-Square South Dakota LLC, A-Square Wyoming LLC, Merwin, Hulbert & Co. LLC, and Sharps Rifle Company LLC, Michael Blank, with the assistance of Kevin Tierney and William Martin determined in early October 2011 that A-Square of South Dakota LLC and A-Square of Wyoming LLC as well as Merwin, Hulbert & Co. LLC and Sharps Rifle Company LLC were insolvent and no longer viable. Employees in both A-Square locations were let go. A-Square of South Dakota’s secured creditor was notified that the company’s operations had ceased and its facility and contents were turned over to the building’s owner and the secured creditor. In addition, Sharps Rifle Company LLC’s main
Office
In
St. Louis was closed.
Further, on February 15, 2012,Michael Blank conveyed all of the equipment located in Glenrock, WY belonging to A-Square of Wyoming LLC as well as all of the intangible assets belonging to A-Square South Dakota and Wyoming, Merwin, Hulbert & Co. LLC and Sharps Rifle Company, LLC to Sharps Rifle Company, Inc. a Wyoming corporation formed by Kevin Tierney and William Martin. On or about February 15, 2012, Kevin Tierney, the CEO of the new Sharps Rifle Company, Inc. informed the Town of Glenrock, WY that A Square of Wyoming LLC was defaulting on its lease with the town and that Sharps Rifle Company, Inc. would like to present a proposal to the town that would afford Mr. Tierney and his partner, William Martin (President & COO) the time necessary to raise $1,300,000 in order to re-launch operations of the new Sharps Rifle Company, Inc. in the Glenrock, WY. facility. Mr. Tierney was invited by the Glenrock Town Council to present his proposal at a meeting on February 27, 2012. Mr. Tierney explained his reasons for closing the Glenrock facility and described the financial condition of the old companies as “toxic” if not “radioactive”. He told the Council that “there is financial tragedy across the board”. He further explained that the State of South Dakota and one of its major financial institutions had lost a lot of money. Mr. Tierney also indicated that the State of Wyoming and the Town of Glenrock had believed in a lot of people. He then took care to cite the numerous consumers who had invested money in firearms that were never delivered and assured the Town Council that if they looked favorably upon the proposal, that it is the intention of the new Sharps Rifle Company, Inc. “to make right by those people”. The Glenrock Town Council is working with their attorney in considering the company’s proposal and a decision is anticipated within the next two weeks.
As of February 2012, Mr. Tierney and Mr. Martin have formed Sharps Capital Group, LP. a Wyoming limited partnership, the general partner of which is TM Advisors, LLC ,a Wyoming limited liability company. Sharps Capital Group, LP has retained Michael Blank, the former CEO of Sharps Rifle Company, LLC, through the new Sharps Rifle Company, Inc. to serve as its Chief Armorer and Director of Strategic Development upon the successful completion of the Phase I funding.
Sharps Capital Group, LP is launching a highly innovative sector-focused private equity initiative in three PHASES that will leverage a special growth opportunity in the firearms industry.
PHASE I $1,300,000 Mezzanine convertible debt (12 months)
PHASE II $5,000,000 Equity
PHASE III $20,000,000 Equity
By combining a number of ‘small cap’ companies into a single portfolio under an iconic brand, Sharps Rifle Company, Inc. the Sharps Capital Group LP will create a unique blend of traditional and modern brands and products to garner above market returns in the international firearms industry.
With an aggressive philosophy for quality, integrity and sustainability, Sharps Capital initiative endeavors to make a responsible impact by bridging old economy craftsmanship and new economy market practices. Sharps Capital integrates its core expertise for disciplined long term capital appreciation backstopped by a clear strategic vision to build durable value for its partners. The Sharps name is among the most powerful brands in the U.S. firearms market.
Mr. Tierney and Mr. Martin have completed the necessary documentation in order to raise the $1,300,000 in investment in Sharps Rifle Company, Inc. and have begun making presentations to potential investors. Once the necessary capital has been secured by the new Sharps Rifle Company, Inc., Mr. Tierney and Mr. Martin will immediately implement Phase I of the business plan and begin the production, sale and shipment of the Merwin Hulbert revolvers and the Sharps Relia-Bolt from its facility in Glenrock, WY.
A-Square defaults on lease–CEO closes doors, proposes new business
Tweet
Kevin Tierney
Sharps Rifle Company, Inc. CEO Kevin Tierney presents his business proposal to the Town Council Feb. 27.
Posted: Thursday, March 1, 2012 10:44 am |
Updated: 11:27 am, Thu Mar 15, 2012.
Jesse Bishop
Despite hopes that Sharps Rifle Company, LLC, and A-Square of Wyoming would be able to find investors to restart Glenrock operations this year, A-Square of Wyoming is no more. During its regular meeting Feb. 27, the Glenrock Town Council authorized the town attorney to take any legal procedures necessary to terminate the lease agreement with A-Square after accepting their default. After events surrounding A-Square’s former owner and founder Art Alphin led Sharps CEO Michael Blank to shut down both A-Square of South Dakota and Sharps’ main operations in St. Louis, Blank conveyed ownership of all contents in the Glenrock operation to the new CEO Kevin Tierney, and his partner William Martin. After the deal was struck, it was determined that the company as a whole was not fit to even exist. “There is financial tragedy across the board,” Tierney said. “The State of South Dakota has lost a lot of money, the major financial institution in South Dakota has lost an awful lot of money. The State of Wyoming and the Town of Glenrock believed in a lot of people and invested alot of money to build this facility. There have been numerous consumers who invested money for guns which were not delivered.” Tierney asked Town Council for understanding, explaining his decision to completely shut down the company due to the fact that its financial condition was “toxic, if not radioactive.” He proposed a break on lease payments for a replacement company called Sharps Rifle Company, Inc., which he created using the equipment and intellectual property he acquired from Blank. “If you allow me to work with you with this new company that I intend to form, I’m going to make right by those people and they’re not going to lose a dime,” he said. Tierney announced his plan to raise $1 million from investors over the next six months in order to begin production in Glenrock of a new product that he proposed will be a “positive game changer in the industry.” With his business plan, he anticipates being able to keep a very viable business in Glenrock in the building that formerly housed A-Square. His plan doesn’t end there, however. “After we raise our million dollars, we’re going to try to strike gold and go for $5 million of equity,” Tierney said. “With the $5million of equity, we’re going to try to acquire two, possibly three companies in the firearms industry. We currently have six companies in America that have expressed interest to be acquired by us once we raise the capital.” Tierney’s proposal to the town was less than sugarcoated, however. He admitted that his company does not have the funds to pay rent on the lease agreement for the building. He proposed that the town give his new company the same lease agreement A-Square had, but defer rent for six months while he raises the needed equity. “I need six months to try to raise $1 million,” he said. “I can’t pay the rent for six months--March, April, May, June, July and August. I’m requesting that the Town of Glenrock will allow me to consolidate the next six months of rent plus all the back taxes, and the next six months of rent and taxes going forward. I’m proposing to pledge as collateral all of the equipment that’s in that building to the Town of Glenrock. Upon me raising the $1 million, I will immediately repay the note and obligation, and I commit to prepay six months more of rent and taxes so that we can be good corporate citizens in this community going forward.” Tierney estimated the rent and taxes to be owed to the Town at around $30,000, but said he believes the equipment offered as collateral is worth$100,000. After going into executive session to discuss Tierney’s proposal, Council referred the matter to legal counsel for due diligence and to draft a possible agreement with Sharps Rifle Company, Inc. Council will consider the matter at its next meeting March 12.The town’s major concern is the involvement of the Wyoming Business Council, which approved a $1.5 million economic development grant to bring a gun manufacturing company to Glenrock, and to build the 8,500-sq.-ft. facility. “We got an economic development grant for that building,” Community Development Director Kathy Patceg said. “It was to supply a new business and jobs for our community, so hope fully this can be used for that. The Business Council really went out on a limb to build such a specific building, so we want to try to keep it in the shooting and sports business.”
--------------------------------------------------
They're hiring the main crook back and asking for millions and millions more. There has to be plenty of tar laying around from road projects and I'm sure feathers could be rounded up as well as rails to ride these flim flam artists out of the country. And they'll probably get away with it!
CraigC
Sixgun Nut
I was hoping to be proven wrong about the whole thing. Lots of people lost money on this and many paid in full for multiple guns. It's a sad, sad shame.
I called around dec 23rd 2011 about my rifle, which should have been done long ago.. I didnt know that they closed the doors earlier in October.. I talked to a guy named 'bill' and told him my situation... he called me back and said my rifle was done and that they needed an address. In fact, Toyon called me later himself.. I picked my rifle up Jan 13th 2012..
So, I have my rifle, its the stock I ordered, the barrel is 25 inches long, as i ordered.. the safety doesnt seem to work right, but after what I have been thruogh I am not complaining, I just wont use the safety..
Mike took a winning product (A-Square) and tried to graft his big ideas onto the business.. He should have left his pet projects on the shelf and worked to establish the A-Square line in its new home and get it 100% up and running.. Once that was done, then he could have took on the Merwin pistols...
So, I have my rifle, its the stock I ordered, the barrel is 25 inches long, as i ordered.. the safety doesnt seem to work right, but after what I have been thruogh I am not complaining, I just wont use the safety..
Mike took a winning product (A-Square) and tried to graft his big ideas onto the business.. He should have left his pet projects on the shelf and worked to establish the A-Square line in its new home and get it 100% up and running.. Once that was done, then he could have took on the Merwin pistols...
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