Gunwerks Sued By Creditors

[JAYgs8163]

Have a good laugh at all the people jumping to one side or the other with absolutely no knowledge of the situation or how the banking industry works. Let due process run its course. Have no idea who is at fault here, but will provide you all with some facts:
1) Gunwerks guys are innovators and good for the industry
2) if you take out a loan, you pay it back
3) don't rip off the consumer
4) Wells Fargo provides more money/credit/loans to the consumer and small businesses than any bank in this country......their mortgage portfolio is 2x+ the next competitor.
5) Yes, WFB's retail bank, under poor senior leadership that no longer exists, did a despicable act - opened thousands and thousands of unauthorized accounts, mostly by minimum wage employees to make BS sales goals. WFB generated slightly more than $2.2MM of fees, and paid fines more than $10Bn......again, despicable act, and one they are still paying for.
6) Despite all, Wells Fargo still has more deposits than they can put to work......the bank actually wishes they had less of your deposits. Again, they are the largest lender of any bank in the country to the consumer......the small guys, like you and me.
7) Again - don't steal from anyone (WFB) and always repay your obligations (Gunwerks).......the truth will come out, so let's reserve judgement until then!!

Not the biggest lender to small businesses at all. Not even close. Neutral party talking.



Not the biggest deposit holder either.

 

[Montana'eer]

Not the biggest lender to small businesses at all. Not even close. Neutral party talking.

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Well that's just SBA guaranteed lending, so not a great metric. That's a small piece of the pie. The gold standard reporting is the FDIC call data.

But I can say I worked for Huntington Bank for 3 years and that organization is fantastic with small businesses. They really honed in on small and mid sized companies and served them well.

 

[JAYgs8163]

Well that's just SBA guaranteed lending, so not a great metric. That's a small piece of the pie. The gold standard reporting is the FDIC call data.

But I can say I worked for Huntington Bank for 3 years and that organization is fantastic with small businesses. They really honed in on small and mid sized companies and served them well.

I get it. I don't like being generalized as "not having any knowledge". Yes I may not have knowledge of what Skip is dealing with, but I sure as hell know the other industry VERY well. Anyways.... I'm glad Gunwerks is good to go.

 

[Montana'eer]

I get it. I don't like being generalized as "not having any knowledge". Yes I may not have knowledge of what Skip is dealing with, but I sure as hell know the other industry VERY well. Anyways.... I'm glad Gunwerks is good to go.

Me too. 30 years in commercial finance.

 

[JAYgs8163]

Me too. 30 years in commercial finance.

Ditto. 28.

 

[lilharcher]

I get it. I don't like being generalized as "not having any knowledge". Yes I may not have knowledge of what Skip is dealing with, but I sure as hell know the other industry VERY well. Anyways.... I'm glad Gunwerks is good to go.

Actually not sure you do......never said WFB held the most deposits, because as you pointed out, WFB does not hold the most deposits. And go back and add mortgage volume and SBA volume, and you will clearly see who is deploying the most capital to the consumer. And take a look at the pic....specific to SBA, WFB was #1 in SBA loans in 2018 and #2 in 2019. Regardless, the banking industry is tremendously competitive, rates prior to the pandemic were close/at all time lows, and there are low switching costs.......so please explain why WFB has more business than they know what to do with??? We can stop this p-ing contest now, and I will continue to chuckle at the misinformed.......if you want to bite that hook, that is on you.

 

[wyosteve]

Good explanation by Aaron Davidson on Rokslide. Sounds like it's resolved and Gunwerks is still cranking out product.

 

[Deleted member 103481]

If y'all get together you could probably use the same ruler as long as you wear masks

 

[Loggerdude]

We bailed them out in the last housing slump, I guess they have already forgotten about that.

 

[Gone Ballistic]

Sounds familiar to Montana Rifle Company. Amazing that Gunwerks would build two new products and release them this year if their financial situation was so disastrous.

 

[Len Backus]

I am closing this thread.

Go to this new thread to read:

GUNWERKS CEO - UPDATED PUBLIC STATEMENT

This is Len. I hate it when good people and companies are hammered unfairly. And then it is very hard to get the true word out there. Here is Aaron's official statement from the Gunwerks website. -----------------‐--------------------- OFFICIAL STATEMENT FROM GUNWERKS CEO REGARDING WELLS...

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