Monday, August 22, 2022
As you know, as part of the company's Chapter 11 Reorganization, I have continued to fight to protect your membership, your family members' memberships and Front Sight as a whole to avoid the foreclosure action that was wrongfully filed against Front Sight. Make no mistake, had the company not filed bankruptcy to avoid the wrongful foreclosure, you would have lost your memberships and all assets in your membership accounts (and Front Sight would have gone out of business).
I want you to know that once Front Sight filed the formal reorganization, numerous entities approached the company with offers to purchase Front Sight and/or to make a substantial equity investment in Front Sight. While these offers would make it easier for the company to reorganize and some of them would result in a benefit to me personally, so far these offers are BAD for YOU, my loyal and supportive members and staff.
If the company were to proceed with these offers, it is almost certain that you would NOT retain your TBD Memberships, Certificates, Credits, Patronage Points, Front Sight Bucks or Front Sight Coins (in addition to new membership rates, etc.). There was also no guarantee that Front Sight's purpose to positively change the image of gun ownership by training private citizens to levels that far exceed law enforcement and military standards would remain. There was no guarantee that the great staff we have created at Front Sight, and Brad Ackman as your Operations Manager, would remain in place.
These offers have placed the company in a double bind -- meaning, at some point Front Sight may have to accept one of these offers if it turns out that the offer is in the best interests of creditors (even if the offer is not in the best interests of members). There are lots of bankruptcy rules that govern what the company's obligations are. Front Sight and I are attempting to navigate this reorganization in a way that is beneficial for creditors and for YOU, Front Sight's loyal and supportive members.
In order to comply with my fiduciary duty in this bankruptcy case, it would really help Front Sight if I can get feedback from YOU regarding whether or not you will remain an active member of Front Sight under new terms. In other words, if I know that Front Sight will have a certain and significant number of active members after bankruptcy, then it is much more likely that the company can structure a reorganization plan that is as beneficial for creditors as the offers I have received, but that is significantly more beneficial for YOU. The company is under a very tight time line so it is imperative that I receive a response from you IMMEDIATELY.
To say this Chapter 11 Reorganization process is expensive, complicated, extremely fluid, and dangerously uncertain is one of the biggest understatements you will ever read.
I am writing to you TODAY because I am at a personal crossroads in making a decision, an extremely important decision on what to do, and only YOU can help me in making the decision.
My request of you is really quite simple. Your immediate response and the decision YOU make will dictate the decision that the company will be required to make in order to meet its fiduciary obligations as a Chapter 11 Debtor in bankruptcy.
I only have a few days to make the decision so I need your truthful response IMMEDIATELY. The future of your membership with Front Sight as you have known it is at stake. This is not an exaggeration.
Here is what I am asking:
IF, through the bankruptcy, YOU RETAIN THE FOLLOWING MEMBERSHIP BENEFITS:
- Your membership and ability to attend Front Sight firearms training courses, (but Front Sight Alaska courses, Empty Hand/ Edged Weapons courses, Child/Youth Safety courses, Ropes courses are removed)
- All your TBD Memberships, but they are all converted to Patriot Memberships
- All your TBD Certificates, but they are converted to 2Day/4Day Defensive Handgun, Tactical Shotgun, Practical Rifle certificates good for a student's first course only
- All your Front Sight Credits, Patronage Points, Front Sight Bucks, and Front Sight Coins, but must use them for 50% toward any personal purchases in the pro shop, ammo bunker, armory, for food and beverage, background checks and memberships transfer fees (should you choose to pay a new member's transfer fee)
- Your ability to will your membership, and your account assets, to a deserving heir on your passing
- Receive credit for gun or gear bonuses from your purchases
- If you are a Champion Club Member, you will be paid back over time
IF the company provides what is listed above, WILL YOU agree to move forward with Front Sight, as an active member of Front Sight by agreeing to pay the following:
- Annual Membership Maintenance Fee of $500 for the Head of Household who wants to remain an active member of Front Sight
- $100 Annual Membership Maintenance Fee for Spouse of Head of Household who wants to remain an active member
- $100 Annual Membership Maintenance Fee for each Child of Head of Household under the age of 25, who want to remain active members
- $100 per person, Daily Fee per course day attended
- $100 per day per person Private Training Fee for Platinum Members and Platinum Guests (includes Daily Fee)
- $400 per day, per person Private Training Fee for Knight Members and Knight Guests (includes Daily Fee)
- $600 per day, per person Private Training Fee for Founder Members and Founder Guests (includes Daily Fee)
- $800 per day, per person Private Training Fee for Legacy Members and Legacy Guests (includes Daily Fee)
- $1,000 per day, per person Private Training Fee for Patriot Members and Patriot Guests (includes Daily Fee)
Front Sight needs a YES or NO answer IMMEDIATELY in order to make very difficult and extremely important decisions regarding the future of Front Sight.
Meaning, "YES Dr. Piazza, I understand that there will be new fees but I am willing to pay them to keep the above-mentioned member benefits; to keep Front Sight's employees employed; to keep Front Sight in business; and to continue to participate in Front Sight's purpose to restore the Second Amendment by positively changing the image of gun ownership, through training responsible citizens to levels that far exceed law enforcement and military standards."
Or "NO Dr. Piazza, I am not willing to support the changes you have listed above. I understand that without my support and the support of a significant number of the members to the changes proposed above, it is likely that Front Sight will have no option but to accept a purchase or equity participation offer that provides for very little, if any, benefit to members and will likely result in the termination of all memberships and member benefits."
I am sorry it has come to this. As you know, I have fought for over four years to protect your membership, your family members' memberships and Front Sight as a whole. As I stated above, our Chapter 11 Reorganization process is expensive, complicated, extremely fluid, and dangerously uncertain. However, it has now come down to a "YES" or "NO" from YOU and your fellow members that will dictate the future of Front Sight. Without your support and the support of a significant number of the members to the changes required, it is likely that Front Sight will have no option but to accept an offer that provides for very little, if any, benefit to members and will likely result in the termination of all memberships and member benefits.
As you must now understand, this is a simple request, but EXTREMELY important and I need to know your truthful answer IMMEDIATELY in order to make the proper decision.
Please complete the Simple, Secure "Yes" or "No" Form below. Please do it TODAY.
Thank you in advance for your immediate response and your continued loyal support of the greatest firearms training institute in the world.
Dr. Ignatius Piazza
Founder and Director
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This Email Newsletter was sent to: [[email protected]] on 8/22/2022 9:24:41 AM. UID#20578 ID#103355