deerslayer Posted March 29, 2012 Report Share Posted March 29, 2012 http://www.pittsburghlive.com/x/pittsburghtrib/news/westmoreland/s_788733.html is the same guy that has a number of thompson photos referenced in American Thunder? Maybe that's how a guy can afford a lot of neat guns..... Link to comment Share on other sites More sharing options...
JimFromFL Posted March 29, 2012 Report Share Posted March 29, 2012 "....contending he bilked as many as 53 customers who purchased lighting from his stores..." Hmmmm, no wonder he was able to afford all those items. Link to comment Share on other sites More sharing options...
full auto 45 Posted March 29, 2012 Report Share Posted March 29, 2012 Some people just don't learn! Link to comment Share on other sites More sharing options...
Arthur Fliegenheimer Posted March 29, 2012 Report Share Posted March 29, 2012 While Free managed to shed some light on the TSMG in Frank Iannamico's books, he was unable to extend the same courtesy to his customers. 1 Link to comment Share on other sites More sharing options...
CptCurl Posted March 29, 2012 Report Share Posted March 29, 2012 While Free managed to shed some light on the TSMG in Frank Iannamico's books, he was unable to extend the same courtesy to his customers. Oh my goodness, that takes the cake! Curl Link to comment Share on other sites More sharing options...
deerslayer Posted March 29, 2012 Author Report Share Posted March 29, 2012 Now the other little part of me says did they just take his guns, or did they take cars, bank accounts and other tangible assets for the bankrupcy court? Maybe the guns were the only juicy part of the story that made the paper. 50 machine guns.... could that be a million dollars worth? That's about the same number of customers as machine guns. Hope the guns don't dissappear forever and will get sold, pictures show some neat stuff. 1 Link to comment Share on other sites More sharing options...
Mike Hammer Posted March 29, 2012 Report Share Posted March 29, 2012 Another punch in the gut for gunowners by the liberal media who want to put gunowners in a bad "light". These were probably all legally owned. If instead he had a rare and valuable collection of butterflies, you would not have heard a peep from them. Mike Hammer Link to comment Share on other sites More sharing options...
DLansky Posted March 29, 2012 Report Share Posted March 29, 2012 here is some additional info and detail that you all may find of interest. this conduct is clearly out of line and over the top. http://www.assetprotectionbook.com/forum/viewtopic.php?f=71&t=1720 I spoke to the Trustee last week and the current status is that there is a hearing scheduled to determine whether Mr Free should be jailed for contempt of court. 1 Link to comment Share on other sites More sharing options...
Arthur Fliegenheimer Posted March 29, 2012 Report Share Posted March 29, 2012 Another punch in the gut for gunowners by the liberal media who want to put gunowners in a bad "light". These were probably all legally owned. If instead he had a rare and valuable collection of butterflies, you would not have heard a peep from them. Mike Hammer While the lame stream media can be counted on to portray firearm owners in a perpetual bad light (no pun intended), Mr. Free's unscrupulous business practices and his refusal to follow court orders jeopardized his firearm collection. Under his bankruptcy filing, Free cannot sell any assets. The court appointed a trustee, James Walsh, to oversee the sale of his assets in order to pay creditors As recently as Feb. 24, a "Michael Tree" listed some of the guns for sale on the website www.subguns.com. This sale was reported on this board. http://www.machinegunboards.com/forums/index.php?showtopic=13765&hl=%2Bmichael+%2Bfree&fromsearch=1 His firearm collection was indeed catnip for the TRIBUNE-REVIEW, but a story about a guy abusing the BK system while bilking customers out of their property is a legitimate story all by itself. 1 Link to comment Share on other sites More sharing options...
deerslayer Posted March 29, 2012 Author Report Share Posted March 29, 2012 Look in the book, he may own at least 15 upwards of 20 judging from the pictures....some cool guns.... Link to comment Share on other sites More sharing options...
Arthur Fliegenheimer Posted March 29, 2012 Report Share Posted March 29, 2012 Look in the book, he may own at least 15 upwards of 20 judging from the pictures....some cool guns.... GH has him down for 20 Colt TSMGs purchased in 2000. The lighting business must have been particularly illuminating that year. Link to comment Share on other sites More sharing options...
giantpanda4 Posted March 30, 2012 Report Share Posted March 30, 2012 (edited) I have seen a few parts of his collection at TCA shows in Maryland. What a shame if those guns get confiscated! There are some very rare and beautiful guns! Edited March 30, 2012 by giantpanda4 Link to comment Share on other sites More sharing options...
colt21a Posted March 30, 2012 Report Share Posted March 30, 2012 (edited) hopefully in the end he makes amends to those he cheated. and on his "Last Day" he can rest.knowing he did the right thing. Ron /Colt21a p.s. and we all should be glad we can do the same.... Edited March 30, 2012 by colt21a Link to comment Share on other sites More sharing options...
Robert Henley Posted March 30, 2012 Report Share Posted March 30, 2012 I recall seeing the Subgun ads. He had some nice guns for sale. One was a Thompson pictured in AT II. I wonder if anyone purchased one, and then while waiting for BATF approval to transfer the guns were confiscated by the sheriff. With full or partial payment upfront, that would seem to create some serious problems for a buyer. Link to comment Share on other sites More sharing options...
Bob Posted March 30, 2012 Report Share Posted March 30, 2012 I called him on one of the Thompsons. Said he was in a hurry to get funds for a "land deal" and wanted me to overnight the funds. Talking with him something didn't sound right so I took a pass on the deal. Glad I did because a couple of days later I found out they were after him for the guns. All his assets have been attached and will be sold by the new owner to pay the settlement. Sucks to be where he is now ;-) Link to comment Share on other sites More sharing options...
Z3BigDaddy Posted March 30, 2012 Report Share Posted March 30, 2012 (edited) “Free filed for bankruptcy in 2010, listing assets of about $1.6 million and liabilities of about $671,000.” I don’t get it… I would love to have that debt ratio. And from what I read, he had court ordered payments of $16k and a $2K fine. That’s one Colt….. Something doesn’t add up…. Maybe they have the numbers reversed? Edited March 31, 2012 by Z3BigDaddy Link to comment Share on other sites More sharing options...
darrylta Posted March 31, 2012 Report Share Posted March 31, 2012 Sounds like a hell bent wife to me?-Darryl Link to comment Share on other sites More sharing options...
Robert Henley Posted March 31, 2012 Report Share Posted March 31, 2012 This incident reminds me of the issue of a formal Buyer/Seller Agreement to purchase a Class 3 item as expensive as a MG. The agreement I developed, with input from a few board members, included a provision that would have addressed the problem in this case. Of course, there would have been the challenge of enforcing the agreement but, without it, the transaction would not have addressed what happened in this case. I've heard pros and cons of using an agreement, with a primary con being the seller might avoid the sell and sell to someone else who doesn't use a formal agreement. I'm sure a seller like in this case would like that approach. I might add that I recall getting some feedback on this particular individual when he had a Subgun ad that was positive in nature. So someone could have positive references, and there could still be issues like bankrupcy pending. As others have said before, this is a relatively small community (MG owners) but this seems to be an example of the need for a former Buyer/Seller Agreement. I wonder if anyone encountered any problems in this particular case. Robert 1 Link to comment Share on other sites More sharing options...
Melvin Posted March 31, 2012 Report Share Posted March 31, 2012 Darryl,His wife passed away about 2 years ago.Chuck K Link to comment Share on other sites More sharing options...
darrylta Posted March 31, 2012 Report Share Posted March 31, 2012 Chuck,That's very unfortunate, my belated condolences. I've been buying some NFA recently from a wealthy collector that isgoing through hell in a nasty divorce. A hell bent woman hasno boundaries to torment. Luckily I have loving, understanding wife that putsup with my sometimes manic tendencies. -Darryl Link to comment Share on other sites More sharing options...
colt21a Posted March 31, 2012 Report Share Posted March 31, 2012 (edited) Well that explains it. Mike loved his wife she passed. and he has had problems ever since. that is not a hard one to figure out. you lose a loved one or someone you really care about. and the rest of the world seems less interesting.It happens to many people in life. and Robert when contracts in buying guns become that complicated... its best to pass on any of it. life is way too darn short for more b.s. in buying just a GUN. i have the 30 second rule if it does not sound fairly easy in the first 30 i move on to something else. got some great deal's that way and passed on some nightmare headaches also. enjoy whatever you do. just make it easy. Ron /Colt21a Edited March 31, 2012 by colt21a 1 Link to comment Share on other sites More sharing options...
Roland, Headless Thompson Gunner Posted March 31, 2012 Report Share Posted March 31, 2012 I met Mike briefly at the TCA S&S a couple years ago and was of course impressed with the display of his collection. I know nothing of his business practices and hope that the seisure of his collection remains strictly a point of the bankruptcy proceedings and that our friends at the ATF have no interest. It would seem that his collection is probably destined for an auction house which will undoubtedly distort the history and value of the pieces. Judging from the various examples I see on page 12 and 58 - 67 of AT2 which I believe are just a sampling, it is a world class Thompson collection. To see on the auction block brings mixed emotions. If only I had a few extra bucks right now... Link to comment Share on other sites More sharing options...
ClevelandShooter Posted April 2, 2012 Report Share Posted April 2, 2012 Am I wrong, or would having his lighting business incorporated have saved his personal property?????????????? Link to comment Share on other sites More sharing options...
Robert Henley Posted April 2, 2012 Report Share Posted April 2, 2012 Am I wrong, or would having his lighting business incorporated have saved his personal property?????????????? As I recall from business school, a primary benefit of incorporation is limited liability and to protect your personal assets. However, there are tax implications with a corporate structure with double taxation of dividends. I would presume he would have had an accountant advise him on tax implications and protecting his assests. Link to comment Share on other sites More sharing options...
snipershot1944 Posted April 3, 2012 Report Share Posted April 3, 2012 A personal guarantee cuts through the corporate veil and can expose your personal assets to collection efforts. Link to comment Share on other sites More sharing options...
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