It is a five-way. I found a collector (Scott Grove) that has a youtube video about it, and contacted him. He has 2, loves them, and they are not for sale. Of course I sold mine back when. It actually had a manufacturing flaw. I couldn't get the intonation correct, and a luthier told me the fret spacing was off from Gibson. This was common to him and he showed me his scale next to the fingerboard to evidence this. I didn't want to pay and sold it-foolish move now..

Gibson Challenger III -Scott Grove