2aHawaii
General Topics => General Discussion => Topic started by: groveler on September 10, 2020, 04:02:03 PM
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They are selling the Ammo part.
http://www.freerepublic.com/focus/f-chat/3882912/posts
The only ammo from Remington I buy is Express shotgun and .22 LR.
I don't own any Remington firearms, but it is sad to see East coast Hedge
funds destroy American companies.
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Oh well... that sucks... >:(
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They are selling the Ammo part.
http://www.freerepublic.com/focus/f-chat/3882912/posts
The only ammo from Remington I buy is Express shotgun and .22 LR.
I don't own any Remington firearms, but it is sad to see East coast Hedge
funds destroy American companies.
I don't think that's accurate. The hedge fund is BUYING Remington's Ammo making business for $65 million as part of Remington's attempt to sell assets and pay off its debts under Chapter 11 bankruptcy. protection.
The hedge fund didn't drive Remington out of business. They did that themselves. Now Remington gets $65M for the ammo company's assets PLUS the hedge fund assumes all liabilities of that entity. The hedge fund is getting a bargain, I'm sure, but it's not their fault Remington is in this financial mess. Hopefully selling the ammo business gives them the cash infusion needed to shore up the firearm business.
Just saying.
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I don't think that's accurate. The hedge fund is BUYING Remington's Ammo making business for $65 million as part of Remington's attempt to sell assets and pay off its debts under Chapter 11 bankruptcy. protection.
The hedge fund didn't drive Remington out of business. They did that themselves. Now Remington gets $65M for the ammo company's assets PLUS the hedge fund assumes all liabilities of that entity. The hedge fund is getting a bargain, I'm sure, but it's not their fault Remington is in this financial mess. Hopefully selling the ammo business gives them the cash infusion needed to shore up the firearm business.
Just saying.
I was referring to the previous hedge fund,
that drove the company onto bankruptcy.
Borrowed lots of money and didn't use
the money to improve product, just
payed the investors.
I'm a capitalist, but what these Democrats do to our
society and Industries, kind of pisses me off.
Just saying.
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Hope whoever picks up that line can keep it going. The UMC pistol ammo gets a bad rap, but I like it. Cheap, was readily available, and reliable.
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I was referring to the previous hedge fund,
that drove the company onto bankruptcy.
Borrowed lots of money and didn't use
the money to improve product, just
payed the investors.
I'm a capitalist, but what these Democrats do to our
society and Industries, kind of pisses me off.
Just saying.
I haven't followed Remington's quarterly reports, so I'm not up on who owns them.
The story you posted should have made mention of the owners' names if other than Remington itself, since that's kind of important to know.
Here's what Wikipedia gave me:
Until 2015, Remington Arms was part of the Freedom Group,[3] which is owned by Cerberus Capital Management. In 2014,
a new plant was built in Huntsville, Alabama to produce AR-15 style semi-automatic rifles and Remington 1911 R1 pistols.[4][5]
In 2015, the Freedom Group was renamed as Remington Outdoor Company.
Remington filed for Chapter 11 bankruptcy protection, in March 2018, having accumulated over $950 million in debt. Remington
exited bankruptcy in May 2018, less than two months after filing for protection under Ch. 11 laws. Remington's quick exit from
bankruptcy was due to a pre-approved restructuring plan that was supported by 97% of its creditors.
On 28 July 2020, it filed again for Chapter 11 bankruptcy protection.[6]
Again from Cererbus Capital Management's Wiki:
Firearms—Acquired Bushmaster Firearms International, from Windham, Maine native Dick Dyke for an undisclosed sum
in April 2006, and purchased Remington Arms in April 2007. Under Cerberus direction, Bushmaster Firearms acquired Cobb
Manufacturing, a manufacturer of large-caliber tactical rifles in August 2007. Cerberus also acquired DPMS Panther Arms
December 14, 2007.[77][78] Remington Arms acquired Marlin Firearms in January 2008.[79][80] In October 2009, Remington
Military products acquired silencer manufacturer Advanced Armament Corporation.[81] These companies were combined into
the Remington Outdoor Company. Cerberus made plans to sell its share in the Remington Outdoor Company on December 18, 2012,
after the Bushmaster AR-15 was used in the Sandy Hook Elementary School shooting.[34] This decision was made due to a threat
by the board of the California state teachers' pension plan, which owns a stake in the company, to dispose of stakes it holds in any
firearms manufacturer that makes weapons banned by California state law. In March 2014, Cerberus rejected a $1 billion buyout
offer for Remington Outdoor Company.[82] And thereafter was unable to find a satisfactory buyer.[83] Cerberus continued to have
ownership in Remington Outdoor Company, and CalSTRS announced its divestment from Cerberus' gun holdings in June 2015.[84]
In March 2018, Freedom Group, now known as Remington Outdoor Company sought chapter 11 bankruptcy protection.[83][85]
So, it looks like Cererbus created their own problem by acquiring Remington about the time of the Sandy Hook mass shooting, coupled with having heavy investments from the California State Pension Plan. Had the second part not happened, it might have turned out differently for Remington.
Just a guess. :geekdanc: :shaka:
I think, given the political and Leftist hysteria surrounding guns the past decade or more, it's a good thing there was somebody interested in investing large sums into Remington. So, I don't necessarily think the hedge fund should be given all the blame. Maybe they hired the wrong people to run the Freedom Group/Remington Outdoor Company?
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The group that bought Rem ammo div also owns PSA
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The group that bought Rem ammo div also owns PSA
Nice to buy up the competition, huh?
Microsoft created an empire doing that.
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Damn. So psa is going down the tubes too?
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Damn. So psa is going down the tubes too?
Don't jinx them! :shake:
PSA has a different (better?) target market. They are not just making their own brand of parts and assembling firearms for sale PLUS making parts available. They also have great indoor ranges, offer a wide range of products from other brands, and are more "budget friendly" in my opinion.
At remington.com, it's all Remington products.
At palmettostatearmory.com, you'll find firearms, ammo, and all the parts and accessories needed for a new build -- as well as items from top brands other than PSA.
I don't see PSA having the same troubles as Remington, but I've been wrong before.
(https://i.imgur.com/WtjoZ8H.png?1)
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Hope whoever picks up that line can keep it going. The UMC pistol ammo gets a bad rap, but I like it. Cheap, was readily available, and reliable.
Their 357 and 44mag ammo is pretty hot. Flame throwers! >:D