Gun maker files for bankruptcy protection: report

[riversedge]

Source: the hill



By Avery Anapol - 03/25/18 09:29 PM EDT


Remington Outdoor Co., a major U.S. gun manufacturer, reportedly filed for chapter 11 bankruptcy protection on Sunday.

The company, which is facing mounting debt and lawsuits related to the Sandy Hook Elementary School shooting, announced last month that it would file for bankruptcy, but delayed doing so after the Florida high school shooting in February, according to the Wall Street Journal.

“We do not expect this filing to affect the families’ case in any material way," an attorney representing Sandy Hook families in their suit against the manufacturer said in a statement to The Hill.

Remington reportedly plans to hand over control of the company to its creditors.

The company is one of the oldest gun and ammunition makers in the U.S.

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Read more: http://thehill.com/blogs/blog-briefing-room/380230-gun-maker-files-for-bankruptcy-protection-one-day-after-march-for

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#onelessgun.

Link to tweet

[elmac]

1. am sure the new made in China remingtons will be flooding the market soon. nt

[NickB79]

7. Nope. Chinese-made guns were banned from importation years ago

Same with ammo made there.

[dalton99a]

2. Another victim of China's unfair trade practices

[SunSeeker]

3. Thoughts and prayers. nt

[scarletwoman]

4. Perfect! nt

[Canoe52]

5. + 1,000 nt

[Rabrrrrrr]

15. Excellent! n/t

[CountAllVotes]

6. Sad!

& recommend!!

[IronLionZion]

8. Obama was great for gun sales, Trump is killing gun-making jobs

[NickB79]

9. Right?

No more fear-buying at the gun stores.

[hack89]

10. That is why the gun makers are praying for a blue wave in November

they need Dems in power.

[IronLionZion]

11. So we want the same thing

NRA and Dems both want Dems to win big. Except this time we might actually get some stronger gun laws with public support on our side

[hack89]

12. Not sure about stronger gun laws

Hard to see Congress passing an AWB or registration for example. If they play their cards right they could get UBCs, magazine size limits and other similar measures.

Don't forget that the bigger the Dem wave, the more Dems from pro-gun states will be elected. There are plenty of moderate Dems that own guns and support gun rights.

[IronLionZion]

13. and more responsible gun owners support sensible gun laws

because it wouldn't affect them much. It would make it harder for the wrong people to get.

NRA has been blocking sensible improvements to the background check systems and data updates. Also mental health evaluations and people reporting that family members are unfit for a gun permit due to violent behavior, or drug/alcohol abuse.

[hack89]

14. But you know that Feinstein will go straight for an AWB

which will effectively end the discussion.

[IronLionZion]

16. She passed it before

and there is more public support now

[hack89]

17. And she failed miserably post Sandy Hook.

and there is no recent polling on support for an AWB to make any strong statements either way.

Let's remember something- post Sandy Hook it was Democratic Senators that killed the AWB because there were a handful of Dems running in pro-gun, red states. That calculus has not changed.

Once thing that recent history has shown us is that public support does not always translate into votes. And none of the polls regarding gun control are limited to likely voters. And it is very unlikely that all that public support is evenly distributed. We do not hold national referendums. Politicians will not look at national polls - they care only about the people that can vote for him. The fact that blue states overwhelmingly support gun control means nothing to a politician in a red state.

[Bernardo de La Paz]

19. Oh you think it was her fault that nothing got done?

[hack89]

21. No. It was a collective failure of the Dems in Congress

by fundamentally underestimating the support for an AWB in the Senate. They should have listened to Harry Reid - his only concern was protecting the Democratic majority in the Senate.

They could have gotten UBCs but the decision to bundle everything with an AWB and registration was a major political miscalculation.

[NickB79]

22. She helped write it, and it sucked, frankly

Seeing as how it didn't actually ban a damn thing, and millions of AR's and AK's were legally sold while the AWB was in effect.

They zeroed in on cosmetic features gun makers removed immediately, which had no bearing in the lethality of the firearm itself. That she and others didn't see that coming a mile away was a very real failure.

The only useful piece of that bill was the ban on new production of high capacity magazines.

On edit: I was referring to the 1994 AWB above, not the more recent attempts post-Sandy Hook. My bad.

[LanternWaste]

23. No more and no less than a major firearms manufacturer going bankrupt will effectively end...

"which will effectively end the discussion..."

No more and no less than a major firearms manufacturer going bankrupt will effectively end the discussion.

(I can pretend to tell the future too if my narrative depends on it)

[hack89]

24. Remington going bankrupt is irrelevant to the issue of gun control

Recent political history (ie post Sandy Hook) tells us that an AWB will effectively end the discussion. The political calculus in Congress has not really changed. Notice how quiet Dem leadership is on gun control?

[Marengo]

18. Remington, meh for a long time now, has been its own enemy.

[apnu]

20. NPR says Remington sold to Cerberus Capital Management for $118 million in 2007

See: https://www.npr.org/sections/thetwo-way/2018/03/26/596937376/remington-declares-chapter-11-amid-trump-slump-in-gun-sales

They also say:

"Reuters reports that Remington's creditors, including Franklin Templeton Investments and JPMorgan Asset Management have agreed to exchange debt for equity in the company."

So Remington is seeing a slump in sales due to Trump, but is also owned by a capital management company a lot like Bain Capital, and they're giving away shares to other bankers.

Remington is screwed like Toys 'R Us and many other companies that sell out to these capital "management" companies get screwed.

My point is, its not just Trump's affects and the national mood against firearms, Remington's problems are deeper and go back further than this.