Posted on 11/14/2014 3:28:19 PM PST by aimhigh
The Wall Street Journal reports that Colt Defense LLC has filed papers with the Securities and Exchange Commission indicating it does not have the funds to pay back loans and may default on its payments to bondholders.
According to the report, Colt is expected to declare a loss of as much as 60 percent for the quarter over last year, based largely on declining sales and delays in payment for government contracts. Colt told the SEC it may not be able to make a nearly $11 million payment next month on a $248.8 million loan.
(Excerpt) Read more at grandviewoutdoors.com ...
Sage advice.
I have 6 ‘Colts’: A 1970s SP1, an LE6920, a 1943 1911A1 Colt, a reissue of the Colt 1911, and a Colt Defender and Colt New Agent.
The quality of the early guns is excellent, even the WWI reissue. But the Defender and New Agent (small 1911s) turned out to be rather poor in terms of how much time and effort Colt puts into how all the well-made pieces go together.
Two guns, new, over $1000 each and BOTH spit spent cases in your face. I knew what was causing this and pulled the firing pin stop plates on both and the extractors literally dropped out. Both were straight as an arrow and had no spring to them. No tension on the case rim and released early. Used a Weigand tensioning tool to reset the tension and reinstalled. Both work fine now. It’s a pity that a company can’t even do something as simple as this for a $1000+ gun. They’re relying on their name when they should get back to what got them there.
Colt was always an advocate of the 2A for LEO and military.....citizens be screwed.
One of the reasons I will NEVER own a Colt.
Ii don’t recall Colt making much of a fuss over Malloy’s gun grab. Had they threatened to move out of state, and then followed through, they might have retained civilian patrons to buy their wares at a time when military orders are drawing down.
Good video here:
On Midway USAs Gun Stories: Colt Python
http://www.downrange.tv/blog/on-midway-usas-gun-stories-colt-python/30545/
I’d almost give my right eye for it, but doubt I could afford it.
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