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Remington Arms preps for bankruptcy sale to Navajo Nation
NYPOST ^ | 6/26/2020 | Staff

Posted on 06/27/2020 7:02:19 AM PDT by mac_truck

Remington Arms, America’s oldest gun maker, is preparing to file for Chapter 11 bankruptcy protection and is in advanced talks for a potential sale to the Navajo Nation, The Wall Street Journal reported on Friday.

Remington is making preparations for the Native American tribe to serve as the lead bidder to purchase its assets out of Chapter 11, the Journal reported here, citing people familiar with the matter.

The report added that the filing could come with in days.

Remington had previously filed for bankruptcy protection in March 2018.

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: 2ndamendment; bancruptcy; banglist; cerberus; chapter11; navajo; navajonation; nra; remington; secondamendment
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To: mac_truck

41 posted on 06/27/2020 7:33:21 AM PDT by Alas Babylon! (The prisons do not fill themselves. Get moving, Barr!)
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To: Bonemaker

I had a Marlin 336 in .35 cal...Used it for deer and black bear...


42 posted on 06/27/2020 7:34:41 AM PDT by JBW1949 (I'm really PC.....Patriotically Correct)
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To: Bonemaker
After 11 years of the greatest gun sales boom in world history, you’ve got to think Remington has the worst management team in world history.

I'd take it a step higher and say they might have one of the worst executive boards in history.

43 posted on 06/27/2020 7:35:12 AM PDT by pt17
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To: mac_truck

People ask how Remington could go bankrupt?

Most likely because Cerberus Capital Management, who acquired them, bled them dry and is now tossing the desiccated carcass on the side of the road...….


44 posted on 06/27/2020 7:35:23 AM PDT by txeagle
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To: Mr. Jeeves

And the 870 Express which was the first shotgun for an awful lot of us.


45 posted on 06/27/2020 7:37:04 AM PDT by ameribbean expat (Attention! All persons having the corona virus...please report to the nearest IRS office. Thank you.)
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To: mac_truck

Navajos are terribly beset by alcoholism and diabetes and most of all poverty.
............
But likely, there is no more patriotic peoples anywhere.
............
They are serious warriors, fine Marines. Hard to get to know. They are definitely the wrong people to meet at night.


46 posted on 06/27/2020 7:37:05 AM PDT by gandalftb
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To: PAR35

How did they go bankrupt? The usual way - investment bankers / private equity got their claws in them and sucked them dry. In this case it was Cerberus.


That’s what ole honorable Mitt Romney did in his early days with Baine Capital.


47 posted on 06/27/2020 7:37:19 AM PDT by boycott
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To: Jimmy The Snake
So if Native American tribes opened up Casinos on their land or Reservation as regular Laws did not apply, they used that loop hole as a money maker.

Indian Gaming Act enacted by Ronald Reagan authorized the casinos, prior to that bingo halls were permitted on federal land.

Now does their ownership and incorporated on their land give them exemptions to regular Laws? Hmmm

It vastly protects the assets from tort lawsuits where you must get the Navajo Nation's permission first to sue them. Like people randomly suing the gunmaker for whatever some whackjob did with the weapon.

48 posted on 06/27/2020 7:37:50 AM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: mac_truck

First casinos, now guns...

That just leaves alcohol and tobacco?


49 posted on 06/27/2020 7:38:18 AM PDT by Skywise
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To: Bonemaker
After 11 years of the greatest gun sales boom in world history, you’ve got to think Remington has the worst management team in world history.

Awful investments of retirement accounts, a couple bad contracts, and then whenever they went for financing, it was always at the top of the market and iron clad so refinancing debt wouldn't save them any money, just cost them more.

50 posted on 06/27/2020 7:39:04 AM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: Gay State Conservative

Tonto wantum hep big pile of guns.


51 posted on 06/27/2020 7:40:39 AM PDT by 9422WMR (democRATS are destroying the country.)
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To: mac_truck

Next thing ya know, they’ll be buying a firewater company! ;D


52 posted on 06/27/2020 7:41:34 AM PDT by familyop ( "Welcome to Costco. I love you." - -Costco greeter in the movie, "Idiocracy".)
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To: mac_truck
Rut Rho! Indian uprising on the horizon. 😆
53 posted on 06/27/2020 7:46:54 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped)
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To: TheConservativeBanker
I think that the Sandy Hook litigation is the likely reason for bankruptcy. If the Navajo nation is smart (and I’m sure that their advisors are) the transaction will be structured to leave liability from prior litigation in the past. I used to be an investment banker and even after 25 years, I can think of at least two structural alternatives that would prevent any old litigation liability from attaching to the new owners. The legal status of an Indian tribe (taxes and other immunities) could make it very interesting.

Since the pious fiction is that the Navajo are a sovereign nation, this might make them immune from lawsuits.

54 posted on 06/27/2020 7:49:38 AM PDT by CurlyDave
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To: boycott
How does a gun manufacturer go bankrupt in this environment?

Simple. Let the bean counters run the company for well over a decade (Cerberus) and build stuff no one wants and this happens. Everything I have bought from them in the last 10 years was a donor.

55 posted on 06/27/2020 7:53:25 AM PDT by 03A3 (If we can defund the police, we sure as hell can defund the FBI)
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To: RoosterRedux

With the Remington they’re buying, there’s not a chance that they’ll find any.

There’s a reason why Remington is in Chapter 11, and it’s called the R51.


56 posted on 06/27/2020 7:53:36 AM PDT by Yo-Yo ( is the /sarc tag really necessary?)
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To: EEGator
I have to drive 1.5 hours to find an AR for sale.

Palmetto State Armory. Delivered to your nearest FFL, or buy a stripped lower from your dealer and a kit from Palmetto delivered to your door.

57 posted on 06/27/2020 7:57:07 AM PDT by Yo-Yo ( is the /sarc tag really necessary?)
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To: Yo-Yo

Thank you, I’ll check it out.


58 posted on 06/27/2020 7:59:24 AM PDT by EEGator
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To: CurlyDave

That might be in play for future litigation, but transaction structure can take care of current liabilities. Issues like taxation and the potential for immunity add some speculative opportunities.


59 posted on 06/27/2020 8:01:19 AM PDT by TheConservativeBanker ($;)
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To: mac_truck

If a company which makes rifles and shotguns can’t stay in business now, when demand has never been higher, it must be breaking new ground in mismanagement.


60 posted on 06/27/2020 8:08:41 AM PDT by AnotherUnixGeek
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