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 ...
I had a Marlin 336 in .35 cal...Used it for deer and black bear...
I'd take it a step higher and say they might have one of the worst executive boards in history.
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...….
And the 870 Express which was the first shotgun for an awful lot of us.
Navajos are terribly beset by alcoholism and diabetes and most of all poverty.
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But likely, there is no more patriotic peoples anywhere.
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They are serious warriors, fine Marines. Hard to get to know. They are definitely the wrong people to meet at night.
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.
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.
First casinos, now guns...
That just leaves alcohol and tobacco?
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.
Tonto wantum hep big pile of guns.
Next thing ya know, they’ll be buying a firewater company! ;D
Since the pious fiction is that the Navajo are a sovereign nation, this might make them immune from lawsuits.
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.
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.
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.
Thank you, I’ll check it out.
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.
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.
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