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 Post subject: Remington's Twists and Turns
PostPosted: Fri Jun 26, 2020 11:55 am 
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I haven't owned a Remington gun for some time and don't keep up with the company in general, but I just saw this and thought it might be of some interest, if in fact it's true.

https://www.msn.com/en-us/money/companies/gun-maker-remington-preps-for-bankruptcy-seeks-sale-to-navajo-nation/ar-BB160Dmj?ocid=spartan-ntp-feeds



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 Post subject: Re: Remington's Twists and Turns
PostPosted: Fri Jun 26, 2020 12:00 pm 
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Looks like I posted right about the time you were on this subject....


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 Post subject: Re: Remington's Twists and Turns
PostPosted: Fri Jun 26, 2020 4:03 pm 
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How does a company go broke when gun sales are through the roof?

There must be good money in going broke.

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 Post subject: Re: Remington's Twists and Turns
PostPosted: Fri Jun 26, 2020 8:19 pm 
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They have been through it before. The original company E. Remington & Sons was in receivership circa 1887/8. The company was bought by a consortium of Winchester Repeating Arms Co. and Marcellus Hartley and became Remington Arms Co. Mid 1890s Marcellus Hartley bought out Winchester's share. When Marcellus Hartley died, the company passed on to Marcellus Hartley Dodge. In 1911, Marcellus Hartley Dodge combined his Arms and ammunition companies as Remington Arms - Union Metallic Cartridge Co. In 1916 they incorporated to raise capital for expansion for war production as The Remington Arms Union Metallic Cartridge Co., Inc. Then in 1920, after The Great War, in order to spin off excess capacity and debt, they reorganized as Remington Arms Co., Inc. In 1934, DuPont became the majority stockholder and assumed control of the company at the same time Parker and Peters Cartridge Co. were added to the fold. About 1985, DuPont called all the Remington Arms Co., Inc. stock and issued DuPont stock. Haven't bought a new Remington gun since the late 1970s, so I've lost track since then.


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 Post subject: Re: Remington's Twists and Turns
PostPosted: Fri Jun 26, 2020 9:08 pm 
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I thought it was still illegal to sell guns to injuns.

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 Post subject: Re: Remington's Twists and Turns
PostPosted: Fri Jun 26, 2020 9:31 pm 
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Savages can't handle their firewater, therefore no guns for them.

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 Post subject: Re: Remington's Twists and Turns
PostPosted: Fri Jun 26, 2020 9:53 pm 
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Surprised the Seminoles, who are a multi-billion dollar organization, didn't pick them up

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 Post subject: Re: Remington's Twists and Turns
PostPosted: Fri Jun 26, 2020 11:12 pm 
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Anything "could be true." This is another example of non-journalism, as in "people familiar with the matter said." What people? Who are they, where are they, what makes them "familiar"?

The article claims "Remington has continued to face high interest costs." Nobody pays high interest these days. The airline industry already got $25 Billion from the government - - - and they want more.

We had a similar story two years ago: https://www.nhonews.com/news/2018/jul/2 ... thin-nava/ .

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 Post subject: Re: Remington's Twists and Turns
PostPosted: Fri Jun 26, 2020 11:42 pm 
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RandyWakeman wrote:
Anything "could be true." This is another example of non-journalism, as in "people familiar with the matter said." What people? Who are they, where are they, what makes them "familiar"?

The article claims "Remington has continued to face high interest costs." Nobody pays high interest these days. The airline industry already got $25 Billion from the government - - - and they want more.

We had a similar story two years ago: https://www.nhonews.com/news/2018/jul/2 ... thin-nava/ .



So you’re saying the reports, and WSJ article are ‘not’ true?


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 Post subject: Re: Remington's Twists and Turns
PostPosted: Sat Jun 27, 2020 12:00 am 
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Rooster booster wrote:
RandyWakeman wrote:
Anything "could be true." This is another example of non-journalism, as in "people familiar with the matter said." What people? Who are they, where are they, what makes them "familiar"?

The article claims "Remington has continued to face high interest costs." Nobody pays high interest these days. The airline industry already got $25 Billion from the government - - - and they want more.

We had a similar story two years ago: https://www.nhonews.com/news/2018/jul/2 ... thin-nava/ .



So you’re saying the reports, and WSJ article are ‘not’ true?


No, I didn't imply it, much just state it. I am not "a people familiar with the matter."

Reuters reported,
Quote:
The sources cautioned that the timing of the bankruptcy filing could slip, and that the deal with the Navajo Nation, the largest Native American reservation in the United States, may not come to fruition.


That isn't much of a story. Anonymous sources are the lowest form of so-called journalism. Regardless, even if you buy in the anonymous sourcing, it may happen, it may not, unless "may not come to fruition" has a different meaning.

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 Post subject: Re: Remington's Twists and Turns
PostPosted: Sat Jun 27, 2020 12:29 am 
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Uh huh.....nice dodge. ‘Could be anything’ is of course a totally meaningless phrase in the context it was written, right? C’mon.....


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 Post subject: Re: Remington's Twists and Turns
PostPosted: Sat Jun 27, 2020 12:58 am 
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I'm not the reporter.

https://nypost.com/2020/06/26/gunmaker- ... jo-nation/

Image

Quote:
A Remington rifle displayed at a German gun show last year. picture alliance via Getty Image


If you going to report, then you really ought to know the difference between a pump shotgun and a rifle.

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 Post subject: Re: Remington's Twists and Turns
PostPosted: Sat Jun 27, 2020 1:12 am 
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Zbigniew wrote:
How does a company go broke when gun sales are through the roof?


Simple: you have a business in New York where the governor called for a 100% reduction in the workforce other than for essential services. Unlike other states, including Illinois, firearms manufacture in NY was declared a non-essential business.

The State of New York completely shut down Remington on March 20th or thereabouts.

Moreover, gun sales have not at all been through the roof-- they've stunk, ever since Trump was elected and the Trump slump. It has been three years of malaise, with Ruger / S&W / Vista bleeding money to the point where S&W and Vista stock were approaching junk status.

Just because there has been a couple of months sales surge due to Covid-19 hardly makes up for over three years of blood-letting. Unfortunately, Ilion, New York has been unable to capitalize on the last couple of months, for they were shut down by decree of Governor Cuomo. They have a tremendous backlog of orders, but when your plant is not running at all, and still not running anywhere near normal it is just a pile of unfilled work orders.

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 Post subject: Re: Remington's Twists and Turns
PostPosted: Sat Jun 27, 2020 6:28 am 
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Even more Cuomo would not let Remington build ventilators for the so called demand and at least keep some workers going


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 Post subject: Re: Remington's Twists and Turns
PostPosted: Sat Jun 27, 2020 8:21 am 
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Perhaps the purchase of the company, if it were to come to pass, by the Navajo people would be a good thing. After the Cerberus saga, the ownership purgatory that`s followed, and now the pandemic shutdown ( which I`m sure Remington could ill afford ), I find a part of me surprised that there`s a Remington left operational at all. Lord knows the company, and the people who work for it, could stand some stability. To say that Remington is overdue for something good to happen to it is a gross understatement IMHO.

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 Post subject: Re: Remington's Twists and Turns
PostPosted: Sat Jun 27, 2020 12:20 pm 
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Tidefanatic wrote:
Perhaps the purchase of the company, if it were to come to pass, by the Navajo people would be a good thing.

Or not?
After the Cerberus saga, the ownership purgatory that`s followed, and now the pandemic shutdown ( which I`m sure Remington could ill afford ), I find a part of me surprised that there`s a Remington left operational at all. Lord knows the company, and the people who work for it, could stand some stability. To say that Remington is overdue for something good to happen to it is a gross understatement IMHO.


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 Post subject: Re: Remington's Twists and Turns
PostPosted: Sat Jun 27, 2020 2:31 pm 
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Dr Duk wrote:
Tidefanatic wrote:
Perhaps the purchase of the company, if it were to come to pass, by the Navajo people would be a good thing.

Or not?
After the Cerberus saga, the ownership purgatory that`s followed, and now the pandemic shutdown ( which I`m sure Remington could ill afford ), I find a part of me surprised that there`s a Remington left operational at all. Lord knows the company, and the people who work for it, could stand some stability. To say that Remington is overdue for something good to happen to it is a gross understatement IMHO.


Could be. Therefore the " Perhaps ".

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 Post subject: Remington's Twists and Turns
PostPosted: Sat Jun 27, 2020 3:44 pm 
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Simple cost reductions for the Navajo. Move everything to the reservation in Arizona, leave the Labor Union and New York politics and taxes behind. Employ natives for labor and eliminate US income taxes. Seems like a no brainer to me. Also get preferential no bid contracts from the Department if Defense to make small arms.

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 Post subject: Re: Remington's Twists and Turns
PostPosted: Sat Jun 27, 2020 4:34 pm 
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Yep Window Rock would be a good place for a Remington Plant , now ,if they only hired
Navajo people , those Rangers would really have their hands full ! I have eaten at the Navajo
Nation Headquarters so I will say , if you order the Corn Chowder , be ready to suffer and if
you think about ordering the Combo Plate , you had better have a dipstick because your
oil will need changing soon !


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 Post subject: Re: Remington's Twists and Turns
PostPosted: Sun Jun 28, 2020 8:34 am 
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casonet wrote:
Simple cost reductions for the Navajo. Move everything to the reservation in Arizona, leave the Labor Union and New York politics and taxes behind. Employ natives for labor and eliminate US income taxes. Seems like a no brainer to me. Also get preferential no bid contracts from the Department if Defense to make small arms.


Would be a great move on their part!




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