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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Sun Aug 23, 2020 4:46 pm 
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RandyWakeman wrote:
oneounceload wrote:
The other option, which is currently happening to another, albeit smaller, gun company, is that Bloomberg's antigun group buys it and simply shuts it down.


No, that makes no sense. According to their February 10th, Chapter 7 petition bankruptcy filing, Jimenez disclosed outstanding financial liabilities in excess of $1 million, and assets under $50,000. Kansas City sued them, but their severe financial problems were preexisting. The were goners long before the lawsuit, No one needs to try to shut down a bankrupt company. When assets go to auction, it is already shut down.

As is, it is would be less competition for Savage, Ruger, Mossberg, Beretta, Browning, etc., etc. All the V3 and Versa Max owners could have bought something else-- but they didn't. 870 owners would have been forced to buy a Mossberg or something else-- but they didn't. The millions of Remington 700 rifle owners could have purchased countless other rifles-- but they didn't.


Jimenez created a new company that was going to buy the assets in BK court; Bloomberg's group is stepping to prevent that

https://thenevadaindependent.com/articl ... its-assets



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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Sun Aug 23, 2020 4:59 pm 
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While certainly the 2nd Amendment has many enemies, 12K is chump change and hardly is newsworthy. "The proposed purchase price of the assets is $12,571 and includes 340 pistols and 629 pistol frames"

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Sun Aug 23, 2020 5:05 pm 
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Like I said, the differences are great, but the principle behind it could easily be the same. I could see Bloomie's group doing a GoFundMe drive to buy and close down "an evil gun maker"

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Sun Aug 23, 2020 5:20 pm 
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You don't need to worry about Bloomberg: Andrew Cuomo took care of the shutting down part of Remington March 20th. Jimenez Arms was already shut down-- it was just a very small asset sale. Ownership of firearms manufacturers doesn't make the owners immune from mismanagement. It was Cerberus that created Freedom Group, after all.

Fortunately, there are large groups of successful individuals and groups that loudly support the 2nd Amendment, and there are far more gun owners today than there was a year ago. There are several states (and judges) that strongly support the 2nd Amendment as well, and take a harsh view of restraint of trade.

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 8:25 am 
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What about the lawsuit from bushmaster? I doubt anyone wants to touch that liability


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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 8:34 am 
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Wowzer wrote:
What about the lawsuit from bushmaster? I doubt anyone wants to touch that liability


If that liability were to follow Remington, or pieces of it, through the auction process to be assumed by the successful bidder(s), then I would agree. I’m not sure that’s how it works, however.

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 1:37 pm 
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Wowzer wrote:
What about the lawsuit from bushmaster? I doubt anyone wants to touch that liability


What about it? What liability? There is no judgement. Remington is going to auction.

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 1:55 pm 
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RandyWakeman wrote:
Wowzer wrote:
What about the lawsuit from bushmaster? I doubt anyone wants to touch that liability


What about it? What liability? There is no judgement. Remington is going to auction.


Not yet, but I would guess that there are huge defense costs and the threat of a catastrophic judgement hanging over Remington's head. All covered by liability insurance? Perhaps.


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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 2:21 pm 
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Bankrupt is bankrupt. You can’t get blood from a turnip. There is a line of creditors who will be paid from the proceeds of the auction. Sooner or later the money runs out and some may be left with nothing. Ironically, Sam Colt’s first gun company also went belly up.

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 2:48 pm 
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casonet wrote:
Bankrupt is bankrupt. You can’t get blood from a turnip.


That's essentially it. No one in their right mind would 'buy' liability, only assets. It doesn't pass the sniff test. New owners had no hand or influence in sales and production of old product. You wouldn't buy any encumbered property, even if the actual encumbrance is mythical or potential.

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 3:12 pm 
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And like I mentioned earlier, that Illion plant is likely to be an environmental disaster. I would not be at all surprised were it to become a Superfund site

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 4:02 pm 
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casonet wrote:
And like I mentioned earlier, that Illion plant is likely to be an environmental disaster. I would not be at all surprised were it to become a Superfund site


You must know something I don't. It isn't a chemical plant or a battery recycling organization (see Exide), primarily machining and assembly. I don't see any basis for any environmental drama.

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 6:33 pm 
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Degreasers such as TCE were widely used in almost all manufacturing plants that worked with metal stamping, machining, and finishing in the 1950s through the 1980s. Disposal methods were very very lax back in those days including “dumping it out back”. These chemicals are known as “DNAPLS” dense non aqueous phase liquids and they travel through the soil until they encounter a non permeable layer and contaminate groundwater. Wichita, Kansas has a horrible problem from past aviation manufacturing. Dry cleaning establishments used similar chemical solvents and are prime offenders. Former military bases are almost all contaminated. I’ve seen dozens and dozens of such sites. Cleanup can take decades and cost many many millions.. And then there are the oils and greases and heavy metal solutions used for plating. The list goes on and on

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 7:25 pm 
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casonet wrote:
Degreasers such as TCE were widely used in almost all manufacturing plants that worked with metal stamping, machining, and finishing in the 1950s through the 1980s. Disposal methods were very very lax back in those days including “dumping it out back”. These chemicals are known as “DNAPLS” dense non aqueous phase liquids and they travel through the soil until they encounter a non permeable layer and contaminate groundwater. Wichita, Kansas has a horrible problem from past aviation manufacturing. Dry cleaning establishments used similar chemical solvents and are prime offenders. Former military bases are almost all contaminated. I’ve seen dozens and dozens of such sites. Cleanup can take decades and cost many many millions.. And then there are the oils and greases and heavy metal solutions used for plating. The list goes on and on

I remember one of my former employers; a decent sized utility that bought TCE from ZEP by the 55 gallon drum. Everyone with greasy hands used that stuff to clean their tools and hands

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 7:34 pm 
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Tide, come on.

"Reinvigorate Huntsville"?

I like Remington, and am glad they set up shop here and built me a good little R51.

But Huntspatch doesn't need invigorating.

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 7:51 pm 
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Quote:
Remington Arms, based in Wilmington, Del., will be sold by the end of the year to a new company, as yet unnamed, being formed by Clayton, Dubilier & Rice (CD&R), a New York-based venture capital firm. The sale includes Remington facilities in Ilion, N.Y., Lonoke, Ark., Wilmington, Del., Findlay, Ohio, and Ada, Okla. It also includes DuPont's Stren fishing line products distributed by Remington.

Except for the DuPont logo being dropped from the company signs, however, dealers are not likely to see much difference.

CD&R officials say there will be few changes in employees and no changes in employee numbers, wages, or benefits. Sam Rensi, Remington's operations superintendent at the Ilion plant is expected to replace John Winske as plant manager. Winske is expected to retire. Remington says a "few hundred" of the company's 2,300 employees are eligible to retire from DuPont.

The new CEO of Remington will be Hubbard C. Howe, a principal owner of CD&R. Current CEO is B. R. Brown who heads Consolidated Coal, the DuPont division under which Remington operates. Brown will remain in his present position but will become a director of the new company.


Quote:
On October 21, 1993, private equity firm Clayton, Dubilier & Rice (CD&R) acquired consumer products company Remington Arms Company LLC from DuPont de Nemours, Inc.
Acquisition Highlights

This is Clayton Dubilier & Rice’s 1st transaction in the Consumer Products sector.
This is Clayton Dubilier & Rice’s 3rd transaction in the United States.
This is Clayton Dubilier & Rice’s 1st transaction in North Carolina.



Quote:
MADISON, N.C., April 5, 2007 – Remington Arms Company, Inc. the only manufacturer of both firearms and ammunition for Hunting, Law Enforcement/Security, Government & Military applications in the United States, announced that it will be acquired by an affiliate of Cerberus Capital Management, L.P. as part of a definitive agreement between Cerberus and RACI Holding, Inc. for an estimated value of $370 million before transaction related fees and expenses. The transaction marks the end of a successful investment for previous majority owner, New York based private equity firm Bruckmann, Rosser, Sherrill & Co. Inc. (BRS).

The transaction will strengthen Remington’s ability to grow its leadership position in shotguns, rifles and ammunition in the United States and provides additional capital to further develop its market presence Internationally.

Tommy Millner, CEO of Remington said “This transaction is an acknowledgment of the Remington tradition, its strong brand, and the excellent products built over 191 years through innovation and by our dedicated employees. Further, this new partnership signals our intent to continue the path of enhancing our production capabilities and product offerings, in order to further grow our presence domestically and internationally.

Remington’s extensive and all encompassing line of Shotshell, Center fire, Rimfire and Handgun Ammunition offerings is based on decades of ballistic innovation providing products under the Remington and UMC brands to customers around the world. For decades Remington has remained the #1 producer of Shotguns and #1 Producer of Rifles for US Domestic sales according to published BATF records.

Said Millner, “This agreement will also fuel the Research & Development of products that offer solutions to the needs of our customers worldwide, and provide further value to the user, whether hunting waterfowl with our new 105CTI Titanium receiver based shotgun or fighting terrorism as a member of our Armed Forces, with our M24SWS Sniper Weapon System (also used by many International Law Enforcement Agencies and Militaries).”

“We look to the future with great optimism in terms of enhanced sales and marketing worldwide and additional new business development, while we continue to focus on building into our products the quality and reliability that has benefited our customers for close to 200 years.” stated Millner.

Credit Suisse Securities (USA) LLC acted as financial advisor to Cerberus with respect to its acquisition of Remington, in addition to providing a financing commitment in support of the acquisition.

The company expects the transaction to close in June 2007.

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 8:20 pm 
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Kannoncocker wrote:
Tide, come on.

"Reinvigorate Huntsville"?

I like Remington, and am glad they set up shop here and built me a good little R51.

But Huntspatch doesn't need invigorating.


Sure. I was referring to Remington’s Huntsville facility, not the town.

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 Post subject: Re: Remington...and Another Firearms Company ?
PostPosted: Wed Aug 26, 2020 9:35 pm 
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OK. I certainly agree with that.



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