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Remington filling for bankruptcy

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Remington filling for bankruptcy

Old 02-12-2018, 01:33 PM
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Default Remington filling for bankruptcy



Bloomberg reports.
Old 02-12-2018, 01:37 PM
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Cerberus killed Remington - but Remington has been in trouble for a long time.
Old 02-12-2018, 01:49 PM
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So that's how you spell it..
So they were full of themselves uh?
Old 02-12-2018, 01:52 PM
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Hopefully they will be bought by a company with a passion for guns, quality control and customer service.
Old 02-12-2018, 01:52 PM
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Originally Posted by spraynet 1 View Post
So that's how you spell it..
So they were full of themselves uh?
Cerberus Capital Management
Old 02-12-2018, 01:57 PM
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Filing
Old 02-12-2018, 02:00 PM
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Hopefully it's only for accounting reasons and they will be back at it with little interruption. I shoot a lot of there ammo. Wondering what it will do to ammo market.
Old 02-12-2018, 02:04 PM
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their
Old 02-12-2018, 02:10 PM
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Freedom Group was doomed with Cerberus. They put Robert Nardelli in charge. Nardelli personally almost ran Home Depot into the ground. Walked away with 210 million, just to leave. Then on to Chrysler to bankruptcy. Then to Freedom Group for a couple of years.

Vulture Capitalism is the very ugly side of capitalism. Buy companies, cut cost, run them into the ground, all the time siphoning off millions for a few people.


865 million in sales for 2016, now filing for bankruptcy. Complete bullcrap.
Old 02-12-2018, 02:39 PM
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Did Cerberus engineer a huge leveraged dividend play at Remington?
Old 02-12-2018, 02:57 PM
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In mythology, Cerberus was the 3-headed dog from hell. Good choice of names...

FWIW, the Vice President of Global Investments for Cerberus Capital management is none other than Dan Quayle, former VP of the USA. Remember him spelling "potatoe"?

Last edited by yarcraft91; 02-12-2018 at 03:43 PM.
Old 02-12-2018, 04:43 PM
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Originally Posted by Tireless View Post
Did Cerberus engineer a huge leveraged dividend play at Remington?

Borrowed a billion to pay themselves a dividend. Bankruptcy is so cool.
Old 02-12-2018, 04:54 PM
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Originally Posted by nccoaster View Post

Vulture Capitalism is the very ugly side of capitalism. Buy companies, cut cost, run them into the ground, all the time siphoning off millions for a few people.

I agree, but one sticking point. Capitalism depends on capital, not debt. These guys come in, restructure and borrow to the hilt, pay themselves handsome bonuses/paychecks then leave the pile of debt behind.

It's unfortunate...
Old 02-12-2018, 04:59 PM
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This was seriously in an article about them filing smh

"The maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, said Monday that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital."
Old 02-12-2018, 05:08 PM
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Originally Posted by Muggin Mullet View Post
This was seriously in an article about them filing smh

"The maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, said Monday that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital."
Liberal media. Are you surprised?
Old 02-13-2018, 05:30 AM
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Originally Posted by Muggin Mullet View Post
This was seriously in an article about them filing smh

"The maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, said Monday that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital."
The author of that article apparently does not know that Remington Arms never owned Bushmaster. Both companies were owned by the Freedom Group, which was renamed Remington Outdoor Company in 2015.

But, why let facts stand in the way?
Old 02-13-2018, 05:32 AM
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Doesn't Colt do this every few years?
Old 02-13-2018, 05:34 AM
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This is what happens to companies run by equity funds. In for short term profits and then get out leaving a mess.
Old 02-13-2018, 05:38 AM
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What's so funny here is that their downturn in business is directly attributable to a change in administration in Washington. Gun sales DROPPED when Trump was elected, because people no longer fear that gun control measures will be put into place, so no rush to buy guns.

And, in fact, Remington Outdoor Company does make Bushmaster and in fact is being sued for it. Remington Outdoor Company is who filed (not filled) for bankruptcy.

https://www.remingtonoutdoorcompany.com/

So, in fact, everything is 100% correct.

Originally Posted by Muggin Mullet View Post
This was seriously in an article about them filing smh

"The maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, said Monday that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital."
Which is 100% correct.
Old 02-13-2018, 05:38 AM
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Originally Posted by yarcraft91 View Post
The author of that article apparently does not know that Remington Arms never owned Bushmaster. Both companies were owned by the Freedom Group, which was renamed Remington Outdoor Company in 2015.

But, why let facts stand in the way?
Kettle! Kettle! Pot calling Kettle.

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