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Gunmaker packs up after Colo. control bill signed


TWG:  These companies would be VERY welcomed here in Montana.  Besides being a gun-friendly State, we have our “Montana Firearms Freedom Act”, which protects these companies from overreaching federal tentacles. 

 

MontanaFlagGuns

 

By Valerie Richardson

The Washington Times

Thursday, March 21, 2013

No sooner had Colorado Gov. John Hickenlooper signed three gun-control bills into law Wednesday than the economic backlash began.

Officials at gun equipment manufacturer Magpul Industries confirmed that the company would make good on its vow to leave Colorado if the governor signed the bill to limit ammunition-magazine capacity. The Erie-based manufacturer confirmed on its Facebook page that it will start its transition “almost immediately.

“We will likely become a multi-state operation as a result of this move, and not all locations have been selected,” said the company in a statement, adding that it expects to begin manufacturing its PMAG-brand magazines within 30 days of the bill-signing.

Magpul may be the first firearms-related business to relocate as a result of state gun-control laws, but it probably won’t be the last. Companies in Connecticut, Maryland and New York are considering moves to more gun-friendly pastures as their state legislatures act on restrictive firearms measures similar to those pushed through by state Democrats here.

Founded in 1999, Magpul stands as a relative newcomer to the firearms business, but even companies with hundreds of years of history in their states may look to relocate as a result of political shifts.

In New York, where Democratic Gov. Andrew Cuomo signed laws banning so-called assault weapons and limiting magazine capacity to seven rounds, venerable gun manufacturer Remington Arms is being wooed by officials in at least a half-dozen other states.

“We are carefully evaluating our options,” Teddy Novin, marketing director for Remington parent company Freedom Group, Inc., told the Utica Observer-Dispatch in January.

 

Cerberus is Dumping Freedom Group

December 18, 2012 Leave a comment

TWG:  Folks, this development is VERY significant and quite unsettling.  It should be clear to everyone that Cerberus is forecasting significant changes to our Second Amendment Rights and Constitutional Laws here in America. Otherwise, they wouldn’t be dumping this asset. 

Cerberus is dumping Freedom Group

This is a press release released this morning from Cerberus Capital Management Statement regarding their interest in Freedom Group.

Freedom Group is the owner of Remington, Bushmaster Firearms, DPMS/Panther Arms, Marlin, H&R, The Parker Gun, Mountain Khakis, Advanced Armament Corp., Dakota Arms, Para USA and Barnes Bullets.

“We were shocked and deeply saddened by the events that took place at the Sandy Hook Elementary School in Newtown, CT on December 14, 2012. We cannot comprehend the losses suffered by the families and friends of those killed by the unthinkable crimes committed that day. No words or actions can lessen the enormity of this event or make a dent in the pain that was inflicted on so many.”

“In 2006 affiliates of Cerberus Capital Management, L.P. made a financial investment in Freedom Group. Freedom Group does not sell weapons or ammunition directly to consumers, through gun shows or otherwise. Sales are made only to federally licensed firearms dealers and distributors in accordance with applicable laws and regulations. We do not believe that Freedom Group or any single company or individual can prevent senseless violence or the illegal use or procurement of firearms and ammunition.”

“It is apparent that the Sandy Hook tragedy was a watershed event that has raised the national debate on gun control to an unprecedented level. The debate essentially focuses on the balance between public safety and the scope of the Constitutional rights under the Second Amendment. As a Firm, we are investors, not statesmen or policy makers. Our role is to make investments on behalf of our clients who are comprised of the pension plans of firemen, teachers, policemen and other municipal workers and unions, endowments, and other institutions and individuals. It is not our role to take positions, or attempt to shape or influence the gun control policy debate. That is the job of our federal and state legislators.”

“There are, however, actions that we as a firm can take. Accordingly, we have determined to immediately engage in a formal process to sell our investment in Freedom Group. We will retain a financial advisor to design and execute a process to sell our interests in Freedom Group, and we will then return that capital to our investors. We believe that this decision allows us to meet our obligations to the investors whose interests we are entrusted to protect without being drawn into the national debate that is more properly pursued by those with the formal charter and public responsibility to do so.”

“Our thoughts and prayers are with the families and communities impacted by this tragic and devastating event.”

“About Cerberus Capital Management, L.P.”

“Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Cerberus has more than US $20 billion under management invested in four primary strategies: distressed securities & assets; control and non-control private equity; commercial mid-market lending and real estate-related investments. From its headquarters in New York City and large network of affiliate and advisory offices in the US, Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple sectors, through multiple investment strategies in countries around the world.”

Source: http://militarytimes.com/blogs/gearscout/2012/12/18/cerberus-is-dumping-freedom-group/

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