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Remington 'Steale'(d)?!......[ gun maker ] Remington prepping for bankruptcy.....
Posted by: NewtonMP2100
Date: June 27, 2020 10:48AM
......being bought out by Navajo Nation......


Remington Arms preparing to file for bankruptcy protection

.....Remington Arms Co REARM.UL, 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, 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.



Have gun.......will travel........?!



_____________________________________

I reject your reality and substitute my own!



Edited 4 time(s). Last edit at 06/27/2020 12:03PM by NewtonMP2100.
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Re: Remington 'Steale'?!......[ gun maker ] Remington prepping for bankruptcy.....
Posted by: rgG
Date: June 27, 2020 11:32AM
Wow. That is sort of surreal.





Roswell, GA (Atlanta suburb)
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Re: Remington 'Steale'?!......[ gun maker ] Remington prepping for bankruptcy.....
Posted by: rjmacs
Date: June 27, 2020 11:53AM
It's a truly historically bizarre moment. The Navajo people would own the name, history, and assets of a company that blossomed in part by selling rifles used to slaughter their ancestors.



rj
AKA
Vreemac, Moth of the Future
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Re: Remington 'Steale'(d)?!......[ gun maker ] Remington prepping for bankruptcy.....
Posted by: Speedy
Date: June 27, 2020 01:39PM
Something smells about this.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: Remington 'Steale'(d)?!......[ gun maker ] Remington prepping for bankruptcy.....
Posted by: Ombligo
Date: June 29, 2020 01:20PM
Baffles me how Remington could screw up to the point of bankruptcy. Other gun and ammo companies are at record highs. Smith & Wesson (SWBI) is up 34% in the last month. I expect those companies to continue up through the election and continue up if the Dems win.



“No persons are more frequently wrong, than those who will not admit they are wrong.”
-- François de La Rochefoucauld

"WE CALL BS!" -- Emma Gonzalez
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Re: Remington 'Steale'(d)?!......[ gun maker ] Remington prepping for bankruptcy.....
Posted by: rjmacs
Date: June 29, 2020 02:28PM
Quote
Ombligo
Baffles me how Remington could screw up to the point of bankruptcy. Other gun and ammo companies are at record highs. Smith & Wesson (SWBI) is up 34% in the last month. I expect those companies to continue up through the election and continue up if the Dems win.

Anyone can ruin a business.



rj
AKA
Vreemac, Moth of the Future
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Re: Remington 'Steale'(d)?!......[ gun maker ] Remington prepping for bankruptcy.....
Posted by: RgrF
Date: June 29, 2020 07:59PM
Quote
rjmacs
Quote
Ombligo
Baffles me how Remington could screw up to the point of bankruptcy. Other gun and ammo companies are at record highs. Smith & Wesson (SWBI) is up 34% in the last month. I expect those companies to continue up through the election and continue up if the Dems win.

Anyone can ruin a business.

No surprise here.

Remington was taken over by a private equity firm - Cerberus Capital Management - in a distress sale. It sometimes takes a while to acquire substantial new debt before stripping the new entity to the bones. Takes even longer to establish a scenario that allows them to raid any existing pension funds.
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