Remington Files for Bankruptcy
Gun manufacturer Remington Outdoor Company has filed for bankruptcy due to falling sales and the lawsuits from the Sandy Hook shooting. They delayed their filing after the Florida shooting on Valentine’s Day.
Cerberus Capital Management LP bought Remington for $118 million in 2007, assuming $252 million in debt in the process.
Cerberus later formed a holding company called the Freedom Group Inc., consisting of Remington and other firearms manufacturers — including Bushmaster, which Cerberus had purchased in 2006.
The “Protection of Lawful Commerce in Arms Act” –15 U.S.C. §§ 7901 – was meant to protect gun manufacturers from frivolous lawsuits that targeted them if a criminal used a gun they created. It did not protect them against poorly manufactured weapons, and other similar situations.
The initial Sandy Hook lawsuit claimed that the gun manufacturer deliberately sold and marketed “military style” weapons to young people. Adam Lanza, the Sandy Hook shooter, was 20- but the guns used in the Sandy hook shooting were legally purchased by his mother. The judge dismissed the wrongful death lawsuit, but the plaintiffs have appealed it to the Connecticut Supreme Court, which is reportedly considering it now. The plaintiffs say that this bankruptcy will not affect their push for the lawsuit. That sort of legal manuevering is expensive to fight.
There is a move afoot by Democrats to repeal the Protection of Lawful Commerce in Arms Act. If they ever do it, even in part, there will be a flood of litigation that could very well sink other manufacturers of firearms.
Remington was founded in 1816, and is the oldest gun manufacturer in America. People claim that Trump being elected President caused gun sales to drop because people were no longer worried about their 2nd Amendment rights. Is that true? The current push against guns should be creating a wave of gun sales, but it does not appear to be doing that. Have we given up?
Lawsuits are a tactic of the left. We need to gain the offense in this war for civil liberties, or more will fall. Some manufacturers of firearms have relocated to gun-friendly states. But as long as liberals continue to say that the gun is the problem, the threat of legal action whenever a nut case harms others is extreme.
Featured photo: Remington New Mexico AR screenshot via Gun Digest