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Hissyspit

(45,788 posts)
Tue Dec 18, 2012, 03:35 AM Dec 2012

Cerberus to Sell Gunmaker Freedom Group After U.S. School Shooting

Source: Reuters

Cerberus to sell gunmaker Freedom Group after U.S. school shooting

Tue Dec 18, 2012 1:23am EST

(Reuters) - U.S. private equity firm Cerberus Capital Management said on Tuesday it will immediately begin selling its investment in gunmaker Freedom Group in light of last week's school shooting in Connecticut.

Cerberus acquired Bushmaster in 2006 and later merged it with other gun companies to create Freedom Group, which reported net sales of $677.3 million for the nine months ending September 2012, up from $564.6 million in the same period a year ago.

- snip -

"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," Cerberus said in a statement.

- snip -

Pressure mounted on Cerberus as the California State Teachers' Retirement System (CalSTRS) said on Monday it was reviewing its investment with the private equity firm in light of the Connecticut school shooting.

Read more: http://www.reuters.com/article/idUSBRE8BH08F20121218

19 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies

Skittles

(153,193 posts)
3. let the hits keep coming
Tue Dec 18, 2012, 03:53 AM
Dec 2012

I want these gun nut bastards to realize their paranoia and ignorance is NOT mainstream

ProgressiveProfessor

(22,144 posts)
5. The gun business is not a high margin business
Tue Dec 18, 2012, 04:39 AM
Dec 2012

But they won't sell it at a loss. Lets check back in 3 months and see where it stands

SkyDaddy7

(6,045 posts)
6. They could sell now at a huge profit...
Tue Dec 18, 2012, 05:54 AM
Dec 2012

From which they bought it if publicly traded firearm companies stock price are any hint at the stock price of privately held companies like these are.

klook

(12,167 posts)
9. I just contacted my IRA provider
Tue Dec 18, 2012, 09:16 AM
Dec 2012

to find out if any of their funds are invested in gun manufacturers or the weapons industry, and I suggest everyone do the same.

leveymg

(36,418 posts)
10. Cerberus' interesting history: vulture cap firm involved in the Madoff, MCI, GOP, Israeli scandals.
Tue Dec 18, 2012, 09:17 AM
Dec 2012

Cerberus has been a major player is virtually every major financial and political scandal in the US and Israel during the past decade. It's a prime mover of financial corruption, destruction of US firms, speculation in arms manufacturers, and foreign money and influence peddling into the political processes of the U.S. and Israel benefiting the Republican and Likud parties.

Please see, http://journals.democraticunderground.com/leveymg/544 ; also, see,
http://www.dailykos.com/story/2007/03/10/310286/-Larger-CIA-and-DoD-Privatization-Scandal-Emerging-from-Walter-Reed-Story-US-Attorneys-Firing

Kolesar

(31,182 posts)
14. Eliot Spitzer identified Cerberus' gun holdings and said that pension funds should pressure them
Tue Dec 18, 2012, 11:35 AM
Dec 2012

...to sell their positions in the gun makers. He expected the California teachers' pension fund to be the first.

That was last night on his show on Current TV.

MNBrewer

(8,462 posts)
11. People who think there are plenty of guns in this world
Tue Dec 18, 2012, 10:05 AM
Dec 2012

should band together and buy it. Then liquidate it.

Chorophyll

(5,179 posts)
12. K&R. This proves that making noise works.
Tue Dec 18, 2012, 10:06 AM
Dec 2012

Keep it up. No let up. Signing those electronic petitions doesn't feel like much, but they add up. Keep writing and calling Congress too. Again, it doesn't feel like much, but obviously note is being taken.

csziggy

(34,137 posts)
17. Direct link to Newton with CEO's father resident!
Tue Dec 18, 2012, 08:54 PM
Dec 2012
Cerberus: We want out of gun biz
By Dan Primack December 18, 2012: 6:30 AM ET
<Skip to end>
What we still don't know if what pressure, if any, Cerberus limited partners brought to bear on the firm since last Friday. Yesterday we reported that one of the largest investors in Cerberus private equity funds was the California State Teachers' Retirement System, which subsequently said it would review its indirect investment in Freedom Group (it made no such pledge following the Aurora shooting, where a Bushmaster rifle also was used).

Truth is, however, an LP like CalSTRS really can't do much after the original fund commitment is made, save for a secondary sale of its entire fund stake (which is why I argued it should have been proactive, rather than reactive). Unless, of course, it and others helped prod Cerberus into this morning's decision -- reminding the firm that they sometimes want their fund managers to focus more on the sense than the dollars.

Update: Bloomberg is reporting that the father of Cerberus founder and CEO Stephen Feinberg is a resident of Newtown, Connecticut. No word yet on if this factored into the firm's decision-making process...
More: http://finance.fortune.cnn.com/2012/12/18/cerberus-we-want-out-of-gun-biz/


Emphasis added.

I guess even some private equity guys take it seriously when it comes close to their own family!

lovuian

(19,362 posts)
19. Cerberus is the three headed dog guarding the gates of Hades Your right
Tue Dec 18, 2012, 11:59 PM
Dec 2012

and the Bushmaster logo on the gun ....is a red deadly serpent

all dark images dealing with death

the dog Cerberus played a part in Harry Potter
Chamber of Secrets

the dog guarded the chamber of secrets where the BASILISK lived...which was a poisonous Serpent or snake

The Cerberus owner lives in Sandy Hook but I heard the author of Hunger Games lives there too
it is on wikipedia

Hunger games is about children from different districts being sacrificed every year as a lesson for all districts ...to tow the line
and not rebel

it is a coincidence isn't it

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