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.
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"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.
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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
elleng
(131,129 posts)Tx4obama
(36,974 posts)elleng
(131,129 posts)Skittles
(153,193 posts)I want these gun nut bastards to realize their paranoia and ignorance is NOT mainstream
ProgressiveProfessor
(22,144 posts)But they won't sell it at a loss. Lets check back in 3 months and see where it stands
SkyDaddy7
(6,045 posts)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.
ProgressiveProfessor
(22,144 posts)Again, we shall see.
Kolesar
(31,182 posts)And are eager to express it.
I presume that you are also a stock analyst?
hatrack
(59,592 posts)klook
(12,167 posts)to find out if any of their funds are invested in gun manufacturers or the weapons industry, and I suggest everyone do the same.
I assume you mean a different one.
Heywood J
(2,515 posts)leveymg
(36,418 posts)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)...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)should band together and buy it. Then liquidate it.
Chorophyll
(5,179 posts)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)By Dan Primack December 18, 2012: 6:30 AM ET
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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!
Rhiannon12866
(206,072 posts)lovuian
(19,362 posts)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