Although the company's name was cleared in relation to the crimes, they are still in limbo with the state Supreme Court.
Attorney Katie-Mesner Hage, who is representing the class-action suit, claimed in a statement "We do not expect this filing to affect the families' case in any material way". Control of the company will be transferred to its creditors. We already saw this in 2016, when the gun manufacturer Colt bounced back after declaring bankruptcy allowed them to restructure and eliminate $200 million in debt and raise $50 million in new capital. Lanza murdered 26 people, mostly young children.
Remington manufactures the AR-15, the semiautomatic rifle that has become the weapon of choice in high-profile mass shootings around the country.
America's oldest gun manufacturer had announced in February that they meant to file due to collapsing sales. But purchases have been on the decline since the Sandy Hook shooting in CT. At this stage, the Bushmaster business is worthless, he said. Remington has filed for Bankruptcy.
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Witnesses reported loud explosions and bright flashes in the sky in Riyadh , apparently caused by missiles being shot down. Delivering a veiled swipe at Iran, France called the transfer of missile capabilities to non-state actors "irresponsible".
Remington's attorneys have steadfastly argued that PLCAA protects them from the families' lawsuit.
While the timing seems karmic, Remington Arms Company actually started the process in early February, before the shooting in Parkland, Florida.
Madison, North Carolina-based Remington told investors on March 23 that it had negative operating cash flow of $7.4 million. It remains unclear what will happen to its 3,500 or so employees as it tries to put its finances in order.
Federal Bureau of Investigation statistics show firearm background checks spiked in the last months of the 2016 presidential campaign rising from 1.87 million in May, when Trump was trailing Clinton, to 2.56 million in November, the month Trump was elected.
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Jeff Samardzija will begin the season on the disabled list after suffering a pectoral strain, per Baggarly . Bumgarner did not expect something like this to happen, but it did and he will deal with it, he insisted.
Leah Barkoukis at Townhall brings us the sad but predicted news that Remington Outdoor Company (better known to most of you shooters as Remington Arms) has filed for chapter 11 bankruptcy protection.
Under the restructuring, holders of Remington Outdoor's $550 million term loan will receive an 82.5 percent equity stake in Remington while third-lien noteholders get 17.5 percent of the company and four-year warrants for a 15 percent stake. Adding to that challenge was the continued legal fees and other drains associated with the endless parade of nuisance lawsuits coming from the Sandy Hook groups following the mass shooting in CT. There were no takers. That is partially because a larger percentage of guns in the USA are owned by an increasingly small group of people.
A recent study by Harvard University and Northeastern University found that the number of privately owned guns in America grew by more than 70 million - to approximately 265 million - between 1994 and 2015. Remington has reassured our office that the Chapter 11 filing is exclusively for the objective of restructuring debt to equity.
Some of Wall Street's heaviest hitters are stepping into the national debate on guns. Vista Outdoor's brands in the outdoor and cycling space include Bell, Blackburn, Bollé, Bushnell, CamelBak, Camp Chef, Giro and Jimmy Styks.
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A win in the Round of 16 will boost the Englishman into the top 50 in the world and save him a spot at the Masters in two weeks. On the second hole, Stanley hit his approach to 4 feet and made the birdie putt to advance to the fourth round.
It's also looking into creating new investment funds for investors that exclude firearms makers and retailers.