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Message
Indian tribe willing to rescue Colt
Posted on 7/1/15 at 11:01 pm
Posted on 7/1/15 at 11:01 pm
2
Posted on 7/2/15 at 4:51 am to lsufan1971
quote:
One of the more ironic things I have seen
I don't know, they're saving Colt, not Sharps.
Posted on 7/2/15 at 5:57 am to upgrade
quote:
For Colt’s Native American suitors, it’s not just business; it’s history, interest and commitment, their attorney said. “We have gone to great lengths to get our hands on Colts,” he said. “Just ask General Custer.”
Posted on 7/2/15 at 9:05 am to weagle99
Where's the irony
Posted on 7/2/15 at 9:14 am to upgrade
funny as hell.
Posted on 7/2/15 at 9:21 am to lsufan1971
quote:
One of the more ironic things I have seen this week.
Thought you said "moronic" here. I would have agreed with that as well.
Colt didn't listen to their customers enough and put too much stock in military contracts. They dug their own grave.
Posted on 7/2/15 at 9:41 am to bapple
quote:
Colt didn't listen to their customers enough and put too much stock in military contracts. They dug their own grave.
This and the fact that they really haven't had an original design of their own for sometime. They basically survived off of John Browning and Eugene Stoner's designs while discontinuing their own successful designs such as their double action revolvers. Their only recent attempt at a new design was the dreaded microchip pistol, which just pissed potential customers off.
Posted on 7/2/15 at 9:41 am to weagle99
quote:
Colt’s loss of U.S. government military contracts to non- U.S. manufacturers doesn’t sit well with the tribe, Mr. Ryce said. Historically over-represented in the U.S. military—more than 10% of the total Native American population saw active service in World War II, and tens of thousands more went to work in defense industries—Native Americans “have all got uncles, grandpas and fathers that had the Colt M1911 as their sidearm,” said Mr. Ryce, father of a U.S. Marine who has served three combat tours, and carried Colt weapons.
This post was edited on 7/2/15 at 9:45 am
Posted on 7/14/15 at 1:33 pm to Shexter
Found out why Colt went bankrupt:
This fricker gutted the company in the form of payouts for himself
quote:
The company's product woes are just one part of the equation, however. The reshuffling of business and executive priorities has further complicated Colt's already-precarious financial position. The company's latest owner, private equity firm Sciens Capital Management, took control of the gun manufacturer in 2005 after Zalkhi lost interest in the business. The transfer resulted in a $300 million debt for the company.
Most private equity firms attempt to wring their maximum possible profits from their investments. Sciens was no different. Immediately after the transfer, the firm created a separate arm for Colt's defense operations and let its consumer division languish. Even as the company lost money over the next couple of years, the firm awarded generous bonuses and consulting remuneration to its officers. According to one estimate, at least $131 million of the total debt incurred by Colt during its recapitalization in 2004 was used to "make distributions to Sciens in 2007." Sciens also attempted to take the company public in 2005 but had to abandon plans after investors remained unconvinced about the gun maker's ability to turn a profit. Colt has been on a borrowing spree since then. The company borrowed an additional $250 million from the bond market in 2009 before its current filing.
This fricker gutted the company in the form of payouts for himself
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