Skip to comments.Cerberus to Sell Bushmaster Maker After Shootings (Pressured by Calif. Teachers Pension)
Posted on 12/18/2012 9:44:44 AM PST by kristinn
Following pressure from a major investor, U.S. private equity firm Cerberus Capital Management is selling gunmaker Freedom Group, whose Bushmaster AR-15 rifle was used in the Connecticut school massacre last week.
The California State Teachers' Retirement System (CalSTRS) said on Monday it was reviewing its investment with Cerberus in the wake of Friday's shooting, in which a gunman killed 20 children and six adults at Sandy Hook Elementary School and then took his own life.
Before going to the school, the gunman, Adam Lanza, 20, shot dead his mother in the home they shared, according to law enforcement officials.
In addition to Cerberus, some gun retailers also took steps.
CalSTRS, the second-largest pension fund in the United States, had invested $751.4 million with Cerberus by the end of March 2012, according to its website.
Cerberus said on Tuesday it would hire a financial adviser to sell its interests in Freedom Group and return the proceeds to investors.
The private equity firm expressed shock and grief at the killings in Newtown but added that Freedom Group was not responsible.
"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," it said.
(Excerpt) Read more at reuters.com ...
Spineless jellyfish succumbing to brutal Alinskyite tactics.
...getting out of the line of fire (so to speak) of upcoming lawsuits?..
Somebody is going to get a good deal —
So...shall spoons be outlawed because they make people fat?
That makes as much logic as punishing gun manufacturers.
WHOA WHOA WHOA WHOA ....
751 million dollars ? And the stock is being sold off, with all proceeds going back ?
That’s not hard to follow that money. Guess who just made a (round about) BILLION dollars from the death of 20 kids.
Sad part is, we have gun grabbers on FR.
Ran across one the other day.
And he had buddies.
They have a new refrain, and that it is ‘silly’ or ‘glib’ to point out the fact that if someone was armed, crazed gunmen would be less likely to kill.
SO, these idiots outlined above won’t see anything wrong with this.
I heard the AR-15 was left in the car and not even used! True or false?
Yea go ahead and sell them. Sell them to another firearms company like Rock River or LMT, or perhaps at least someone that knows how to make that ACR they make better.
I’m tired of this PC anti-gun crap. The AR and pistols didn’t decide to kill those kids, it was the possessed body with his finger on the trigger that did it.
The earliest reports were saying that, but then the Medical Examiner stated on Saturday that all victims were shot and killed with .223 ammunition.
I have to wonder if they are also upset about anything else left in car?
How much more upset would they be had he actually take the Bushmaster into the school & (mis)USED it?
Are thy also upset about the make/model vehicle he stole & drove to the school?
What about his “body armor”?
All I keep hearing about is the unused, left in the car, Bushmaster.
Gee....I hope in the hysterical melee of investor divestment that Bushmaster drops their prices some to stay afloat....I just might buy one.
Bushmaster is done as a brand. For that matter, most AR type rifles may be banned soon, so who bought them?
Cerberus: from Greek mythology, the three-headed dog that stands at the entrance of the underworld. ???
What I read from this decision : The fix is in. The AR15 is gone. There is no due process. It’s been phoned in.
The AR15 has already been banned. Prepare, those who need to only have a matter of days now.
Avoid schools, universities, and colleges in california. They have decided that any nutjob has the right to commit mass murder at will, and innocent students are not allowed to defend themselves, and will be prosecuted if they try. The uberliberals would rather die than admit being wrong.
“Never let a crisis go to waste”