Skip to comments.Bank of America's loan to Remington tests its firearms pledge
Posted on 05/07/2018 6:28:46 AM PDT by Oldeconomybuyer
Bank of America Corp is preparing to provide critical financing to Remington Outdoor Co, which makes assault-type rifles, just weeks after the U.S. bank said it would stop financing military-style firearms for civilians.
The bank is contributing $43.2 million to a $193 million lending package funded by seven banks, according to court documents, which will help put Remington back on stable footing as it emerges from bankruptcy later this month into an uncertain environment for gun makers.
The package replaces a similar credit facility the banks committed to providing Remington. Both were agreed in late March, before Bank of America, the second-largest U.S. bank by assets, changed its policy to stop financing companies that make military-style guns for civilian use.
Anne Finucane, Bank of Americas vice chair, said in April that the bank had decided on its pledge to help reduce mass shootings, saying in an interview with Bloomberg TV that it is not our intent to underwrite or finance military-style firearms on a go-forward basis.
(Excerpt) Read more at reuters.com ...
Lawyers are salivating.
Thumb drives are in high demand.
Given that its Remington, they will probably just drop their AR line. They didnt want to go into it in the first place and resisted it for decades until they had to admit the supply of Fudds buying their Fudd guns was drying up. Expect Remington to go back to exclusively Fudd guns in long arm products.
They are capitulating to large account holders like myself who have complained all the way to the top. I am not satisfied yet until we have Finucane’s head on a platter.
I don’t think so see my post.
I havent looked at a Remington catalog in years. I didnt know that they made an AR.
They can’t let their own virtue signalling get in the way of juicy profits.
I am unconvinced of that as BoA has received large deposits from virtue-signaling institutions as a result.
My guess is that they will make the funding contingent on dropping the AR line.
They tried to Fudd-ify the AR but few took the bait. Mostly because it was overpriced for what you got and Remingtons reputation was already tanking.
I don’t think so because the complaints have been overwhelming from the large investor crowd like myself.
>>Expect Remington to go back to exclusively Fudd guns in long arm products.
They gave us the 870DM as a good compromise between the Fudds and the people who still have testosterone that doesnt come from a pill bottle.
Over priced is right.
I just looked at their website and their AR clone starts at $1200.
“Rural King” is farm store like the old ‘farm and fleet’, except they sell a ton of guns at discount prices. Rural King has AR type guns for around $400 and change!
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