Remington, Colt, and the ATF

Remington has laid off another 126 employees from its Ilion, NY plant. This is after a 105-man layoff in August. Remington has moved the bulk of its operations to Alabama, due to onerous anti-gun laws and labor unions in NY. Remington is the oldest manufacturer in NY.

We don’t need no stinkin’ unions or gun laws down here….

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Colt Defense LLC has filed papers with the Securities and Exchange Commission indicating it does not have the funds to pay back loans and may default on its payments to bondholders. According to the report, Colt is expected to declare a loss of as much as 60% for the quarter over last year, based largely on declining sales and delays in payment for government contracts. Colt told the SEC it may not be able to make a nearly $11 million payment next month on a $248.8 million loan. The SEC filing said Colt was “working through accounting considerations and liquidity concerns.” Colt’s stock is reportedly considered “junk” by traders and analysts expect to recover no more than 10% of the debt if the company goes into default.

Well, it might be a good time to buy stock. But I’m not an investment adviser.

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ATF has issued a clarification Q&A on “80% receivers,” or “blanks.”

Personally I think these blanks are rather pointless, since you can now get a finished stripped lower for under $50, and a complete AR-15 for under $600.

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