Firm Offers Cash Out to Investors who Own Shares in Remington Outdoor
May 19, 2015; Private equity firm Cerberus Capital issued a letter to its investors on Friday, advising them that they are permitted to sell their stakes in Remington Outdoor (formerly known as Freedom Group). Investors now have thirty days to make a decision as to whether they want to sell their shares in the country’s oldest firearm manufacturer. Despite its public commitment to sell Remington Outdoor following the shooting in Newtown, Connecticut, Cerberus itself has not yet done so, chiefly citing that it has not found an acceptable offer. Investors who decide to not sell their shares will have their shares transferred to a separate financial entity, as Cerberus is planning to remove Remington from its main private equity funds.
Renzulli Law Firm is Monitoring Firearm-Related Legislative Developments
Renzulli Law Firm, nationally recognized as one of the premier law firms in the country serving the Firearms Industry, is monitoring legislative developments affecting the industry and publishing regular updates which are available by e-mail and on this website. Any questions you may have about these developments should be directed to John F. Renzulli or Christopher Renzulli.
Supreme Court Rules on Felon’s Ability to Sell Firearm Collection
May 19, 2015; In a landmark decision, the Supreme Court unanimously ruled yesterday that felons can lawfully transfer their firearms (that are in government custody) to third parties if a court is satisfied that the third party will not – in turn – give those firearms back to the felon following the transaction. The decision arose from the case entitled Henderson v. United States, in which a former U.S. Border Patrol Agent was convicted of felony distribution of marijuana. As a condition of his release on bail, he was required to turn over all of his firearms. Following his guilty plea, Henderson’s request to sell his (repossessed) firearms to a friend and/or transfer ownership to his wife was denied. Within the Supreme Court’s opinion – penned by Justice Kagan – it was held that the firearms could be turned over to a firearms dealer, or to a person “who expects to maintain custody of them, so long as the recipient will not allow the felon to exert any influence over their use.” A copy of the decision can be found here.
Renzulli Law Firm is Monitoring Firearm-Related Legislative Developments
Renzulli Law Firm, nationally recognized as one of the premier law firms in the country serving the Firearms Industry, is monitoring legislative developments affecting the industry and publishing regular updates which are available by e-mail and on this website. Any questions you may have about these developments should be directed to John F. Renzulli or Christopher Renzulli.