300BlkTalk

Pretty scary times for my industry. If you carefully read the article though, it makes one wonder if this was by design.
https://www.thestate.com/news/business/ ... 81818.html

Almost appears a investment group purchased a well established company, emptied the coffers, and are trying to leave the original owners and employees holding the bag

Just like the Remington/Freedom Group/Cerberus situation in Huntsville.

ozleux wrote: ↑Wed Jun 12, 2019 11:11 am Almost appears a investment group purchased a well established company, emptied the coffers, and are trying to leave the original owners and employees holding the bag

sadly... this is probably a lot more common than people realize with some of these investment capital groups.

not necessarily related to the firearms industry of course... just in general.

someone builds a company up to something solid, gets attention of the big players, gets offer for a HUUUUUGE amount of $$ and lots of promises.. and then suddenly everything somehow goes sideways - and other than the investors gettin rich, and the origional owners sitting on a pile of cash from their share buyout... everyone else involved is screwed.

lots of dirty stuff goes down in the financial industry.



i hope they're able to stick these guys solid in the courts for their shenanigans!

golfindia wrote: ↑Wed Jun 12, 2019 11:36 am Just like the Remington/Freedom Group/Cerberus situation in Huntsville.

I doubt Ellet can pull out of this like Remington has -though that remains to be seen. In this case there is fraud involved.
It does seem if that was Freedom groups intent for the companies they bought.

Typical corporate raider activity. Find a company with assets and an over funded pension, but having a bad patch of luck or a decrease in cashflow, go see your bankster buddies and get a low interest rate loan, and use the loan to get a majority position in a publicly held company or as a incentive/bribe in a privately held one. Once in, strip the company of assets, run up the debt load, then sell it off. Job done, except for the pensions and assets which have gone into the pockets of the partners. Of course the company now declares bankruptcy within a few years, and the people who have worked there have no pensions anymore, but what do you care, you got yours.

I know this pattern very well, as it is endemic in my old industry. People like Lorenzo, Icahn, Wolff, et al are very familiar names to many, and curse words to pilots, mechanics, and flight attendants who were victims of this so called "capitalist" enterprise. It is nothing but piracy under another name; actually it makes pirates look good. It is the primary reason that I did not, and would never, vote for "Mittens" Romney, as his activities at Bain Capital were exactly this type of thievery.

Sorry to hear this about Ellet, as I did much business with them when I was a dealer.

what a shame, I used to do a lot of business with Ellet Bros. in the '90s. when Wellspring took over, they said I didn't do enough business with them and closed my account.

looks like the spam bots have figured out how to get around the browser check.