Bank Of America To Make Bankruptcy Loan To Remington

BY Herschel Smith
1 year, 3 months ago

Reuters:

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 America’s 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.”

[ … ]

But withdrawing from the deal would hurt the bank’s reputation for standing by its lending agreements and could undermine Remington’s survival, according to one person familiar with the bank’s thinking.

Surely BoA knew about this loan package before it’s stupid announcement on other firearms manufacturers.

That means one of two things.  Either BoA is full of liars and crooks who were only trying to make an appearance of cooperating with the gun controllers, or Remington has been strong armed and is preparing to jettison its Bushmaster line of guns.

If the first is true, it doesn’t mean BoA will lend in the future to firearms manufacturers.  It just means that they are liars.  If the second is true, this is the end for Remington.  There will be no recovery.  Tikka can easily supplant the Remington 700 because it’s a better gun.


Comments

  1. On May 7, 2018 at 9:05 am, Fred said:

    “Surely BoA knew about this loan package before it’s stupid announcement on other firearms manufacturers.”

    Not necessarily. It’s a huge bureaucracy.

    And it’s extraordinarily poorly run. How do I know this? There were plenty of banks that didn’t need bailouts. In the real world it wouldn’t even exist anymore. Poof, gone, into a dust pile of debt instruments and untraceable derivatives. That’s how bad an organization it is. (Debt is not capital.)

    And that’s what ticks me off about it. It’s basically a state run enterprise. All Justice or Trump would have to do is tell them to stop discriminating against the owners of a property that is a legal civil right. Trump is a gun controller.

  2. On May 7, 2018 at 1:49 pm, Gryphon said:

    Unlikely that this is a ‘bureaucratic Mistake’ by this organization. By having Financial Control of Remington, the Creditors OF COURSE can Decide what Products it will Produce, and to whom they will Sell To, under what Conditions.
    This is a Classic Example of the (((bolsheviks))) using their Fiat Paper Money to advance an Anti-American political agenda.

    p.s. Fred -Trump was a NEW YORK DEMOCRAT for 30+ Years, what did You expect from a shitweasel politician?

  3. On May 7, 2018 at 2:28 pm, Fred said:

    Gryphon,
    The control angel did cross my mind. I still doubt that BofA would back a company to lose money. That said, it’s large corporations that buy small competitors just to eliminate the competition. I haven’t heard of buying an asset to ruin it, based upon philosophical reasons, since the time of the Robber Barons. I’m not eliminating this new frontier as a possibility but seriously, if BofA thinks it can make money eating children alive on Opera they’ll do it. They love money. They also might have known and just though that the snowflakes are idiots and won’t even know that they invested playing both sides. That’s also a distinct possibility.

    And, I didn’t state that Trump is a gun controller for those who know this already. It’s to flip off the god emperor idiots. And I love telling liberals that I don’t like him because he’s a new york liberal just like hillery. The anguished expressions are priceless. You should try it.

  4. On May 7, 2018 at 2:52 pm, billrla said:

    BofA is going to cram disarmament down Remington’s throat.

    Look at the big picture. There’s a California Senate bill that would push CALPERS, the giant CA state pension fund, to divest gun stocks and demand plans from gun manufactures for cessation of gun manufacturing.

    The current bankster-corporate-investor onslaught is a coordinated effort to end-run the legislative and judicial process. Of course, politicians are totally on-board, because: Money!

    Basically, politicians and banksters want to force gun manufacturers to commit suicide.

  5. On May 7, 2018 at 3:00 pm, Georgiaboy61 said:

    Re: “If the second is true, this is the end for Remington. There will be no recovery. Tikka can easily supplant the Remington 700 because it’s a better gun.”

    For readers who keep track of such things, Sako and Tikka are now owned by the Italian firm of Beretta, one of the oldest and most-respected firearms manufacturers on earth. Sako isn’t independently-owned by the Finns and hasn’t been in some time.

    It is germane to note that, while Sako-Tikka firearms are of superb quality, neither make has anything like the variety or sheer amount of after-market accessories that have been developed for the Remington 700 bolt-action rifle platform. Likewise, spare parts are not as easily-obtained for the Sako-Tikka lines as for Remington 700s. That’s not a factor now, but it may be in the future.

    Two more highly-respected and storied gun-makers are Browning and Winchester, both of which are now owned and operated by Fabrique National-Herstal of Belgium. Although FN-H is Belgian, the firm has extensive ties to Ogden, Utah, where the great John Browning first plied his trade, and his son, Val, as well – both of whom worked for FN over their long careers.

    Present-day Winchester Model 70 rifles are superb, excelling even the fabled pre-1964 models for quality of workmanship and performance.
    The comments about Sako-Tikka also apply here, concerning after-market accessories, parts and customization options.

    However, if you are in the market for a superb bolt-action rifle, and haven’t tried Winchester recently, do yourself a favor and check them out. You’ll be glad you did.

  6. On May 7, 2018 at 3:01 pm, Fred said:

    “…the giant CA state pension fund, to divest gun stocks and demand plans from gun manufactures for cessation of gun manufacturing.”

    This makes no sense. If they’re divesting they have less voting shares. How can they then force anything? They might-could stay invested and threaten to sell or else!

  7. On May 7, 2018 at 3:03 pm, Herschel Smith said:

    @Georgiaboy,

    Winchester rifles (while built at the FN plant down the road from me in SC) are actually made in Portugal. Or, the parts are made in Portugal.

    The last time I looked into it, they were simply impossible to obtain and no one knew when they were going to be available because FN retools their line to make a slew of products, retools and makes a slew of another, and so on.

  8. On May 7, 2018 at 7:45 pm, Bill Robbins said:

    @Fred: Don’t forget, no one in the CA legislature understands capitalism or has any idea how the stock market works. CA laws are made soley on feelings.

RSS feed for comments on this post. TrackBack URL

Leave a comment


You are currently reading "Bank Of America To Make Bankruptcy Loan To Remington", entry #19152 on The Captain's Journal.

This article is filed under the category(s) Firearms,Guns and was published May 6th, 2018 by Herschel Smith.

If you're interested in what else the The Captain's Journal has to say, you might try thumbing through the archives and visiting the main index, or; perhaps you would like to learn more about TCJ.

26th MEU (10)
Abu Muqawama (12)
ACOG (2)
ACOGs (1)
Afghan National Army (36)
Afghan National Police (17)
Afghanistan (679)
Afghanistan SOFA (4)
Agriculture in COIN (3)
AGW (1)
Air Force (34)
Air Power (9)
al Qaeda (83)
Ali al-Sistani (1)
America (17)
Ammunition (78)
Animals (35)
Ansar al Sunna (15)
Anthropology (3)
Antonin Scalia (1)
AR-15s (179)
Arghandab River Valley (1)
Arlington Cemetery (2)
Army (72)
Assassinations (2)
Assault Weapon Ban (27)
Australian Army (6)
Azerbaijan (4)
Backpacking (2)
Badr Organization (8)
Baitullah Mehsud (21)
Basra (17)
BATFE (78)
Battle of Bari Alai (2)
Battle of Wanat (18)
Battle Space Weight (3)
Bin Laden (7)
Blogroll (2)
Blogs (16)
Body Armor (18)
Books (3)
Border War (10)
Brady Campaign (1)
Britain (38)
British Army (35)
Camping (4)
Canada (2)
Castle Doctrine (1)
Caucasus (6)
CENTCOM (7)
Center For a New American Security (8)
Charity (3)
China (10)
Christmas (10)
CIA (27)
Civilian National Security Force (3)
Col. Gian Gentile (9)
Combat Outposts (3)
Combat Video (2)
Concerned Citizens (6)
Constabulary Actions (3)
Coolness Factor (2)
COP Keating (4)
Corruption in COIN (4)
Council on Foreign Relations (1)
Counterinsurgency (216)
DADT (2)
David Rohde (1)
Defense Contractors (2)
Department of Defense (143)
Department of Homeland Security (21)
Disaster Preparedness (3)
Distributed Operations (5)
Dogs (12)
Donald Trump (15)
Drone Campaign (3)
EFV (3)
Egypt (12)
El Salvador (1)
Embassy Security (1)
Enemy Spotters (1)
Expeditionary Warfare (17)
F-22 (2)
F-35 (1)
Fallujah (17)
Far East (3)
Fathers and Sons (2)
Favorite (1)
Fazlullah (3)
FBI (28)
Featured (180)
Federal Firearms Laws (18)
Financing the Taliban (2)
Firearms (997)
Football (1)
Force Projection (35)
Force Protection (4)
Force Transformation (1)
Foreign Policy (27)
Fukushima Reactor Accident (6)
Ganjgal (1)
Garmsir (1)
general (15)
General Amos (1)
General James Mattis (1)
General McChrystal (43)
General McKiernan (6)
General Rodriguez (3)
General Suleimani (7)
Georgia (19)
GITMO (2)
Google (1)
Gulbuddin Hekmatyar (1)
Gun Control (1,009)
Guns (1,498)
Guns In National Parks (3)
Haditha Roundup (10)
Haiti (2)
HAMAS (7)
Haqqani Network (9)
Hate Mail (8)
Hekmatyar (1)
Heroism (4)
Hezbollah (12)
High Capacity Magazines (13)
High Value Targets (9)
Homecoming (1)
Homeland Security (1)
Horses (1)
Humor (20)
ICOS (1)
IEDs (7)
Immigration (82)
India (10)
Infantry (4)
Information Warfare (2)
Infrastructure (2)
Intelligence (23)
Intelligence Bulletin (6)
Iran (169)
Iraq (379)
Iraq SOFA (23)
Islamic Facism (61)
Islamists (91)
Israel (18)
Jaish al Mahdi (21)
Jalalabad (1)
Japan (2)
Jihadists (80)
John Nagl (5)
Joint Intelligence Centers (1)
JRTN (1)
Kabul (1)
Kajaki Dam (1)
Kamdesh (9)
Kandahar (12)
Karachi (7)
Kashmir (2)
Khost Province (1)
Khyber (11)
Knife Blogging (4)
Korea (4)
Korengal Valley (3)
Kunar Province (20)
Kurdistan (3)
Language in COIN (5)
Language in Statecraft (1)
Language Interpreters (2)
Lashkar-e-Taiba (2)
Law Enforcement (3)
Lawfare (7)
Leadership (5)
Lebanon (6)
Leon Panetta (2)
Let Them Fight (2)
Libya (14)
Lines of Effort (3)
Littoral Combat (8)
Logistics (50)
Long Guns (1)
Lt. Col. Allen West (2)
Marine Corps (258)
Marines in Bakwa (1)
Marines in Helmand (67)
Marjah (4)
MEDEVAC (2)
Media (42)
Memorial Day (5)
Mexican Cartels (33)
Mexico (46)
Michael Yon (5)
Micromanaging the Military (7)
Middle East (1)
Military Blogging (26)
Military Contractors (4)
Military Equipment (24)
Militia (5)
Mitt Romney (3)
Monetary Policy (1)
Moqtada al Sadr (2)
Mosul (4)
Mountains (25)
MRAPs (1)
Mullah Baradar (1)
Mullah Fazlullah (1)
Mullah Omar (3)
Musa Qala (4)
Music (16)
Muslim Brotherhood (6)
Nation Building (2)
National Internet IDs (1)
National Rifle Association (59)
NATO (15)
Navy (22)
Navy Corpsman (1)
NCOs (3)
News (1)
NGOs (2)
Nicholas Schmidle (2)
Now Zad (19)
NSA (3)
NSA James L. Jones (6)
Nuclear (57)
Nuristan (8)
Obama Administration (218)
Offshore Balancing (1)
Operation Alljah (7)
Operation Khanjar (14)
Ossetia (7)
Pakistan (165)
Paktya Province (1)
Palestine (5)
Patriotism (6)
Patrolling (1)
Pech River Valley (11)
Personal (58)
Petraeus (14)
Pictures (1)
Piracy (13)
Pistol (2)
Pizzagate (21)
Police (407)
Police in COIN (3)
Policy (15)
Politics (442)
Poppy (2)
PPEs (1)
Prisons in Counterinsurgency (12)
Project Gunrunner (20)
PRTs (1)
Qatar (1)
Quadrennial Defense Review (2)
Quds Force (13)
Quetta Shura (1)
RAND (3)
Recommended Reading (14)
Refueling Tanker (1)
Religion (159)
Religion and Insurgency (19)
Reuters (1)
Rick Perry (4)
Rifles (1)
Roads (4)
Rolling Stone (1)
Ron Paul (1)
ROTC (1)
Rules of Engagement (75)
Rumsfeld (1)
Russia (29)
Sabbatical (1)
Sangin (1)
Saqlawiyah (1)
Satellite Patrols (2)
Saudi Arabia (4)
Scenes from Iraq (1)
Second Amendment (257)
Second Amendment Quick Hits (2)
Secretary Gates (9)
Sharia Law (3)
Shura Ittehad-ul-Mujahiden (1)
SIIC (2)
Sirajuddin Haqqani (1)
Small Wars (72)
Snipers (9)
Sniveling Lackeys (2)
Soft Power (4)
Somalia (8)
Sons of Afghanistan (1)
Sons of Iraq (2)
Special Forces (28)
Squad Rushes (1)
State Department (20)
Statistics (1)
Sunni Insurgency (10)
Support to Infantry Ratio (1)
Supreme Court (5)
Survival (25)
SWAT Raids (54)
Syria (38)
Tactical Drills (1)
Tactical Gear (4)
Taliban (167)
Taliban Massing of Forces (4)
Tarmiyah (1)
TBI (1)
Technology (17)
Tehrik-i-Taliban (78)
Terrain in Combat (1)
Terrorism (95)
Thanksgiving (8)
The Anbar Narrative (23)
The Art of War (5)
The Fallen (1)
The Long War (20)
The Surge (3)
The Wounded (13)
Thomas Barnett (1)
Transnational Insurgencies (5)
Tribes (5)
TSA (18)
TSA Ineptitude (11)
TTPs (1)
U.S. Border Patrol (5)
U.S. Border Security (14)
U.S. Sovereignty (17)
UAVs (2)
UBL (4)
Ukraine (3)
Uncategorized (56)
Universal Background Check (3)
Unrestricted Warfare (4)
USS Iwo Jima (2)
USS San Antonio (1)
Uzbekistan (1)
V-22 Osprey (4)
Veterans (2)
Vietnam (1)
War & Warfare (220)
War & Warfare (40)
War Movies (3)
War Reporting (19)
Wardak Province (1)
Warriors (6)
Waziristan (1)
Weapons and Tactics (60)
West Point (1)
Winter Operations (1)
Women in Combat (21)
WTF? (1)
Yemen (1)

August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006

about · archives · contact · register

Copyright © 2006-2019 Captain's Journal. All rights reserved.