Several firearms retailers suspend sales

[BryanK]

I just read where Cheaper than dirt and dick's are suffering from restless leg syndrome (knee-jerking). CTD has suspended all firearm sales online, and Dick's has removed "Certain semi-automatic firearms" from the shelves.

Dick's suspension

Cheaper than dirt antics

These are just a couple of the reactions so far. I read somewhere where Cerberus capital is selling their stake in Freedom Group as well. Several gun shops in my AO have SOLD OUT of AR's to a greater extent than the 2008 and 2012 election sales combined! Get 'em while they're hot folks

[Ret10Echo]

From the Cerberus Press release:

There are, however, actions that we as a firm can take. Accordingly, we have determined to immediately engage in a formal process to sell our investment in Freedom Group. We will retain a financial advisor to design and execute a process to sell our interests in Freedom Group, and we will then return that capital to our investors. We believe that this decision allows us to meet our obligations to the investors whose interests we are entrusted to protect without being drawn into the national debate that is more properly pursued by those with the formal charter and public responsibility to do so.

[SomethingWitty]

I am not too sad to see Cerebus go. Remington/DPMS/Bushmaster quality has left something to be desired.

[Streck-Fu]

Others will be happy to absorb their business.

[BryanK]

Now the question stands. Will the Freedom Groups holdings be sold off as a whole, or like so many toy manufacturers state on their products "_____ sold seperately"?

[DJ Urbanovsky]

Don't let the door hit ya where the good lord split ya.

[BOfH]

Originally Posted by Ret10Echo

From the Cerberus Press release:

Money talks, especially progs with cash:

Cerberus Capital Management LP, the New York-based investment firm that owns the largest U.S. gunmaker, will put the company up for sale, acting four days after one of its rifles was used in the Connecticut school shootings that left 26 people dead, including 20 six- and seven- year-olds.

Cerberus said it will seek to sell Freedom Group Inc. just hours after California Treasurer Bill Lockyer said he’ll propose that the state’s public pension funds, the two largest in the U.S., divest investments in firearm manufacturers that make guns prohibited under state law. The firm’s announcement followed a day in which the White House reiterated President Barack Obama’s support for a new ban on assault weapons and lawmakers called for stricter gun-control laws.

...

Calsters Review

“Our role is to make investments on behalf of our clients who are comprised of the pension plans of firemen, teachers, policemen and other municipal workers and unions, endowments, and other institutions and individuals,” Cerberus said in the statement. “It is not our role to take positions, or attempt to shape or influence the gun-control policy debate. That is the job of our federal and state legislators.”

The California State Teachers’ Retirement System, which has $751 million overseen by Cerberus, said today it’s reviewing its $600 million investment in two Cerberus funds that are invested in Freedom Group. Calsters, with $155 billion in assets as of Oct. 31, is the second-largest U.S. pension fund. The largest is the California Public Employees’ Retirement System, with $241 billion.

Calsters “has established a thorough vetting process for potential investments that seeks to test not only their financial potential, but their social, human and environmental impacts as well,” the system said in a statement. “Moving forward, CalSTRS will work to ensure that all of our investments are taking these very important criteria into consideration.”

...

New York

The New York State Common Retirement Fund, which manages $150 billion, is also reviewing its investments in gunmakers, according to Eric Sumberg, a spokesman for State Comptroller Thomas DiNapoli.

“As investors, we support Cerberus Capital Management for taking action today to sell its stake in the Freedom Group,” Sumberg said today in an e-mail.

New York City pension funds are reconsidering about $18 million in the stocks of Smith & Wesson, Sturm Ruger and two other companies whose businesses include gun manufacturing.

“We are currently conducting a review of our holdings and aggressively exploring all options, including divestment,” Matthew Sweeney, a spokesman for Comptroller John C. Liu, said in an e-mailed statement.

http://www.bloomberg.com/news/2012-1...-massacre.html

[Ret10Echo]

Good for them... divest of those stocks... What's that thing Forest Gump used to say?

As of 14:40 Eastern

Sturm Ruger & Company Inc (NYSE: RGR) 43.36 Up +2.76 +6.80%

Freedom Group, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported net sales of $237.9 million compared to $198 million a year ago. Operating income was $33.5 million compared to $18.5 million a year ago. Income before income taxes and noncontrolling interests was $20.1 million compared to $2.2 million a year ago. Net income attributable to controlling interest was $16.1 million or $94.48 per diluted share compared to $2.4 million or $10.43 per diluted share a year ago. Adjusted EBITDA was $42.7 million compared to $31.7 million a year ago. For the nine months, the company reported net sales of $677.3 million compared to $564.6 million a year ago.

[kgoerz]

What an empty gesture. Just like Hollywood stopping the opening of a violent film. Do they think the parents of the dead kids give a fuck right now

[Ghost_Team]

Just got an email from Cheaper than Dirt saying they were resuming online gun sales. The email said they were overwhelmed with orders, and it's currently taking 72 hours for an order to be shipped on pretty much anything.