ChiefsPlanet - View Single Post - Other Sports Off Season Lets Talk Guns, Part 2

LiveSteam · 09-27-2020, 07:38 PM

WSJ.com

Franklin Resources Inc. made a big bet on gun maker Remington Outdoor Co. that cost its investors hundreds of millions of dollars. Now, a way out of the trade has drawn the investment manager into conflict with families of the Sandy Hook shooting victims.

Remington is being auctioned off in bankruptcy court this week after years of financial trouble that have already cost Franklin about $250 million in losses, according to people familiar with the matter. The auction would let Franklin get some money back for its investment clients.

But families who lost children in the 2012 Sandy Hook school shooting said the auction is an attempt to derail their continuing lawsuit against Remington.

A group of the families alleges the gun maker marketed weapons like the Bushmaster AR-15 style gun used in the Sandy Hook shooting to youths. The group is seeking financial damages as well as a full accounting of Remington’s marketing strategy for Bushmaster. Remington has said its rifle is popular for hunting, self-defense and competitions and that the lawsuit threatens “to destroy an industry that makes lawful products whose possession and use the Constitution specifically protects.”

The bankruptcy auction, as proposed, would let the gun maker sell itself “free and clear,” meaning its new owners would have no obligation to the families, the group said.

09-27-2020, 07:38 PM	#3642
LiveSteam The Constitutional Choo choo Join Date: Dec 2009 Location: homeof43conferencetitles Casino cash: $-1554568	WSJ.com Franklin Resources Inc. made a big bet on gun maker Remington Outdoor Co. that cost its investors hundreds of millions of dollars. Now, a way out of the trade has drawn the investment manager into conflict with families of the Sandy Hook shooting victims. Remington is being auctioned off in bankruptcy court this week after years of financial trouble that have already cost Franklin about $250 million in losses, according to people familiar with the matter. The auction would let Franklin get some money back for its investment clients. But families who lost children in the 2012 Sandy Hook school shooting said the auction is an attempt to derail their continuing lawsuit against Remington. A group of the families alleges the gun maker marketed weapons like the Bushmaster AR-15 style gun used in the Sandy Hook shooting to youths. The group is seeking financial damages as well as a full accounting of Remington’s marketing strategy for Bushmaster. Remington has said its rifle is popular for hunting, self-defense and competitions and that the lawsuit threatens “to destroy an industry that makes lawful products whose possession and use the Constitution specifically protects.” The bankruptcy auction, as proposed, would let the gun maker sell itself “free and clear,” meaning its new owners would have no obligation to the families, the group said. __________________ Progressivism.. The Politically Correct way of saying "I'm a Communist slash Nazi" depending on what the issue of the day is?
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