I own some. Some belonged to military families, but many were just hobbyists. Yet it may not be a loss for the left. Very much not. To compare anything thats done in regards to NFA items, to selling computers is just asinine. One example is the migration of the Activision guys through Microsoft, then into Smith and Tinker (which eventually didnt work, exactly.). It is only as good or benevolent as the people in it. I think I can build and test a few for less than 10K but biz stuff will bring the most cost I am sure. For the sake of argument (and the edification of someone who has neither sold computers nor wrangled an FFL), whats the difference?. Remington should have know better. 2023 Vox Media, LLC. The companies it was buying were small and inefficient, with unjustifiable overhead. REALLY? Kevin and the AAC guys saw what was happening and were understandably concerned. 21. Others, some on TTAG, have written more comprehensive and eloquent summaries than this. Despite the hype about Ron DeSantis surging past Donald Trump, both Republicans look unusually strong at this early stage of the presidential race. He then discarded this gun and prepared for a tactical assault, arming himself with two pistols, a shotgun, and her Bushmaster assault rifle, along with ten 30-round magazines. Admittedly, Im kind of surprised that somebodys buying 100 silencers a month. I dont disagree on any particular point. By the end of his second day, he was consistently hitting targets from a thousand yards away the equivalent of 11 city blocks. But there was a problem. He was replaced by another Cerberus insider, George Kollitides, who oversaw a plan to relocate most of Freedom Groups manufacturing to a disused Chrysler facility in Huntsville, Alabama. Cerberus put up the capital, purchasing a shooting range on the outskirts of Memphis for Tier 1s facilities, a sprawling 800-acre private military base with a half-dozen shooting ranges, on-road and off-road driving courses, a parachute-drop zone, and an urban-combat compound designed to look like an Afghan village. He is best known for being a member of the band Cinderella. In Iraq, in 2004, he had shot a man from over a mile away, one of the longest confirmed hits by any American soldier in the war. Rather than selling out to the Freedomless Group he should have hired a couple people to straighten the mess out. Realizing that AAC would not be able to function without using Kevins personal guns for R&D, the deal allowed time for those guns to remain on premises while the transfer was taking place. And, Remington brand or not, a semi-automatic assault rifle is not an appropriate choice for a first gun, or even a second. The original idea, of an IPO, was out of the question: No reputable investment bank would underwrite it, nor even take the M&A fees associated with a private deal. Moral of the story, dont get involved with freedom group. [4], AAC's suppressor lineup includes models suitable for virtually every firearm caliber between .22 Long Rifle and .50 BMG. Judges Ruling Reveals the Truth About Kevin Brittingham and Freedom Group, Mayors Against Illegal Guns Deletes Member List from Website, http://thetruthaboutguns.com/author/foghorn/, Were Sorry to Inform the Gun Control Industry That Americans Bought Another 1.3 Million Firearms in February, State, Federal Lawmakers Trying to Put the Brakes On Credit Card Companies Tracking Firearm Purchases, Brownells Giving Away $12,000 in Guns and Gear to Celebrate Their New Site Redesign, http://www.youtube.com/watch?v=7QDv4sYwjO0, http://finance.townhall.com/columnists/danieljmitchell/2014/01/17/more-amusing-antilibertarian-humor-n1780470/page/full. 17.5k Followers, 1,349 Following, 3,347 Posts - See Instagram photos and videos from Kevin Brittingham (@kevinbrittingham) Mr. Brittinghams mistake was doing business with jerks. The issue that keeps most people like me out of that market is the paperwork compliance. It was a moot point, according to the judges decision, because Kevin was present during that photo shoot. The full test is available for download here, but for those who dont want to wade through all 117 pages of brilliantly written legal analysis Ill try to summarize . Remington, etc. I kind of wanted to check out an R51. Thats why you are generating profit. If we do, we have until Jan. 9 or else it becomes a ton harder bc probationary period ends. At that distance, he couldnt just aim his weapon at the target; he had to lob the bullet like an artillery shell. (Quayle was supposedly still respected in Asia, where Cerberus did a lot of business and where his malapropisms didnt translate.) Just out of curiosity, what experience do you have with selling highly regulated products where every little thing has to be done by the books? The two were both pseudo-populist billionaires from New York, but otherwise dissimilar. Centerfire pistol caliber suppressors include the Ti-Rant series and Illusion9 the only true eccentric designed suppressor to utilize factory sights as well as allowing the use of rail mounted accessories on the host firearm, both of which use an interchangeable piston system in their Nielsen device. Ruger and Smith & Wesson, Freedom Groups publicly traded competitors, saw their stock prices surge. On December 20th Kevin stayed late after a full day of work, disabled the main security camera, and removed all of the personal items that he could get his hands on. The same survey estimated that members of this demographic owned, on average, 17 different firearms. In the bankruptcy auction of Remington Outdoor Company in September 2020, the company was sold to JJE Capital Holdings, LLC. The latter excels at the turnaround, acquiring struggling businesses, implementing management fixes, cutting overhead, and flipping them for a profit. The margins on them were superb. Wealthy and free, actually. Kevin Brittingham is a rebel in an industry that is increasingly corporate in nature. He joined him on one of his elk-hunting jaunts and described the billionaire as an ordinary, down-to-earth American. Feinberg even offered to fly Reichert to California for a consultation with a leading plastic surgeon regarding his still-disfigured face. People really need to understand that if you dont get paid up front, free and clear, without strings attached, then you are getting ripped off. Its all about not looking soft on crime. The round is very similar to the .300 Whisper cartridge created years earlier by SSK Industries, but AAC submitted the cartridge for SAAMI standardization and allows any manufacturer to use the specifications. Stuff like this makes me not so sure. For now, that waste is buried in Steve Feinbergs yard. Theres nothing wrong with some post-closing inventive payments, so long as Seller is ok with the fact that he might not see a dime of it (i.e. Ya aint gonna run across Billy Graham in these small companies. Unable to find a buyer, Feinberg proposed a deal: Hed pay a special onetime dividend from Remington Outdoors accrued earnings, letting investors cash out, and Remington would be placed in a special-purpose vehicle, concentrating ownership of what remained in the hands of a few die-hard Cerberus insiders. You have entered an incorrect email address! [21], AAC has been instrumental in forming the American Silencer Association (ASA), a nonprofit trade association "to further the pursuit of education, public relations, legislation, hunting applications and military applications for the silencer industry". Kevin had been suspended for no reason there was insufficient evidence that a single silencer whose provenance and purpose was unclear was justification for cause to fire him, especially when Kevins personal guns were still being used for R&D purposes as per the terms of the agreement. But the fear of regulation in the aftermath spurred gun hoarding, and this was good for Cerberus. Not only is it a complete and total smackdown against Remington, but it was so entertaining that I found myself chuckling at times. Guess Ill have to look to other manufacturers now. NEWINGTON, N.H. (February 17, 2014) SIG SAUER is proud to announce that Kevin Brittingham and Lindsay Bunch are joining its staff, adding decades of product design, R&D, and military experience. Then he went to Sandy Hook Elementary School and shot his way into the school, killing six adults and 20 schoolchildren, all with the Bushmaster, in less than ten minutes. [5], The company's Titan-QD Fast-Attach suppressor is used on the US Army's M2010 Enhanced Sniper Rifle and the Remington MSR (Modular Sniper Rifle). Reminds me of a conversation I had with a young man who is a sophomore at Penn, was basically convinced of the proposition that unless it is illegal, it is fair game. View the profiles of people named Kevin Brittingham. That is, if it hasnt already. Too much can go wrong and stuff can just end up walking out of the door. Freedom Group used its integrated brand portfolio as leverage. I think it says that Jason wanted AAC to be a separate P&L and the President of Remington wanted it to be another plant. They even went so far as to give silencers to people who had an AAC logo tattooed on their bodies, a marketing campaign that was so successful that they sunk a quarter million dollars into it before it ended. Also, you forgot the talking point about how the US will become Somalia if income tax rates are reduced more than 2%. SIG SAUER welcomes Kevin Brittingham to lead its new SIG-SD Silencer business unit, as well as other special programs within its Military/Law Enforcement development activities. Now add to this the fact that the company is manufacturing NFA items for two different FFLs and were talking about epic amounts of paperworkhundreds of NFA items being made each month, not including what was being done in R&D. Precisely this. As such, their word is worthless. Feinberg wanted over a billion dollars, but he couldnt find a taker at that price. Net Worth in 2022. As for Remington, the last time I had energy to look at its books it was bleeding like a stuck pig. The state has a near-total abortion ban, and now activists and GOP officials are fighting an exemption for physician-defined medical emergencies. In 2002, it was the weapon of choice for John Allen Muhammad and Lee Boyd Malvo, the Beltway snipers. To pay for stuff. 3. . Dont do that. Really. I agree. Like a lot. Theyre great for urban encroachment, said the companys founder, Kevin Brittingham. I guess we ll have to agree to disagree LOL. Its a great compact rifle, especially shooting suppressed! Concentrated into a smaller demographic were the serial gun purchasers, a hard core of about 3 percent of the U.S. population. A Florida bill takes a ridiculous GOP argument to the extreme, aiming to eliminate the Democratic Party for its ancient ties to white supremacy. He blamed the borrowers solely for the fiasco, contending that these folks (most with no education beyond high school) should have known that they cold not have afforded the loans, and should have told the brokers, who were assuring them it was doable, to pound sand. 1. Or carry a 50 million dollar quota? What set the expert shooter apart was the ability to read the wind. For founders of small companies, get a lawyer. COPYRIGHT 2021, THETRUTHABOUTGUNS.COM. I would have been more comfortable with the people. Thats possible, but the kinds of connections you needed to persuade the Feds to bail out your bad auto-industry bet for $30 billion were more readily available to graduates of Princeton than UC-Irvine. Inflation and public interest would work to somewhat normalize the stamp issue, but by now the sheer volume of bureaucracy surrounding the process is a barrier in and of itself. No wonder Barnes blacktips are so expensive. I dont think so, but its your sandbox, so your call.). Remy, Freedom group, whoever has 18million reasons not to pay him and spend at least half that money on lawyers to try and keep from paying him. Remingtonand in particular Shaublegot caught, Schauble because he got greedy and wanted to own AAC, notwithstanding the deal he had cut with kevin. Theres no systemic cure for that. Its interesting to me that everything done in the run-up, with the possible exception of conglomerate financial firms falsely reporting the value of their assets when they knew better, was perfectly legal. Advanced Armaments was small but did a lot of business with the military. . The law even states you cant make someone sign an agreement to forfeit it. What this meant was that there was and is a finite pool of class 3 weapons available for civilian ownershipa pool that continues to shrink in quantity and grow in value. Shocked! Sales of the R-15 boomed. Before he went into the gun business, before he started buying assault-rifle manufacturers, before he expanded into scopes and silencers, before he rolled up 18 of Americas most lethal companies into a single conglomerate, before he funded a private military base, before the massacre, before the investor revolt, before the recalls and the product defects and the bad press and the lawsuits before any of that could happen Stephen Feinberg, the billionaire financier, had to perfect his shooting technique. As Gunsmith points out, any decent exec knows when to hire folks who can handle such matters. It was rumored that, following the massacre, he asked his son to sell the company. George Santoss Nasty Twitter Battle With Fellow New York Republicans. I still cannot decide if I should buy a 300 Blackout Handi-Rifle or not. Or where a random suppressor may or may not have showed up not-so-randomly on company property for KBs personal use. But hed left the ROTC before graduation and landed a job on Wall Street, trading securities for Drexel Burnham Lambert, the pioneer of the junk bond. The only good news was that Kevin was untouchable unless he committed a felony, or broke company policy. According to Kevin these guns all came from the old AAC location and were on the old FFL that was still being used by AAC to do business the guns that were in the process of being transferred to the new AAC and none of them were his personal firearms. Schauble and the rest of the Remington and Freedom Group board were not aware of any misconduct that would give them a reason to can Kevin. Feinberg was saved by Obama. If it hadnt been for the unconstitutional gun control insanity, none of this would ever have come up. The opposite of rule of law is anarchy. Feinberg shunned the press; Trump sought publicity wherever it was to be found. I havent shot a gun in 30 years, but Ive bumped up against them for years in family/school settings. Remington acted like a giant back of dicks, but it seems like he wasnt running the business solidly before the buyout too. Model 123. As far as maintaining a list of serial #s, descriptions, and ownership there shouldnt be any difference. Well what experience do you have building and running a tech company? In 1999, he had appointed Vice-President Dan Quayle chairman of the global divisions of his firm, despite Quayles confessed lack of business experience. On December 19th, Schauble got his response. It has owned a water park in Texas and a television station in Salt Lake City. Throughout the years, Cerberus has owned controlling stakes in dozens of businesses. Im shocked. View FREE Public Profile & Reputation for Kevin Brittingham in Washington, DC - See Court Records | Photos | Address, Emails & Phone Number | Personal Review | $70 - $79,999 Income & Net Worth He still is a gun guy. Eric Brittingham was born in Salisbury, Maryland in May 1960. So you have one failed business buying an out of control business. This push for efficiency meant laying off skilled workers, introducing manufacturing defects into Freedom Group products. Save my name, email, and website in this browser for the next time I comment. Dont mean that as a demeaning response, just that I think youre underestimating the issues that can arise when keeping in compliance. Taking into account various assets, Kevin's net worth is greater than $100,000 - $249,999; and makes between $70 - 79,999 a year. He treated his workers like family members. Of course, it had wanted to do that all along. Our rifles were neither fit nor finished, nor in any condition to be offered for sale. Gun magazines and internet forums were filled with complaints, and after Cerberus bought it, Remington was forced to issue multiple recalls, for both guns and ammunition. Freedom Groups connection to the bailout rankled right-wing gun enthusiasts. http://finance.townhall.com/columnists/danieljmitchell/2014/01/17/more-amusing-antilibertarian-humor-n1780470/page/full. You post as if free market and equitable rule of law are opposites. On the dotted line of that agreement he signed only the word flounder. According to Kevin that was written in the title box, as Kevin had had his title changed from president to founder, but he doesnt remember writing it. And, like fashion, the real money was in the accessories. It currently owns the Albertsons supermarket empire and previously owned the Alamo and National car-rental chains. REMINGTON 1816, Theres a hard product version of Conways law: Any software system reflects the organization that created it. (There are variations on the exact quote. Im just guessing here, but it sounds like FG was looking for a reason to fire KB and used an alleged improper transfer/possession of a maxim suppressor to justify termination. The Key Moments From Alex Murdaughs Testimony and Murder Trial. Especially if they were MY guns. Kary's increased presence on social . This guy couldnt keep track of a couple of hundred suppressors and his personal guns? The judge thinks that Kevin might have been after some personal firearms as well, but Kevin says he just wanted to grab his personal effects when he was suspended previously, Remington didnt even let him grab his kids backpack before being thrown out of the building. I think I will avoid both people and their companies and products. (Personal reasons. Just read your analysis and also read the decision. Jason wanted AAC to be treated like another plant, like Remington or Marlin or Bushmaster, with Remington HQ as the head of operations. A comprehensive new government study concludes that the illness probably wasnt caused by foreign adversaries. So one weekend in late 2005, he left behind the Manhattan offices of Cerberus Capital, the private-equity firm he'd founded, and his multistory Upper East Side residence, which he was in the. I have been working on a few designs and would not even need $50,000 to get a working product. The gun business is almost like a fashion business for men. Mr. Bittingham is not blameless in this episode. Net Worth in 2021. Kevin immediately tried to contact Freedom Group about the reason for his suspension, and he wasnt given any information. With the help of some decent legal counsel, hell continue to be an innovator, and he won his case against corporate big wig a$$holes. This is a whole boatload of fail and a passel of never mind. I still want a pre-Remington marlin 336, though. Silencers turn shooting more into golf.. The city threw out a Democratic mayor for the first time in decades. He had had enough of Kevin, and figured that Kevin didnt deserve the $4 million that was coming to him. http://www.youtube.com/watch?v=7QDv4sYwjO0, Ill see that and raise you these: In 2015, Walmart announced it would no longer carry assault rifles. As it should be, but it gets complicated when control changes or theres nebulous IP or physical property rights. The company was forced to settle. Money was mentioned but that seems to have been to build consensus rather than the reason. But for Feinberg, thats a small price to pay. We'll give him,. Feinberg actually did live in New York, but he didnt waver either. While some enthusiasts collected guns, Feinberg collected gun companies. Indeed, it seems the more powerful the system, the more coverage and leeway for jerks. Everything gets ridiculously complicated ridiculously fast. Donald Trump Jr. Not budding hunters, necessarily participation rates in the outdoor sports had been stagnating for years. Agreed. Pending. I hope Kevin starts a new company and blows freedom groups profits out of the water. I also thought through various replacement options . Juan and his family collected $270 million before taxes. Im kinda leery of both of them know. Freedom Group and Remington had conspired to find a way to fire Kevin in order to save $4 to $8 million that he was due as performance incentives and pay.
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