Gun News: July 2018
Remington Outdoor Company announced that it has emerged from Chapter 11 after successfully implementing its plan of reorganization previously confirmed by the Delaware bankruptcy court on May 4, 2018. The plan provides a comprehensive balance sheet restructuring of the company and converts more than $775 million of the company’s debt into equity. The plan received support from more than 97% of the voting lenders and noteholders.
Remington Outdoor Company, headquartered in Madison, N.C., makes products for the hunting, shooting sports, law enforcement, and military markets and includes such brands as Remington, Bushmaster, DPMS/Panther Arms, Marlin, H&R, Dakota Arms, Parker, AAC, Barnes Bullets, Storm Lake, and Tapco.
Banks Attack Law-Abiding Gun Owners
NRA-ILA reports that Citigroup and Bank of America announced changes to their corporate guidelines that are aimed at preventing law-abiding Americans from exercising their constitutional rights.
According NRA-ILA’s analysis, Citigroup’s new policy for the nation’s fourth largest bank will withhold business from companies that fail to sufficiently curtail the Second Amendment rights of their customers. Specifically, the policy requires “new retail sector clients or partners” to refrain from selling standard-capacity magazines, to prohibit the sale of firearms to law-abiding adults aged 18 to 20 years-old, and to ignore a vital statutory safety valve provision that permits a Federal Firearms Licensee (FFL) to transfer a firearm three days after a background check has been initiated. Citigroup has also stated that it will further scrutinize the firearms manufacturers they do business with.
Bank of America’s policy targets gun manufacturing. Bank of America Vice Chairman Anne M. Finucane announced that the company no longer intends to lend money to arms manufacturers that produce certain configurations of commonly-owned semi-automatic firearms. Finucane stressed that the bank will no longer finance “military-style firearms” for “civilian use.”
On March 29, Sen. John Kennedy (R-La.), who sits on the Senate Banking Committee, issued a stern warning to Citigroup CEO Michael L. Corbat. Sen. Kennedy urged Citigroup to refrain from “penalizing Americans who choose to exercise their 2nd Amendment rights,” and instead to focus on the company’s many shortcomings. Sen. Kennedy also reminded Corbat that “The very fact that Citi remains operational is due entirely to the generosity of the American taxpayers.” That makes this gun owner wonder if all of Citi’s bailout funds have been repaid.