RIP. COLT? Chapter 11

[OLD and GRUMPY]

There is a good slide show at the bottom of the story.

http://blog.cheaperthandirt.com/colt-defense-files-chapter-11-bankruptcy/

Not much to say, just sad.

[red14]

There is a good slide show at the bottom of the story.

http://blog.cheaperthandirt.com/colt-defense-files-chapter-11-bankruptcy/

Not much to say, just sad.

I guess Smith & Wesson finally won.

[RogueTS1]

It is Chapter 11 so they will restructure, get their finances in order and back producing again. Now if it was Chapter 7 things would be much different.

[To Old To Run]

I read that they have been through this once before, let's hope they can do it again, be hard to loose a icon like Colt.

[cfsharry]

Great thing about bankruptcy, screw creditors while management, which has been lining it's pockets, walk away unscathed.

[coppertop]

Colt has bottomed out before.
They'll be back.

[OLD and GRUMPY]

From what i understand Colt never went heavy into the sporting market relying on government type sales. I know that it would not carry a company but with the revival of black powder shooting almost all of the guys I know or read on blogs would gladly sell several of there guns to get ONE true Colt made 1851 or 1860! I have several I would part with to get just one. Old men can dream.

[OV-1D]

  Will anyone buy a Colt if China picks up the company . Its happening everywhere thru out corporate America and the real estate market is flush with foriegn investments . Our country isn't our own anymore , not alone our dollar being held hostage with it being used with foriegn investment of federal bonds , anybody remember our federal deficit problem . The past numerous administrations have let our country go to the devil on a great many fronts with this present craphead signing off and sealing most deals , how about that word globalisation thats another word to remember because its happening before our eyes and thats not working so well seeing everyone still wants to kill the other guy .  What a bunch of freaking morons we have running the show and I believe they know it so its a grab everything they can get while the gettings good and sit back at our expense . Won't be long before we look like Cuba after Castro tookover , believe it . Ranting over , oh by the way GOOD MORNING .

[Surculus]

  Will anyone buy a Colt if China picks up the company.

Sure, plenty will. I find the majority of the customers I cross paths with at a gun shop are woefully ill-informed. And of course, most of the sales droids are there to make a sale, not a happy customer, so they aren't about to do any educating on the store's time...

The past numerous administrations have let our country go to the devil on a great many fronts with this present craphead signing off and sealing most deals

Yeah, but Bubba Billary really !!@#$!@d us by signing off on selling the Port of Los Angeles to his ChiCom financial backers. Communist China has been making economic war on the U.S. for the past 20 years, and it's starting to finally dawn on people what's been going on. Too late, but at least a small %age have begun to wake up...

Won't be long before we look like Cuba after Castro tookover , believe it . Ranting over , oh by the way GOOD MORNING .

Good morning to you too, sir! Don't feel bad about being a lone voice in the wilderness, there's a few of us out here listening...

BTW, from your handle I presume you were a Grumman Mohawk jockey? I've always thought the OV-10 Bronco was a pretty good design, but Grumman certainly made a good FAS platform too, from what I've read. I still only dream of flying, but do enjoy reading about warbirds.

[RogueTS1]

Hey guys; Colt is going through Chapter 11 meaning the courts will come up with some kind of deal to compensate the creditors, to some meager degree, allowing Colt to restructure and continue doing business. Unless they file Chapter 7 they will still be around.

Now the owners could get it back up and running and then sell out to some other group and let them be Colt.

[OV-1D]

 This is what happens when a company relies on government contracts for most of their business . Unions don't help neither just like any other business in the good old U.S.of A. , and everyone wonders why dang near all manufacturing has run overseas . I figure just about everybody back twenty years was being overpaid , and over manned by personnel , by at least 60% and has doubled every five years since and that's why were BROKE in just about every sector in business and government . Typical county job ten guys on the job and two guys working is a typical scenario in every workplace . Heard this directly from management "if we get 3 1/2 hours out of a 8 hour workday we are doing pretty good " that's so pitiful of thinking but it was and is everywhere . SHAME on us to agree with that thinking honestly , you won't find that thinking in most other countries especially in southeast Asia and that's why were sucking wind anymore . Besides nobody can be fired anymore if you have a freaking lawyer especially and we know there are way too many of those blood suckers running rampart filling lazy , stupid , dumbasses heads with sugar plums and such . I'm ranting again gotta stop  , where are my meds .   

[bbgun]

I knew Obama would get them sooner or later.  Cut off their source of credit.

[RogueTS1]

I agree with you OV.

[cfsharry]

Bottom line: Colt managed badly but all bad managers extremely well compensated.
Like what has happened all across this country, Colt workers pay the price for managerial incompetence.  Over the years I have witnessed a lot of companies mismanaged into oblivion.  In most cases the mismanagers are living the good life in their McMansions while their former employees are left adrift. The problem starts at the top. Most Americans don't belong to unions and most never did.  It is not the 'working man' who has caused the problem.

[Tfm]

I'm not sure,  but didn't FN get the military contract because Colt wasn't manufacturing M4's very well, I think FN makes them in the U.S still, but maybe Colt went a bit Remington if you will.

[cfsharry]

Remington, Colt and FN all bid for the 80+ million dollar contract.  FN was the low bidder.  The FN M4, (heavier barrel, better trigger group), is a better built gun than the original Colt M4 but Colt did not lose the contract because of quality problems, just got outbid.

[bud]

Speaking of Colt, last week I got a Colt detective Special made in 1969, never fired, with original box,  2nd generation, which is still brand new. I put it with the one I already had to keep it company. It was my Father in Laws revolver who was a retired State Trooper and passed away in 1984. I also got the box that his S&W masterpiece 38 came in, but no gun, he had to turn it in when he retired.

[cfsharry]

Good grab Bud!

[OV-1D]

  Another good article about the bankruptcy on Investopidia , tells everything from the beginning of Colt till now . The Native Americans might just end up with it wouldn't that be ironic .

[redhawk4]

For Colt to get into this situation they must be run by people who can't even run a bath. With the power of the brand, the  guns they already build, and have built, and the strength of the current firearms market, they can only blame themselves for their current position. Certainly with some half decent business planning under the shelter of Chapter 11 they should be able to get back on the road, but whoever is running the show needs to buck their ideas up.

[OV-1D]

Hasn't everybody figured it out yet ? The same morons that have turned our State of the Union into CRAP are the same morons (thinking wise) that have run most all businesses into the ground , same ego's , same self-centeredness , same mentalities , same take what we can get and run attitudes and the heck with everyone and everything else IT'S EVERYWHERE NOW ADAYS .Ones I.Q. is not a job requirement anymore only that you PLAY BALL with the thieves and as*holes in charge . Seems obesity is cutting off blood flows to the brains at the beltlines now not along putting on a dress tie . The Country of ours is FUC*ED bottom line get use to it , it's over even if we had an actual dictator in power it's over . Theres NO FIXING IT ANYMORE . 

[RogueTS1]

I agree but let us not forget Uncle Sam and his outrageous corporate taxes.

[OV-1D]

  Government gotta get paid for letting them get away with so-called murder . Have to pay those useless Congressmen and Senators off and everyone other leach downstream .

[autofull]

yeah, as an older guy i believe it is all some kinda money making scheme. some corps. actually profit from this type of action.