Remington dismantlement described

[Crosshair]

Remington 710. Remington’s version of IBM’s ill-fated “PC Junior.” But I date myself.

Back when upgrading your computer would frequently involve a soldering iron.

 

[3Crows]

There is no Mr. Ruger.

Actually I know that, he is passed, I am speaking of the company as a corporate individual. Really?

 

[3Crows]

anyone who owns a Ruger revolver and a Marlin lever reads this and thinks it's fantastic news. I can't think of a better place for Marlin to end up. Kind of scratching my head over how anyone could think this would be anything but a step back in the right direction for Marlin

Because Ruger may try to improve what does not need improving or give us investment cast receivers or improve the safety by putting a transfer bar in there instead of a half-cock. I would have rather seen Savage with Marlin but Ruger could be a good owner, just have to see if they can just build a Marlin as a Marlin as they have been.

 

[DocRock]

Because Ruger may try to improve what does not need improving or give us investment cast receivers or improve the safety by putting a transfer bar in there instead of a half-cock. I would have rather seen Savage with Marlin but Ruger could be a good owner, just have to see if they can just build a Marlin as a Marlin as they have been.

The "Marlin Safety" was replaced with an ugly crossbolt safety 38 years ago....

 

[sisyphus]

Because Ruger may try to improve what does not need improving or give us investment cast receivers or improve the safety by putting a transfer bar in there instead of a half-cock.

hey if Ruger wants to remove that manual safety and insert a transfer bar instead I'm all for it

 

[earlthegoat2]

I’d be ok with a transfer bar instead of the cross bolt. Truthfully, I don’t mind the cross bolt now that I have a bit of experience with them.

 

[d2wing]

Sad that gun companies are owned by investment companies instead of gun people. I wouldn't be surprized to learn that our gun industry is secretly owned by Chinese Communists with the money we paid for substandard goods.

 

[chicharrones]

1894 in 7.62x39 that takes Mini-30 magazines.

I'm trying to envision that a little. Supposing it would even still resemble an 1894, what to do with the under barrel tube? Remove it altogether or put a cleaning kit in it like an FR8 rifle?

View attachment 945547

 

[Old Dog]

Sturm, Ruger & Company, Inc. as the Successful Bidder pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit H with respect to the Marlin Firearms Business; and Long Range Acquisition LLC as the Backup Bidder thereto pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit I with respect to the Marlin Firearms Business;

Frickin' great. More cast parts and MIM in new Marlins. Guess that means if you see a JM rifle on the used market you'd better buy it immediately.

 

[earlthegoat2]

This is the first I’ve heard of displeasure with Ruger’s investment castings. Just not like the old ways or is it truly inferior?

 

[danez71]

Ruger meets marlin... PC carbine meets Camp 9. This is going to get interesting. A sad note though... a classic will die. Which one though? Marlin 60 or Ruger 10/22. It makes no sense to compete head to head with yourself.

I don't think the 60 is going away.... it makes sense to keep both going.

If you discontinue the 60, half of the buyers will go Ruger and the other half will buy something else.

I would expect the price of the 60 to increase a little bit to close the price gap a tad. Just my hunch.

 

[danez71]

I’d be ok with a transfer bar instead of the cross bolt. Truthfully, I don’t mind the cross bolt now that I have a bit of experience with them.

Having grown up on a 10/22, I prefer them

 

[troy fairweather]

I always wanted to put a rem14/141 spiral tube on a marlin, to bad ruger didn't get Remington to make that happen. The a lever in 7.62x39 would be viable and look good with out a mag hanging out.

 

[Varminterror]

Frickin' great. More cast parts and MIM in new Marlins. Guess that means if you see a JM rifle on the used market you'd better buy it immediately.

At least you are true to your pseudonym...

 

[lysanderxiii]

As I mentioned in a post above, the outfit named "Roundhill Group, LLC" is not the real estate company that was linked to in the news articles. Lazy journalists simply linked to the first company that came up in a google search with a related name.

I do not know what the final result will be a year or so down the road, but as part of their purchase agreement, Roundhill Group is required to offer jobs to 200 union workers in Ilion, NY within 75 days of the closing of the sale. They are also required to put up $2million for "capital improvements and modernization costs of the Ilion, New York facility..." That money could also be spent on salaries, wages and benefits for workers at that location. Perhaps after all of that, the facility may still be closed, employees laid off, and all remaining arms ground to dust. But I would bet not.

Sorry, but the Roundhill Group LLC is a property investment firm located in Virgina, and they bought the following Ilion and Tennessee facilities and the brands associated with those locations for $13 million.:

Gun Factory
14 Hoefler Avenue1 Ilion, NY 13357

Steam Plant Parcel
Accessible via Commerce Street, Ilion, NY 13357

Handgun Barrel Factory 5900 Highway 321 North Lenoir City, TN 37771

Auxiliary Property 6035 Hwy 321
Lenoir City, TN 37771


ARTICLE 2. CONSIDERATION

Section 2.1 Consideration. The aggregate consideration for the sale and transfer to Buyer of the Acquired Assets (the “Purchase Price”) shall be:

(a) Thirteen Million United States Dollars (US $13,000,000.00) (the “Gross Closing Cash Payment”), to be adjusted pursuant to Section 2.2(b), and paid and delivered in accordance with Section 3.3(a); and

(b) assumption of the Assumed Liabilities.

(https://wibx950.com/preliminary-details-of-remington-bankruptcy-has-ilion-worried/)


It should be noted that the idea of converting or re-purposing the buildings to other uses would not make much sense as their locations aren't all that favorable, and if you take away the jobs at Remington at Ilion, and there is little point in living in Ilion. Same goes for the Tennessee location,

 

[mcb]

In 2015 Remington had a revenue of over $800 million making a profit of just over $190 million. It sells at auction last week for ~$160 million (adding everything up).

 

[Slater]

Hey, that Remington 783 gathering dust on the local store's shelf might be a collector's item now

 

[Varminterror]

It should be noted that the idea of converting or re-purposing the buildings to other uses would not make much sense as their locations aren't all that favorable, and if you take away the jobs at Remington at Ilion, and there is little point in living in Ilion. Same goes for the Tennessee location,

It should also be noted, manufacturing firearms by any company in New York State isn’t all that favorable, and there is little point in investing in a facility to do so there.

With considerable experience in industrial business valuation, asset valuation, and production facility design and construction, after viewing as little as the online photos of the facilities, I’m not convinced $13m is a reasonable going-concern bid for the business, while it is relatively representative for an asset liquidation/acquisition bid. I’d love to be wrong in this and would LOVE to see proper stewards take over manufacturing of the Rem 700/870/1187, but frankly, even if I AM wrong and this IS an intent to continue manufacturing, we’re still looking at a non-firearms focused investment group holding the reins, which has not proven to be fruitful for many years over multiple companies.

 

[Varminterror]

In 2015 Remington had a revenue of over 8$00 million making a profit of just over $190 million. It sells at auction last week for ~$160 million (adding everything up).

And reminding, the Navajo Nation bid during the 2018 bankruptcy was $500million...

How secure is our money - our Nation’s economy - when JP Morgan effectively devalued a market leading company by ~$350 million in just two short years...?

 

[mcb]

And reminding, the Navajo Nation bid during the 2018 bankruptcy was $500million...

How secure is our money - our Nation’s economy - when JP Morgan effectively devalued a market leading company by ~$350 million in just two short years...?

And if you don't think this was done on purpose the current (last) CEO of Remington that only started his job in in June of 2019 got a $250,000 bonus for this fine work, as disclosed in the Bankruptcy documents. Put the coup de grace on a 200+ year old gun company and get a 1/4 million dollar bonus.

The purchase of Remington (firearms) by this Roundhill also looks very shady the more you look at the details.

 

[lysanderxiii]

It should also be noted, manufacturing firearms by any company in New York State isn’t all that favorable, and there is little point in investing in a facility to do so there.

With considerable experience in industrial business valuation, asset valuation, and production facility design and construction, after viewing as little as the online photos of the facilities, I’m not convinced $13m is a reasonable going-concern bid for the business, while it is relatively representative for an asset liquidation/acquisition bid. I’d love to be wrong in this and would LOVE to see proper stewards take over manufacturing of the Rem 700/870/1187, but frankly, even if I AM wrong and this IS an intent to continue manufacturing, we’re still looking at a non-firearms focused investment group holding the reins, which has not proven to be fruitful for many years over multiple companies.

I feel their intent is to sell off the physical assets of the Ilion and Tennessee plants and the Remington name and any IP later. Depending on what the liabilities are, that might be the only way to make any money off the deal.

 

[Varminterror]

I feel their intent is to sell off the physical assets of the Ilion and Tennessee plants and the Remington name and any IP later. Depending on what the liabilities are, that might be the only way to make any money off the deal.

As do I, as I have stated multiple times in this thread. I’m convinced it was a liquidation bid, not a going concern acquisition. I remain hopeful I am wrong.

 

[dranrab]

Ruger building Marlin lever guns. You have my attention.

.

Me too. I have a hunch Ruger will be just as good at getting them right after the customer sends them back for repairs.

 

[theotherwaldo]

As do I, as I have stated multiple times in this thread. I’m convinced it was a liquidation bid, not a going concern acquisition. I remain hopeful I am wrong.

Lessee:
You're trying to cleanse your state of those awful gun manufacturers.
You could expend millions of dollars buying anti-gun ads and supporting anti-gun politicians and take a loss on all fronts
- or -
You could buy up and liquidate one of the last gun-production facilities in your state and probably make a profit while becoming the hero of anti-gunners.

Hmmm... .

 

[climbnjump]

Sorry, but the Roundhill Group LLC is a property investment firm located in Virgina,

Um, no. The "Roundhill Group, LLC" is not the "Round Hill Group, LLC" (which DOES have an address in Virginia).

If you continue with the court doc, you will see that the corporate contact for Roundhill Group, LLC is an address that resolves to a law office in Ft. Lauderdale, FL. This company was setup in August of 2019 and has no current operations. Or at least I couldn't find any. If you CAN, that would be great as I'd like to know also. But in any case, we'll probably find out in a week or so as there will be a press release with the final details of the various deals.