I talked to a guy who was offered the job as Manufacturing Head at Colt, this would have been early 2000's.
I am certain the people had changed since then.
The plant was run down, old equipment, old methods. The owner had been taking the profits out and running the company into the ground.
The Manufacturing guy said it was all the fault of the owner, made the statement the owner did not even like firearms.
Colt's fall goes back much longer back in my opinion. I can see it in their guns. I was able to amass a small collection of Detective Specials (DS). The late 20's, early 30's DS's are wonderful pieces, they still are up to WWII. Lots of little features, knurling, the finish, the polish, internal parts, outstanding. Fifty’s vintage stuff very good, a little less in the 60's. By the time you get to the 70's you have bright shiny DS's, but the internals are sloppy. Previous versions had nicely machined parts. Probably took the fitter a couple of file swipes and the part fitted.
The later internal parts look like they were carved from soap chunks. It is obvious they were handing the fitter big unfinished parts to file to fit.
This tells me that Colt manufacturing equipment had worn out. Their production processes not under control, this problem extended to our Automobile industry at the time. Cars from the 70’s and 80’s were among some of the worst built ever, the guys in the executive suite were all Business Suites from the Harvard Business Management School. These Harvard MBA’s believed that there was no difference in managing a Potato Chips or Computer Chips after all, Chips are Chips. As GM said back then, “Manufacturing builds it, marketing sells it, and customer service makes it work.”
Colt was going through financial problems in the 80’s, they sold off all of their old parts, and assembled some really awful revolvers. I handled, at a local gunstore, a Colt SAA which the cylinder was 45 and the barrel was 38, and it was new from Colt. Maybe the barrel was 45 and the cylinder 38, but the darn thing had left the factory.
Friend of mine bought a series 80 M1911 Colt Target Master. This is the barrel. See the shadow?, that is in between the locking lugs. Colt must have ringed the barrel milling the recess. And they shipped the thing.