This is only a rumor at this point. There is a rumor that in March 2009 the Fed offered Smith & Wesson $10 over the market price for a majority of their stock.
This offer was rejected by Smith & Wesson. Rumor is that the same type of offer was made to Remington. (Remington is owned by Cerberus – a private investment firm in NYC that is involved in various industries, especially AUTOMOTIVE)
After these rejections, the rumor is that the Fed has declared that it will use mechanisms from the Stimulus/TARP Bill to force it’s way in and over-ride corporate decisions.
Again, this is all a rumor, but wanted it posted.
AI READERS KEEP AN EYE ON THIS. SUBMIT ANY NEWS YOU FIND ON THIS ISSUE.
UPDATE: Click on Read More to view. ~Patriot
Found this at http://jumpinginpools.blogspot.com/2009/04/govt-attempting-to-seize-smith-wesson.html
Seemingly in line with other corporate seizures, the United States government appears to be attempting to gain a majority stake in prominent firearms company Smith & Wesson.
Smith & Wesson, one of the oldest weapons companies in the United States, is currently on sound economic footing. However, a clause in the 2009 Stimulus Bill calls for the federal government to seize industries and companies that are essential to the economy or ‘government function.’
The Treasury Department contacted the company in March 2009, asking to buy shares at $10 above market price. However, this offer was sharply rebuffed. Similar offers have been made to Remington.
After this rejection, the Treasury Department has declared that it will use mechanisms in the Stimulus Bill in order to override the corporate decision. Smith & Wesson’s board of executives have also been informed that this decision by the Treasury Department could not be appealed to any superior court.
I’m not sure why the Feds would do this, I can surmise why but if they want a total uprising by threatening 2nd Amendment rights by trying to control the source then just move forward with this. I’ll believe it when I see it, surely the Government understands the ramifications of this. I’m not buying it right now, methinks someone is starting an Internet rumor. ~Patriot