Profits or not, other private-equity firms, having witnessed an unprecedented revolt from investors, wont touch it. But his victims were able to bring a civil lawsuit against Bushmaster, arguing that the company failed to ensure the weapon wouldnt end up in the hands of criminals. The exception was Richard Dyke, who conceded a single point. But here are the cliff notes: Due to these decisions, the judge ruled that Kevin had been terminated without cause and was due every cent of the damages that he demanded: somewhere around $14 million plus lawyer fees and interest. Scummy business practices that too many companies engage in these days, and why I cant side with the bullshit free marketeers who want places like that to have no laws or regulations controlling their bullshit. I disagree with your assertion that bullshit free marketers want no laws. Its not clear whether Remington and Freedom Group realized that Kevin hadnt signed the document or if Kevin had tried to dupe them but either way he came back to work, accepted the lower pay, and kept right on trucking. Eric Brittingham was born in Salisbury, Maryland in May 1960. Normally the ad cost for an Instagram ad post is based on the number of followers on the account. No wonder Barnes blacktips are so expensive. Theyll do what they have to do to survive, just like Garbage Motors did. Despite the hype about Ron DeSantis surging past Donald Trump, both Republicans look unusually strong at this early stage of the presidential race. Now add FG, who is coming in, buying the company with the two FFLs, and which may be taking possession of some of those NFA itemsand you have a huge problem. 2. REMINGTON LE Dont do that. With the help of some decent legal counsel, hell continue to be an innovator, and he won his case against corporate big wig a$$holes. Freedom Groups customers were buying, often at a premium, field-tested military gear. At Blackwater, his instructor was Steve Reichert, a Marine Corps infantryman and decorated war hero who was one of the best marksmen on Earth. They even went so far as to give silencers to people who had an AAC logo tattooed on their bodies, a marketing campaign that was so successful that they sunk a quarter million dollars into it before it ended. Freedom Group used its integrated brand portfolio as leverage. The owner was having some cash flow issues, so he sold controlling interest to larger company. Kevin wanted silencers to be mainstream, and getting Remington to start marketing silencers would be a major step forward. Successful companies are purchased by larger ones. It currently owns the Albertsons supermarket empire and previously owned the Alamo and National car-rental chains. It was easy to imagine these well-armed individuals as doomsday preppers or anti-government fanatics, but the reality, one former Cerberus insider suggested, was mundane. [4], AAC's suppressor lineup includes models suitable for virtually every firearm caliber between .22 Long Rifle and .50 BMG. So after this, who still wants a Remington R51? You are trading complete ownership of a pie you cant make work, for a slice of a pie someone else thinks *they can* make work. Its like handbags for women.. And as everybody knows, a stiff corporation has no conscience. Cerberus manages an enormous amount of money more than $30 billion from several floors in a midtown office building on 52nd Street and Third Avenue. My choices of suppressors is getting short. [8], In 2011, AAC was awarded a $14,201,731 contract for the muzzle brakes that they produce known as the "Brakeout". The former VP has an extremely narrow path to viability in 2024. (Personal reasons. 2 years later, hes fired from his own company, and she cant understand how. The idea was that Remington would either purchase those guns later or get some replacements, but in the meantime Kevins stash would remain in the shop and fuel the development of new products. I never mentioned Remington, ING did. That part of the case could easily have gone the other way. As of 2020, Kary Brittingham's net worth is close to $1.5 million. Kevin Brittingham doesn't mess around, announcing a 1 March launch of his new brand. In reality the $200 stamp was a near defacto ban on new ownership. Silencers turn shooting more into golf.. . But Scott Blackwell at Freedom Group told him in no uncertain terms that AAC would remain a separate entity.. Their scarcity has driven a level of cultural acceptance of their restriction. They certainly didnt. The business deal would have worked fine, and theyd have all lived happily ever after. These dimensions allow the 300 AAC Blackout to be used in existing magazines designed for M16 or AR-15 rifles. After the sale, things went south quickly. I was going to name Barrack Obama, then I noticed the bullshit free marketer clause and realized he was not appropriate. The city threw out a Democratic mayor for the first time in decades. 2024 Polls Show DeSantis Cant Easily Knock Out Trump. . The big companies who are buying you have scads of lawyers on their staff. Surveys estimated that somewhere between 20 and 30 percent of Americans owned guns, but usually just one or two. Its a great compact rifle, especially shooting suppressed! Having once sought a billion dollars for its investment, Freedom was, according to insiders, now internally valued at just $400 million. Tier 1 Group was profitable, but its sales maxed out at around $15 million annually a fraction of a percent of Cerberuss total business. In the comments, shed posed the question: Who is my dad.???????. At some point, he is no longer considered to be in control of/owning that silencer. He had had enough of Kevin, and figured that Kevin didnt deserve the $4 million that was coming to him. ;-P. I think Ill defer any future purchases of products owned by or associated with Remington or the freedom group. Look, I grew up in rural America, he said. TAPCO He should name this new company Amalgamated Flounder. [21], AAC has been instrumental in forming the American Silencer Association (ASA), a nonprofit trade association "to further the pursuit of education, public relations, legislation, hunting applications and military applications for the silencer industry". Youre really comparing ATF compliance (which has been a boon to many FFLs) to selling computers? This is what happens when people think they can get away with whatever they want. So, too, did every other gun-industry executive I spoke with. It Sure Doesnt Seem Like Havana Syndrome Is Russias Fault. Big promises were made, but without a real requirement to pay as they go all the various governments and corporations simply did not pay. The buyout was doomed from the beginning. Kevin never signed the new agreement, and Freedom Group should have known better than to consider the word flounder as Kevins official signature on an important document. In the meantime, AAC continued to use their pre-sale FFLs to conduct business while Freedom Group obtained a new one for the new AAC, and even after the new FFL was in place the existing stocks of guns and ammo that had been agreed upon as part of the sale remained in the old FFLs bound books. Honestly the revenue and sale of business dollars here are at the bottom end of business. That is, if it hasnt already. Before he went into the gun business, before he started buying assault-rifle manufacturers, before he expanded into scopes and silencers, before he rolled up 18 of Americas most lethal companies into a single conglomerate, before he funded a private military base, before the massacre, before the investor revolt, before the recalls and the product defects and the bad press and the lawsuits before any of that could happen Stephen Feinberg, the billionaire financier, had to perfect his shooting technique. Thats why you are generating profit. No, you never, ever do this. . I can absolutely see why their compliance was a mess. Ill wait on getting any NFA items until the law is repealed or invalidated. Kevin Brittingham: In the 24 hours after we put it on the website for retail, we sold 600 of them. Join Facebook to connect with Kevin Brittingham and others you may know. When youre transferring a fairly large amount of machine guns from three seperate FFLs dependent on set dates of the sale, some of which are private owned and on site at times and not at other times, every time it changes possession every move that needs to be recorded, but theres photoshoots, testing, etc often. Throw into that confusion the fact that the R&D department was using some of Kevins personal firearms as design aides and you can see where there was a lot of potential for disaster.. Tracking the name, title, department, location(s) etc of some 5000+ people is certainly larger in scope than a collection of even several hundred firearms and accessories. These companies tried to screw him over but it didnt work. It is the same company. But Scott Blackwell at Freedom Group told him in no uncertain terms that AAC would remain a separate entity. . At that distance, he couldnt just aim his weapon at the target; he had to lob the bullet like an artillery shell. Feinberg was good at that, Reichert said. 3. [24] AAC also partners with the National Rifle Association in grassroots lobbying efforts to educate voters about firearms legislation. Got a quote from Remingtons web site or one of their executives? As far as maintaining a list of serial #s, descriptions, and ownership there shouldnt be any difference. Although the U.S. governments 2009 automotive-industry bailout forced Cerberus to devalue its holdings in the two firms, Cerberus was able to salvage what could have been a total loss. FGIs management are not gun guys. Theyre a bunch of Wall Street parasites. On December 20th Kevin stayed late after a full day of work, disabled the main security camera, and removed all of the personal items that he could get his hands on. I still want a pre-Remington marlin 336, though. Over time, Reichert became Feinbergs friend. Shall not be infringed seems pretty straight forward from a pro-2a standpoint. Remy, Freedom group, whoever has 18million reasons not to pay him and spend at least half that money on lawyers to try and keep from paying him. Prosecutors would grab them in possession of non stamped weapons and then build the rest of their caseor that was the theory anyway. Silencerco I hope you guys are listening.. He still is a gun guy. Judges Ruling Reveals the Truth About Kevin Brittingham and Freedom Group, Mayors Against Illegal Guns Deletes Member List from Website, http://thetruthaboutguns.com/author/foghorn/, Were Sorry to Inform the Gun Control Industry That Americans Bought Another 1.3 Million Firearms in February, State, Federal Lawmakers Trying to Put the Brakes On Credit Card Companies Tracking Firearm Purchases, Brownells Giving Away $12,000 in Guns and Gear to Celebrate Their New Site Redesign, http://www.youtube.com/watch?v=7QDv4sYwjO0, http://finance.townhall.com/columnists/danieljmitchell/2014/01/17/more-amusing-antilibertarian-humor-n1780470/page/full. Brittinghams mistake, along with cutting a deal with jerks, is orchestrating a sale when he wanted a cash infusion & channel resale relationship. Anyone who has been around small businesses knows that they are hornets nest of incompetence, greed and outright fraud. 4. This will cost money. I havent seen too many buyouts turn out well and this is one of them. I cant rattle off specific cases and dates without some research. Great googly moogly I dont think even the most gossip-skilled teenager girl could follow that mess! Jason wanted AAC to be treated like another plant, like Remington or Marlin or Bushmaster, with Remington HQ as the head of operations. Matter of fact most of the gun industry is pretty much Tonys Car Repair stuff. But dont think for a minute theyre strong defenders of classical markets. Although the PLCAA granted immunity from lawsuits of this type, lawmakers had left an exception: negligent entrustment. This term referred to the rights of victims to sue gun dealers who had sold weapons irresponsibly say, to a customer who was obviously drunk or homicidal. They made something, made it well, and EARNED every penny, WHILE treating their employees very well. The taxed portion goes into my pocket, the rest is paid to various funds and accounts that cover health, dental, retirement, etc. On a separate floor is the private-equity group. [25], Integrally suppressed rimfire firearms (discontinued), Last edited on 16 February 2023, at 06:54, Naval Surface Warfare Center Crane Division, "Freedom Group, Inc. Forms Office of the Chief Executive Officer", https://cdn0.thetruthaboutguns.com/wp-content/uploads/2020/09/27092020123649821_1231_20202709124853872.pdf, "Hanna Announces Remington Receives $80 Million Contract", Army's XM2010 sniper rifle gets full fielding, "The Quiet Continues: Suppressed Pistols", "Advanced Armament Corp Awarded Contract for Family of Muzzle Brakes", "300 AAC Blackout, New Caliber, New Mission", "Frank Girardot: It's Time to Get One of Those "I Voted" Stickers", https://en.wikipedia.org/w/index.php?title=Advanced_Armament_Corporation&oldid=1139661252. Kevin Brittingham was quoted as saying he hoped FG jacked him around until the money went to his grandkids, because they are required to pay 9% interest on it. The smaller the niche a small company operates in (in this case, silencers), the more reason to remain small and independent. We will check for: DUIs Traffic Tickets Misdemeanors The Californians have been booted from Frogmore Cottage because the king (or the character invented by the U.K. press) has had enough of their abuse. No insult intended to Brittingham, but I suspect he would have preferred to have done things differently and avoided all of this in hindsight. The conclusion of the decision is pretty awesome to read, and I recommend you do it in full. The intent of the law was to get bad people off the streetsin theory. This might well save you lots of money later. It runs through Iowa following the course set by Huckabee, Santorum, and Cruz. However, even if they came out with a longer barreled version to make it Canada compliant I would not buy it now knowing what FGI has done. Remington is corporatist. Protection of Lawful Commerce in Arms Act, Do Not Sell or Share My Personal Information. My personal thought is that the longer a law stays on the books, the more paperwork gets dropped on the issue, the more government gets vested in the idea, the harder it is to get rid of this sort of thing. That marketing was the focus of the lawsuit brought against Remington by the victims of Sandy Hook. And this is just one company, the company I work for is even worse at violating laws and regulations. NEWINGTON, N.H. (February 17, 2014) SIG SAUER is proud to announce that Kevin Brittingham and Lindsay Bunch are joining its staff, adding decades of product design, R&D, and military experience. If only I were qualified and had the money/contacts to form such a company. As the head of Cerberus, he personally owns a controlling, concentrated stake in the firm likely a majority. The issue that keeps most people like me out of that market is the paperwork compliance. Of course, it had wanted to do that all along. Jeff Cooper and others have made strong arguments for the idea that aimed semiautomatic fire is more dangerous and desirable than burst or full auto save very limited situations like suppressing fire. You explained it a lot better than I did on another post up a bit lol. Another option would have been to sell off the most controversial product lines, like Bushmaster, but the centralization of manufacturing made that impossible, too. I dont think so, but its your sandbox, so your call.). Via iRealHousewives. The 42-year-old multimillionaire started selling guns when he was in high school, opened an NFA shop selling silencers, and then incorporated Advanced Armament Corporation when he was 19. . Despite his success with Freedom Group, 2008 was a bad year for Feinberg. Theres nothing wrong with some post-closing inventive payments, so long as Seller is ok with the fact that he might not see a dime of it (i.e. Sales of the R-15 boomed. My takeaway from this is theres a market for an independent consulting/auditing group that specializes in NFA compliance for small firearms businesses. A catalyst was the Protection of Lawful Commerce in Arms Act, pushed by NRA lobbyists and passed by a Republican-controlled Congress in 2005. During the flood of grief that followed, an outcry erupted directed at Cerberus, Remington, and Bushmaster. The US Navy Special Warfare Group approached us shortly after Remington had purchased Advanced Armament from me. My what a tangled web we weave. The gun cultures objection to conglomeration was reminiscent of objections Id once heard from conscious consumers when Unilever had purchased Ben & Jerrys. Agreed. Now add to this the fact that the company is manufacturing NFA items for two different FFLs and were talking about epic amounts of paperworkhundreds of NFA items being made each month, not including what was being done in R&D. Class 2 and 3 weapons are strictly trackedyou have to file paperwork to transport them most of the time, to sell them, to buy them, and to transfer them into a trust/company/FFL holder, and thats assuming that your state allows ownership in the first place. To compare anything thats done in regards to NFA items, to selling computers is just asinine. MARLIN FIREARMS For founders of small companies, get a lawyer. Unions arent perfect, but as a member of a construction trade union all of my benefits are rolled into one hourly rate that the contractor pays. Kevin Brittingham founded Advanced Armament Corp, which became one of the biggest silencer manufacturers in the world. Kary admitted to fellow castmate, Brandi Redmond that without her husband, Eduardo Brittingham, she would not have much to . Your continuing to work for a company that is no longer yours is a completely different matter than the buy-out price of the existing company at the point where ownership and control is transferred to the buyer. [5], The company's Titan-QD Fast-Attach suppressor is used on the US Army's M2010 Enhanced Sniper Rifle and the Remington MSR (Modular Sniper Rifle). . Pending. (You can probably guess how I feel about this assumption.) One example is the migration of the Activision guys through Microsoft, then into Smith and Tinker (which eventually didnt work, exactly.). I did as much with 15mins of free online tutorials and a couple hours of company time while working in a corporate mailroom years ago. Centerfire rifle suppressors include the M4-2000 (used by numerous military units including the Navy SEALs), 762-SDN-6, SR series, and Cyclone (for .30 caliber precision rifles). The final court decision has been issued in the case of Kevin Brittinghams lawsuit against Freedom Group and Remington over his sudden firing a couple years back, and its a way better read than I expected. This is the second major ethic issue weve seen with Freedom Group that I know of. I can paint the outline in broad strokes though. Any contract that calls for payment to the seller on the come provides an incentive for the buyer to jack with the seller. Selling a gun that was an original Bushmaster in all but name, the new company grew to $65 million in sales in less than five years. The gun business is almost like a fashion business for men. Kevin Brittingham is a rebel in an industry that is increasingly corporate in nature. Buyer beware may be the law of the capitalism jungle, but society also understands the need for social contracts that allow individuals and businesses to function with a reasonable expectation that what they pay for is what they get without expending all of their energy on investigation and asset protection. Libertarian Humor: were clearly treating this as an owned property, another plant in their portfolio, with Brittingham another employee. H&R 1871 Ruger and Smith & Wesson, Freedom Groups publicly traded competitors, saw their stock prices surge. Who was buying them? Echoing Reichert, Nardelli said that Steve saw this as a huge patriotic opportunity, in addition to a great investment. Nardelli was wrong. Schauble won a number of military contracts for Remington Defense and helped negotiate the purchase of Advanced Armaments Corporation, a start-up manufacturer of gun silencers. He spoke quietly, patiently, in a gentle New York accent. But hed left the ROTC before graduation and landed a job on Wall Street, trading securities for Drexel Burnham Lambert, the pioneer of the junk bond. In 1999, he had appointed Vice-President Dan Quayle chairman of the global divisions of his firm, despite Quayles confessed lack of business experience. 17.5k Followers, 1,349 Following, 3,347 Posts - See Instagram photos and videos from Kevin Brittingham (@kevinbrittingham) Now Im looking at other options. But revenue remains soft in a market still saturated by the assault-rifle-buying frenzy of 2013, and Remington, in a tacit acknowledgment of its critics, has abandoned the kind of combat-oriented marketing imagery that so excited its customers. Freedom Group and Remington had conspired to find a way to fire Kevin in order to save $4 to $8 million that he was due as performance incentives and pay.. Guys screwing over each other for peanuts. I have researched our Plan B options with APA, old employment agreements, new employment agreements, term sheets with probation statements, etc and can give you the bottom line tomorrow . He envisions a company with 50 people run with real leadership. Well what experience do you have building and running a tech company? *This article appears in the November 14, 2016, issue of New York Magazine. View the profiles of people named Kevin Brittingham. The guys buying in insist on a controlling interest, board seats, the charimanship and injecting a new CEO because theyre the boss. And they were ignored. . The boom was short-lived: The 2014 rollout of a new pistol, the Remington R51, was a disaster an unreliable shooter with serious production flaws, the R51 was the Galaxy Note of the firearms industry, and Remington ended up recalling the guns. Really. From 2006 to 2013, that number doubled from 10 million checks to over 21 million. But months later when the list made its way to Freedom Groups headquarters, they took it as gospel that the guns in the Kevin pile were all actually Kevins guns, did no further fact checking, and decided to fire him without notice. Those who advocate for markets generally want fewer, but strongly enforced laws. He claims that one of the AAC employees brought them over and that he wasnt even present for the photo shoot. Read Full Summary Public Private Court, Arrest or Criminal Records Check Full Reputation Profile to see if Kevin has court, arrest, criminal or conviction records. The terms of his contract were that he would be an employee of the new AAC and retain control of that autonomous entity, and if he hit his performance metrics and was still employed come January of 2015 hed be given an extra $4 million over the $10 million purchase price. We have estimated Eric Brittingham's net worth , money, salary, income, and assets. It was its most profitable year. He then discarded this gun and prepared for a tactical assault, arming himself with two pistols, a shotgun, and her Bushmaster assault rifle, along with ten 30-round magazines. Their aggregate net worth was $6.48 trillion, $570 billion less than last year. http://www.youtube.com/watch?v=7QDv4sYwjO0, Ill see that and raise you these: We were a good 5k into an area, when my aspiring student lollygagged right into the path of one of the largest cottonmouth snakes I have seen, Reichert wrote in an account of the trip. Theres nothing intrinsically technically difficult about SBRs, suppressors, etc. As in, why should there be any problem whatsoever with a company using a personal possession to facilitate R&D? Throughout the years, Cerberus has owned controlling stakes in dozens of businesses. Early Life And Career Of Eric Brittingham Eric was born on 8th May 1960 in Maryland. They didnt care about any of that.. free markets cannot operate without the law of contract. When some buyer of your company says that their back-office IT systems can benefit you, thats a sure sign that theyre going to quash your culture. but the lack of evidence to support Freedom Groups assertion that the guns were Kevins makes it a moot point.. He had contributed to numerous Republican political campaigns. The move offered nearly $40 million in state tax incentives, but Freedom Group still struggled. Biden Chooses Crime Messaging Over D.C. Home Rule. Keeping yourself legal, when your entire revenue relies off it should be top priority, instead of relying on another company to do hopefully do it. Facebook gives people the. I really, really like that quote. The sale landed Juan and Robert on The Forbes 400 as a family entry with a combined net worth of about half a billion dollars. For several values of they, as we say in the nerd-pool. Im kinda leery of both of them know. Dr. Brittingham currently teaches the elective courses 420.628 Ecology and Management of Wetlands and 420.625 Ecology and Management of Estuarine Systems. Ive skipped over a lot of detail. Concentrated into a smaller demographic were the serial gun purchasers, a hard core of about 3 percent of the U.S. population. Money was mentioned but that seems to have been to build consensus rather than the reason. Nevertheless, even before it could be determined whether this was Kevins personal silencer or if it was for R&D at the company, Kevin was suspended. Vish Burra, the congressmans director of operations, met me on Staten Island to explain the plan to make Santos president? So, say he leaves a pre-ban m16 on premises and an employee begins testing a new silencer design on the gun. The problem was not anticipating these problems and accounting for them enough. On the dotted line of that agreement he signed only the word flounder. According to Kevin that was written in the title box, as Kevin had had his title changed from president to founder, but he doesnt remember writing it. The judge described it as an act of defiance and not a binding signature. Among these customers was Nancy Lanza, of Newtown, Connecticut. Feinbergs hunting expeditions were taking him deep into the bush, outside the range of GPS, and he needed instruction in military land navigation. You should make the effort to get at least one hot-shot lawyer on your side. The judge didnt find Kevins testimony credible on that point, but the lack of evidence to support Freedom Groups assertion that the guns were Kevins makes it a moot point. The 4-Day Week Is for White-collar Workers. Ive seen it happen with a number of FFLs and that was with less of a clusterfck and much less going on. Wealthy and free, actually. The law even states you cant make someone sign an agreement to forfeit it. Or in my prior life work in LE at Customs brokerage? To make the deal work, Remington would purchase AACs gear lock, stock, and barrel and transfer it to a new Remington-owned entity. Notify me of follow-up comments by email. Since day one, Kevin had used his personal gun collection in the design and development of the companys silencers. a stiff corporation has no conscience.. Feinberg picked Trump. This kind of organizational nonsense will come out in the products eventually.
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