The attorneys for the victims families argued that Freedom Groups marketing, with its aggressive slogans and its fetishistic imagery of SWAT teams and Special Forces operators, was a large-scale example of negligent entrustment and that Remington had cultivated a dangerous and uncontrollable demographic with predictable results. The owner was having some cash flow issues, so he sold controlling interest to larger company. Repeated emails warning that the guy wasnt qualified went unheeded, and he immediately set to work trying to untangle AACs books. 21. In Tennessee, Even Abortion to Save a Womans Life May Be Illegal. At Trumps fund-raising dinner at Le Cirque in June, he made the largest political contribution of his life: more than $678,800, split between him and his wife. Freedom Group regularly introduced must-have innovations threaded triangular barrels, polarized scope filters, lightweight polymer stocks and customers rushed to outfit their guns with the latest in firearms tech. 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. They dont know what theyre talking about, and the only thing theyre interested in is making money for themselves. its above the asking price he wants/needs). Over time, Reichert became Feinbergs friend. Youre really comparing ATF compliance (which has been a boon to many FFLs) to selling computers? Investors fled Cerberus. When Adam Lanza shot his mother, Nancy, in her sleep on the morning of December 14, 2012, he used one of her bolt-action rifles, a Savage Mark II. So we called them military enthusiasts., A Billionaires Dreams of Creating a Guns Empire, Rick Scott Is Unfortunately Kind of Right About Novak Djokovic. He later sold the company to Remington Defense, another gun company owned by Freedom Group, but stayed at the helm raking in staggering profits while constantly butting heads with upper management. Anthony DEsposito has a bill to keep Santos, a fellow Republican, from profiting off his lies. The only good news was that Kevin was untouchable unless he committed a felony, or broke company policy. 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. Emily Kohrs didnt do anything wrong, and the medias harsh treatment of the Fulton County foreperson was a gift to Trumps lawyers. . Seems like keeping track of your personal and business property would be a no-brainer.. I have been working on a few designs and would not even need $50,000 to get a working product. Its the investing equivalent of toxic waste. Not something id want my career dependent on. At Blackwater, his instructor was Steve Reichert, a Marine Corps infantryman and decorated war hero who was one of the best marksmen on Earth. Customers, employees, et al can go screw themselves, as theyre completely expendable. [24] AAC also partners with the National Rifle Association in grassroots lobbying efforts to educate voters about firearms legislation. Its play was obvious: roll up small gun companies, centralize management while combining costs and cutting overhead, and then, when the moment was right, sell the conglomerate to the public via an IPO. Remington and Freedom Group manage products for the masses.completely out of line fundamentally with AACs products. The exception was Richard Dyke, who conceded a single point. Further, the actions of Freedom group are on display for all of the AI to see. 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. Because the rim of the cartridge is identical, the same bolt and carrier can be used for both cartridges. So even if Kevin had signed, Remington never did. I still cannot decide if I should buy a 300 Blackout Handi-Rifle or not. Yep. . The opposite of rule of law is anarchy. Well, not partners just Steve Feinberg, he is the partner but between the managing directors, it was a very Eat what you kill mentality.. He is best known for being a member of the band Cinderella. It is only as good or benevolent as the people in it. He wanted Freedom Group money to expand but he wanted to lose none of his control of the business. The issue is that under the original employment agreement, Kevin needed to be issued a written warning and be given an opportunity to fix the problem (over a period of 30 days). Students are such easy targets. It makes no sense. He alienated many of Freedoms top managers and accelerated a program of manufacturing consolidation that centralized production in Remingtons main facility in Ilion, New York. It was the closest victims of gun violence had come since PLCAAs passing to holding a gun company responsible, but in the end, Cerberuss bet that the law would shield its investment turned out to be right. 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. I would have looked at how to replace my personal weapons with new weapons for prototyping. What with the general availability of 20-30 cap mags for accurate semiautomatic weapons its debatable whether even the remaining pool is practically more useful than the much larger pool of ar15s, AKs, FALsetc. There, the acquiring company often has a retention payment for key players to keep them around through the integration. Regardless, short of repealing the NFA, Ownership, manufacture, maintenance, and transfer of such items is a legal nightmare, especially if you want to do it on a corporate level. As for Remington, the last time I had energy to look at its books it was bleeding like a stuck pig. Now the retirees are finding out that they worked for decades at far below the rate that they thought they were getting. Through one subsidiary, it ran the Royal Hawaiian Hotel in Waikiki. It doesnt surprise me that our government would put in place rules/regulations that stifle design and innovation, they do that all the time. If they want you to remain on, work for a set dollar amount per month or year. The only thing he hard from Remington was that he had been fired for cause, which would void his employment agreement and leave him out $4 million. Net Worth in 2021. Via iRealHousewives. Really. Not later, not contingent upon some future issue. 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 . Of course, owning was a questionable term here; by the end of 2015, Remington Outdoor Company was worth less than the debt attached to it, like a house with an underwater mortgage. They are in bed with government (including the odious State of NY) on numerous levels. Jason wanted AAC to be treated like another plant, like Remington or Marlin or Bushmaster, with Remington HQ as the head of operations. As it should be, but it gets complicated when control changes or theres nebulous IP or physical property rights. A big thumbs down to FG/Remington for not insisting that all the FFL/NFA/ownership stuff not be cleaned up prior to closing. I probably would have been better off going to a state school, he said. PLCAA granted gunmakers broad immunity from lawsuits from victims of gun violence. [4], AAC's suppressor lineup includes models suitable for virtually every firearm caliber between .22 Long Rifle and .50 BMG. 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. I can absolutely see why their compliance was a mess. I wonder if Kevin Brittingham would be interested in investing in a line of flamethrowers. By the end of his second day, he was consistently hitting targets from a thousand yards away the equivalent of 11 city blocks. It was also the first time since 2010 that the average net worth of a billionaire dropped - it is now $3.6. Not only is it a complete and total smackdown against Remington, but it was so entertaining that I found myself chuckling at times. He remained on good terms with Feinberg and had only positive things to say about his experience with Cerberus, but he conceded that the firearms side of the business had been a disaster. So one weekend in late 2005, he left behind the Manhattan offices of Cerberus Capital, the private-equity firm hed founded, and his multistory Upper East Side residence, which he was in the process of spending $15 million to renovate, and traveled to Moyock, North Carolina, to the tactical-training facilities of Blackwater, the notorious private military contractor, for a weekend of long-range-firearms instruction. The issue that keeps most people like me out of that market is the paperwork compliance. A fool and his company are soon parted. Internally, business conditions are improving, as Marcotulis cost-cutting fixes have returned the company to profitability. He knew little about guns; his expertise was in high-efficiency manufacturing and building economies of scale. Not long after Feinbergs trip to Blackwater, Cerberuss private-equity arm bought its first firearms manufacturer. If it hadnt been for the unconstitutional gun control insanity, none of this would ever have come up. Reichert obliged, dragging his pupil into the swamps near the Camp LeJeune base. Jamie Reeds shocking account of a clinic mistreating children went viral. MOUNTAIN KHAKIS 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. Reichert agreed, and the two began to discuss a new venture. 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. To pay for stuff. ADVANCED ARMAMENT On the stand, Remingtons own ATF expert testified that the practice was indeed illegal. At 5:00 PM, Jason Schauble sent in his resignation stating I just dont feel that we (fgi) have a fundamental philosophy that I can reconcile with on many levels.. And in return, Remington would provide support with ATF compliance, record keeping, and give them access to Remingtons extensive distribution network. He does YouTube reviews where your product is guaranteed an awesome review. Walgreens Wont Sell Abortion Pills in Red States Even Where Its Legal. Ethically challenged executives and managers are pretty much the standard. This is the second major ethic issue weve seen with Freedom Group that I know of. Notify me of follow-up comments by email. For a horrifyingly long period of time Marlin levergun quality control was bad enough that the end products were fairly described as vaguely gun-shaped objects that should never have shipped. DPMS / Panther Arms Despite the fact, for example, that the big investment banks are paying out billions of dollars to the feds for their unsavory mortgage practices that lead directly to the last recession, he argued that the mortgage brokers and bankers owed no duty at all to the borrowers not to lie to them, not to mislead them, not to falsify loan documents. TAPCO http://finance.townhall.com/columnists/danieljmitchell/2014/01/17/more-amusing-antilibertarian-humor-n1780470/page/full. As the head of Cerberus, he personally owns a controlling, concentrated stake in the firm likely a majority. This email will be used to sign into all New York sites. That is a huge amount of paperwork and possible violation bate. Good luck getting one. I also thought through various replacement options . DAKOTA ARMS 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. Dont look at it as who gets your money. Sales of the R-15 boomed. Among these customers was Nancy Lanza, of Newtown, Connecticut. Hundreds of people violently detained during a protest in the Bronx could receive $21,500 each. Cerberus set out to create it. His name is Kevin Brittingham, the "people's CEO." Brittingham is a name you should know. Theyre great for urban encroachment, said the companys founder, Kevin Brittingham. But theres also heritage, and history. Signing a contract with the word flounder in such a way that it appears as a signature on casual inspection is not an upstanding move either. [1/20/2014 10:38 AM: This post was updated thanks to an interview with Kevin Brittingham. He confirmed via text message that the silencer in question was indeed a Maxim, but he maintains that it was sent by Freedom Group to set him up. Admittedly, Im kind of surprised that somebodys buying 100 silencers a month. It would be like the IRS pulling a kingpin in for tax evasion and then pumping him based on his drug trafficking activities now a days. I cant help but see some fault from Brittingham as well. If you've known Brittingham for any length of time, these names will come as no surprise. Youre dumb, because Im not talking about Remington and I indicated it was a tangent for a reason. My takeaway from this is theres a market for an independent consulting/auditing group that specializes in NFA compliance for small firearms businesses. I expect many of you to do the same. Each part of the description could go in a corresponding column and be searchable. After Bushmaster, Freedom purchased Marlin, a manufacturer of lever-action hunting rifles; Parker, a manufacturer of ornate, collectible shotguns; DPMS, another assault-rifle manufacturer; and the big one, Remington, Americas oldest continuously operated gunmaker, whose .22 caliber hunting rifle had, for generations, served as the young firearms initiates first gun. Remingtons CEO, Tommy Millner, was selected to run the entire group. Yeah if I were him Id never sell, not unless I was getting out of the business altogether. The gun business is almost like a fashion business for men. I think I will avoid both people and their companies and products. One major legal case challenged the NFA, and would have been successful save for a technicality causing the plaintiff to drop/abandoned the action. The target was Bushmaster, one of the leading makers of black guns: highly configurable assault rifles patterned after the military-issue AR-15. Instead, the purchasers tended to be seasoned gun collectors with large arsenals. Check out the CMP where guys have HUNDREDS of PERSONAL M1s etc and they know every SN, part and the freaking throat erosion number. The Biden administrations policy of blocking unvaccinated people from the country continues to make little sense. Feinbergs hunting expeditions were taking him deep into the bush, outside the range of GPS, and he needed instruction in military land navigation. Those who advocate for markets generally want fewer, but strongly enforced laws. 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. Its impolite to call your customers wannabes, said the former Cerberus insider. a stiff corporation has no conscience.. We have estimated Eric Brittingham's net worth , money, salary, income, and assets. [19], In 2016 the BlastOut gives users the ability to redirect muzzle blast forward when shooting unsuppressed. Remington still hadnt paid the full purchase price either, meaning that Kevin was stuck for another few years. This story reads like everybody hearing what they wanted to hear. As 2012 came to a close, Cerberuss gun play was nearly seven years old ripe enough for an exit. Can you name a bullshit free marketer who opposes the sanctity of private contracts? Ruger and Smith & Wesson, Freedom Groups publicly traded competitors, saw their stock prices surge. 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. I also read the entire 117 page judges ruling in the case. The move offered nearly $40 million in state tax incentives, but Freedom Group still struggled. Things you buy through our links may earn Vox Media a commission. One example is the migration of the Activision guys through Microsoft, then into Smith and Tinker (which eventually didnt work, exactly.). Money was mentioned but that seems to have been to build consensus rather than the reason. Great people, period! I really wanted some stuff from AAC. So after this, who still wants a Remington R51? Another option would have been to sell off the most controversial product lines, like Bushmaster, but the centralization of manufacturing made that impossible, too. Wow, AACs operations sound like a Cluster. Throughout the years, Cerberus has owned controlling stakes in dozens of businesses. 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. But there was a problem. Despite these connections, Feinberg regarded himself as a regular guy. So did a former Bushmaster employee I spoke with, whose complaints about Cerberuss conduct sounded, at times, more like complaints about capitalism itself. One of the keys to Feinbergs success was his focus; Trump had the attention span of a mayfly. 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. In late 2013, Freedom Group rebranded, changing its name to Remington Outdoor Company. Kevin Brittingham founded Advanced Armament Corp, which became one of the biggest silencer manufacturers in the world. Despite Remingtons promise to send them support to handle the compliance issues, no help came. Donald Trump Jr. This is what happens when people think they can get away with whatever they want. The 4-Day Week Is for White-collar Workers. MARLIN FIREARMS Having returned to Camp LeJeune in North Carolina to recuperate, Reichert started moonlighting at the Blackwater range as a shooting instructor. According to Kevin these guns all came from the old AAC location and were on the old FFL that was still being used by AAC to do business the guns that were in the process of being transferred to the new AAC and none of them were his personal firearms. And, Remington brand or not, a semi-automatic assault rifle is not an appropriate choice for a first gun, or even a second. 17.5k Followers, 1,349 Following, 3,347 Posts - See Instagram photos and videos from Kevin Brittingham (@kevinbrittingham) As part of the Cerberus sale, the original Bushmaster factory would remain open for at least five years. SIG SAUER welcomes Kevin Brittingham to lead its new SIG-SD Silencer business unit, as well as other special programs within its Military/Law Enforcement development activities. That is, if it hasnt already. I have little sympathy for any of the players. He wasn't really that interested in commercializing it. They were very driven to get to a billion in sales, Dyke said. In 2015, Walmart announced it would no longer carry assault rifles. (Quayle was supposedly still respected in Asia, where Cerberus did a lot of business and where his malapropisms didnt translate.) Even though KB owned the company, his employees and the company werent him legally for purposes of the ATF. Related: 'Real Housewives of Dallas': Did Bravo Fire Former Housewife, LeeAnne Locken? Lazy in wanting some other company to magically make the problem go away, and foolish to relinquish control of his company. However, Kevin was a gun guy. City to Pay Millions to Protesters Kettled by NYPD in 2020. He was joined in this request by the California State Teachers Retirement System, a key Cerberus investor and one of the largest pension funds in the country, which threatened to pull its money from the firm if it didnt divest from its gun investments. [2] Under his direction, AAC grew to be one of the largest suppressor manufacturers in the U.S., including a number of small military contracts. There are no official industry statistics for sales of new guns, but a common proxy used is the number of gun-buyer background checks conducted by the FBI each year. ;-P. I think Ill defer any future purchases of products owned by or associated with Remington or the freedom group. Having said that, Freedomless group tried to pull a dirtbag move and they received the punishment they deserved. The guys buying in insist on a controlling interest, board seats, the charimanship and injecting a new CEO because theyre the boss. This approach was duplicated across a number of other Freedom Group sidelines, including manufacturers of weapon optics, pistol grips, ammunition, even clothing. Remington acted like a giant back of dicks, but it seems like he wasnt running the business solidly before the buyout too. One of the first things it did was cancel the profit-sharing plan. The big companies who are buying you have scads of lawyers on their staff.
kevin brittingham net worth
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