Colt Teetering On The Brink Of Bankrupcy

[actaeon277]

http://finance.yahoo.com/news/california-tribe-eyes-bid-gun-170029593.html

California tribe eyes bid for gun maker Colt

 

[Hohn]

Enough with the union knocking. Unions are perfectly fine as long as the company and the union are in a contract and in agreement. The only diffenece between union members and nonunion members is that one group decided to hire someone to stand up for them agains big buisness. Union members are super Pro American Products but against sending american jobs overseas and dont support companys ripping off there employees. My union is fine with nonunions as long as they treat there employes fine. In a free market unions are essential to maintain balance between corporations and individuals. Unions supply skilled labor and maintain that a man that learns a trade should be payed for his knowledge instead of hiring some illegal mexican that half a**e** his work. Kirk Freeman do u know any of these union members that work for Colt. Dident think so. Also im sure the union that is repersenting the colt workers is Pro gun since that is there union members job. You probamly shop at walmart where everything is made in china but then dont like us trading with china.

The idea that union is protecting it's members from the business is a complete and utter myth. Union protect their members from non-union member that will work for less. It's that simple. The employer has to have workers either way. Whom will he hire?

It's exactly the same as all the gas stations in town colluding to crank up prices-- protecting themselves against the competition from a cheaper station.

Only with the gas stations, it's illegal. But when the price is that of labor instead of gas, it's "the great thing that built America."

That this myth persists even as lavish union-demanded benefits packages put GM and Chrysler into bankruptcy along with many town and cities is utterly confounding. Are you paying attention to the Illinois public pension crisis? Illinois will be bankrupted by its pension system-- which, since it's a Constitutionally untouchable entitlement (per state Const), is now a mathematical certainty.

The Unions took of their workers-- at least the ones who got into the Ponzi scheme early. The later unionized workers (or just politically disfavored ones like AC Delco/Delphi) will get screwed.

 

[actaeon277]

The idea that union is protecting it's members from the business is a complete and utter myth. Union protect their members from non-union member that will work for less. It's that simple. The employer has to have workers either way. Whom will he hire?

It's exactly the same as all the gas stations in town colluding to crank up prices-- protecting themselves against the competition from a cheaper station.

Only with the gas stations, it's illegal. But when the price is that of labor instead of gas, it's "the great thing that built America."

That this myth persists even as lavish union-demanded benefits packages put GM and Chrysler into bankruptcy along with many town and cities is utterly confounding. Are you paying attention to the Illinois public pension crisis? Illinois will be bankrupted by its pension system-- which, since it's a Constitutionally untouchable entitlement (per state Const), is now a mathematical certainty.

The Unions took of their workers-- at least the ones who got into the Ponzi scheme early. The later unionized workers (or just politically disfavored ones like AC Delco/Delphi) will get screwed.

 

[Arthur Dent]

The idea that union is protecting it's members from the business is a complete and utter myth. Union protect their members from non-union member that will work for less. It's that simple. The employer has to have workers either way. Whom will he hire?

It's exactly the same as all the gas stations in town colluding to crank up prices-- protecting themselves against the competition from a cheaper station.

Only with the gas stations, it's illegal. But when the price is that of labor instead of gas, it's "the great thing that built America."

That this myth persists even as lavish union-demanded benefits packages put GM and Chrysler into bankruptcy along with many town and cities is utterly confounding. Are you paying attention to the Illinois public pension crisis? Illinois will be bankrupted by its pension system-- which, since it's a Constitutionally untouchable entitlement (per state Const), is now a mathematical certainty.

The Unions took of their workers-- at least the ones who got into the Ponzi scheme early. The later unionized workers (or just politically disfavored ones like AC Delco/Delphi) will get screwed.

The domestic automakers put themselves into bankruptcy, except Ford which heavily leveraged itself down to their HQ building and blue oval logo, by building lousy cars when the competition was building what buyers wanted. You can thank unions for a forty hour work week, paid vacation, paid sick time, profit sharing, healthcare, dental, vision care, and safe working environments. You can also thank them for your children not having to work alongside you so you can feed your family.

Instead of complaining about union workers getting paid more with better benefits than you maybe you'd be better served trying to figure out why you are getting so much less.

I'm not even a union worker.

 

[in625shooter]

The domestic automakers put themselves into bankruptcy, except Ford which heavily leveraged itself down to their HQ building and blue oval logo, by building lousy cars when the competition was building what buyers wanted. You can thank unions for a forty hour work week, paid vacation, paid sick time, profit sharing, healthcare, dental, vision care, and safe working environments. You can also thank them for your children not having to work alongside you so you can feed your family.

Instead of complaining about union workers getting paid more with better benefits than you maybe you'd be better served trying to figure out why you are getting so much less.

I'm not even a union worker.

Well said! I will add, (and if anyone believes Unions within Governmental public sector jobs shouldn't that is a whole different thread not argung that just an observation)

I work for the Federal GOV and one thing I learned about the Unions wether a public or in the private sector. The main things Unions do is to protect the process. While sometimes the lazy of the workforce seems to benefit more it has to be a fair process for everyone, They just can't decide "we don't like that guy or gal so we won't say anything". If you ever saw the ego and errogance of middle and upper management within the Federal GOV you would understand it keeps them from imposing unreasonable things to include trying to order employees to violate policy and laws. I have seen it those egos first hand.

Now I have seen the Union have enough of stupidness and lazyness and folks have been given enough rope they have done themselves in with the Union washing their hands of them.

The main issue within the pulic sector of not being able to get rid of problem employees is not that the Union covers them, it is the administrations faluire to properly document and or follow their own proceedures.

 

[BugI02]

Playing fast and loose with pensions is not unique to unions. In the late 90's IBM sought and got permission from the gov't to remove funds from its pension holdings because they were 'overfunded' - the assets exceeded future liability as calculated at that time. This strategy conveniently ignored that banner years in investments are necessary to balance out those years that are less so and average out to a reasonable rate of return. When the 'dot com' bubble burst and markets tanked, IBM would have been required to put approximately $400 million back into the pension plan in order to keep it sound. Instead they terminated the pension plan and foisted the liabilities off on the Pension Benefit Guaranty Corp which left fed.gov paying these folks roughly 50 cents on the dollar for their pensions. And IBM was not hurting for money at the time, they just didn't care about the people who had gotten them to the market leading position they enjoyed. I know for a fact that some professional people (engineers, scientists etc) have entertained the idea of unionizing

 

[Kirk Freeman]

Help from Uncle Sugar, > U.S. DEPARTMENT OF DEFENSE > Contract View

 

[Bfish]

212mil is quite a bit of money!

$212,000,000.00

It looks better that way! Lot's of decimal places!

 

[NyleRN]

But that amount will be split with FN. And I'm sure Colt will not learn their lesson from this. They'll be in the same boat again when this contract is up

 

[churchmouse]

But that amount will be split with FN. And I'm sure Colt will not learn their lesson from this. They'll be in the same boat again when this contract is up

They will rape and pillage those funds. It has been their SOP for a long while.

 

[pudly]

Funding and work location will be determined with each order.

There is nothing there says that it will be split evenly. I doubt Colt sees more than 20% of that money. FN will likely produce most of them and Colt will mostly collect licensing fees for the M4.

 

[jhelm]

I too have heard this several times over the past few years. I can't believe a company such as colt would keep operating along the lines of bankruptcy. What's the real deal?

 

[Arthur Dent]

I too have heard this several times over the past few years. I can't believe a company such as colt would keep operating along the lines of bankruptcy. What's the real deal?

Their parent company is using the Colt name and declining reputation to plunder the company for money with no regard to the future. It's all about immediate returns. Losing military contracts earlier this year forced them into bankruptcy and were taken to court by Morgan Stanley regarding the debt owed to bond holders and other fun financial stuff. Basically at this point they are sucking canal water.

 

[Kirk Freeman]

Well, nuts:

BREAKING: Sciens Default on Loan to Colt, Rocks Bankruptcy Exit - The Firearm Blog

 

[Leadeye]

Sad, I can only hope that shedding the fools running the place will bring this great name back.

 

[Dr.Midnight]

Sad, I can only hope that shedding the fools running the place will bring this great name back.

Agree totally.