Cerberus Faces Fresh Protest Over Gunmaker

Sep 25 2013 | 10:08am ET

A group of demonstrators from Newtown, Conn., descended upon Cerberus Capital Management's New York headquarters to push the private-equity firm to make good on a promise it made following the tragic shooting at an elementary school in Newtown last year.

About 50 people, including U.S. Rep. Charles Rangel (D-N.Y.), made the trip to Midtown, where the Newtown Action Alliance hoped to deliver a letter to Cerberus. They were not welcomed into the building.

"They wouldn’t let us in upstairs," NAA's Po Murray told WCBS 880 News. "I don't know why."

Cerberus owns Freedom Group, the gun manufacturer that made the assault rifle used by Adam Lanza to kill 26 people, including 20 children, at the Sandy Hook Elementary School last year. In the wake of the massacre, Cerberus said it would sell the company.

"I'm here to try to remind Cerberus the promise they made and that they're letting my son Jesse down," Neil Heslin, the father of one of the slain first graders, said. "There was a promise made then by Cerberus to sell their interest in Bushmaster."

Cerberus began trying to sell Freedom Group in December, but fears that the circumstances surrounding the move would lead to lowball bids at auction. In April, it was reported that the firm's partners were trying to put together a bidding group to buy the company in which they would remain minority partners.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note