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

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of