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

MiFID2 For U.S. Firms: Key Questions Answered

Feb 27 2017 | 4:54pm ET

The January 2018 deadline for implementation of the EU’s mammoth MiFID2 regulations...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of