Author Topic: Time to Buy Colt  (Read 9887 times)

Solus

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Re: Time to Buy Colt
« Reply #10 on: May 23, 2015, 02:05:34 PM »
Exactly. The company I served my apprenticeship with, and worked 16 years for, was started by the grandfather before the Second World War. The father took it over and built it up with good people into the multi million dollar corporation it became. Then, in the 80's the 2 worthless kids took it over after the old man retired. They closed their doors in 2000. It would have been sooner than that if the old man hadn't come back to fix it 3 times in less than 20 years.

He finally got tired of it, and told them they were on their own. About 5 years later they closed the doors, and auctioned everything off. That company made multi millionaires out of 7 separate families before those stupid kids got a hold of it. Just because your father is a successful businessman doesn't automatically make you one. Yet another good company that proved most family owned corporations die in the 3rd generation.

The company I just retired from is coming up on it's 3rd generation of same family leaders. I'm glad I got the hell out when I did. I just heard from a coworker things are slowing down, and there is talk of layoff's. I've only been gone 5 months.

Only mistake the father made was raising 2 worthless kids...and then handing them the reins to the company.
Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me, give me liberty or give me death!"
—Patrick Henry

"Good intentions will always be pleaded for every assumption of authority. It is hardly too strong to say that the Constitution was made to guard the people against the dangers of good intentions. There are men in all ages who mean to govern well, but they mean to govern. They promise to be good masters, but they mean to be masters."
— Daniel Webster

billt

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Re: Time to Buy Colt
« Reply #11 on: May 23, 2015, 05:01:37 PM »
Only mistake the father made was raising 2 worthless kids...and then handing them the reins to the company.

The sad thing is before all of this happened, he turned down a cash offer from GM to buy the whole company. They wanted to use it for an R&D shop to develop their die cast transmission case molds, which we were making for them at the time. They even agreed to keep everyone employed, and make them part of GM. He turned them down. Now he's turning over in his grave wishing he would have taken the offer. That's what happens when you bet on your not so smart kids instead of cash.

TAB

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Re: Time to Buy Colt
« Reply #12 on: June 01, 2015, 01:13:58 PM »
I never could under stand colts company policies.  by far they make the best preduction wheel guns, yet they stop making them.  yes, I understand quality costs, but I have never met any gun owner that would not spend more on a gun to get  a much better product. 

maybe they are out there, I just have yet to find one. 


PS yes I do know people buy stuff for things like a car gun or a beater, but I have yet to find some one that  has said they like shooting my smith more then my colts.   even my 629 v comp does not hold a candle to my python. 
I always break all the clay pigeons,  some times its even with lead.

alfsauve

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Re: Time to Buy Colt
« Reply #13 on: June 01, 2015, 05:15:12 PM »
....., but I have never met any gun owner that would not spend more on a gun to get  a much better product. 

Hmm, maybe you just hang out with the upper crust of gun owners.   There was a time I wouldn't but have learned the error of my ways.


Quote
... I have yet to find some one that  has said they like shooting my smith more then my colts.   even my 629 v comp does not hold a candle to my python.

Actually there are a number (I won't vouch for their quality) of S&W shooters who have shot Colts and prefer S&W.   Check any number of forums.  Maybe they just haven't had the opportunity to shoot YOUR Python.

A guy next to me at the range let me shoot his Python.  Only fired 2 shots because I didn't like the idea of wearing out a very high priced collectible.  With only 2 shots I couldn't really say, but it wasn't overly impressive.

One problem Colt had was being late to the .44 game.  And with a tight action I don't think they held up with lots of use.  Plus most replacement parts required custom fitting.   And custom fitting was the reason for the high cost.


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TAB

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Re: Time to Buy Colt
« Reply #14 on: June 01, 2015, 07:45:06 PM »
Side by side at the range, not met one yet.  It really is not hype or cost.  Just like a freedom arms sa is  so much better then a ruger, just cost 3x.  The flip side of that is my nylon 66 and marlin model 60 can out shoot a bunch of 1000 1022.

The crowd of gun owners I hang with are mainly retired, so they have extra income.
I always break all the clay pigeons,  some times its even with lead.

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Re: Time to Buy Colt
« Reply #15 on: Today at 01:36:20 PM »

tombogan03884

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Re: Time to Buy Colt
« Reply #15 on: June 02, 2015, 09:32:42 AM »
Colt has been notorious for being over priced for 100 years. Civilian sales have not been their mainstay since the Lightning proved to be a piece of shit.

alfsauve

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Re: Time to Buy Colt
« Reply #16 on: June 10, 2015, 07:38:32 AM »
Latest news from Reuters as of 6/9.   Looks like 6/15 is the next possible bankruptcy date...  unless something happens.

Colt is offering 45cents on the dollar with no equity to bondholders.  Currently only 6% have indicated they'd take the offer.   Sales fell 30% last year but they're predicting a 24% increase this year and next.  Doesn't sound reasonable to me, unless they've got some rabbit they're pulling out of the hat.   Maybe an AR with an internal recoil spring?

"Colt" won't be dead after liquidation.  The brand name has too much value.  Someone will buy it and resurrect the brand.    The question is will it bring enough to pay off the bondholders more than 45%.   I'm think it will.


http://www.reuters.com/article/2015/06/09/us-coltdefense-bankruptcy-idUSKBN0OP1YN20150609
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alfsauve

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Re: Time to Buy Colt
« Reply #17 on: June 14, 2015, 04:43:22 PM »
And so the headline from the WSJ today, 6/14, reads:

Colt Defense set to File for Chapter 11 Bankruptcy Protection Tomorrow

http://www.wsj.com/articles/colt-defense-to-file-for-chapter-11-bankruptcy-protection-by-monday-1434310925?KEYWORDS=colt

You need a subscription to read the whole thing.  Here's a summary from Truth About Guns.

http://www.thetruthaboutguns.com/2015/06/daniel-zimmerman/wsj-colt-to-file-chapter-11-bankruptcy-tomorrow/
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alfsauve

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Re: Time to Buy Colt
« Reply #18 on: June 14, 2015, 05:00:16 PM »
So following through on my suggestion.  Here are 4 SSA's up for auction.  I'  feel that the best value is in the .45 Colt caliber.   There are other calibers up for auction, but I like these four.   Together they would make a great collection.   They represent 1881 through 199x.


From 1881: http://www.rockislandauction.com/viewitem/aid/1025/lid/237

From 1900: http://www.rockislandauction.com/viewitem/aid/1025/lid/263

From 1900: http://www.rockislandauction.com/viewitem/aid/1025/lid/2266

From late 1990s: http://www.rockislandauction.com/viewitem/aid/1025/lid/4868


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alfsauve

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Re: Time to Buy Colt
« Reply #19 on: June 15, 2015, 07:29:25 AM »
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