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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCalifornia public teachers own 6% of company that makes the Bushmaster .223 rifle
http://finance.fortune.cnn.com/2012/12/17/the-money-behind-the-massacre/?hpt=hp_t2FORTUNE -- Do you know who owns more than a 6% stake in the maker of .223 Bushmaster rifles, like the one used last Friday to murder 20 first graders and seven adults in Newtown, Connecticut? California public schoolteachers.
The company in question is Freedom Group, a privately-held firearms conglomerate formed by private equity and hedge fund group Cerberus Capital Management. Cerberus created the platform in April 2006 via the acquisition of Bushmaster, after which it added another 10 makers of firearms, ammunition and accessories (including Remington, Marlin Arms and Barnes Bullets).
The California State Teachers' Retirement System (CalSTRS) committed to invest a whopping $500 million into a $7.5 billion Cerberus fund that has helped bankroll Freedom Group. That means that it effectively could own a 6.67% stake in the gun maker, which filed to go public in late 2009 before pulling the offering in early 2011. In fact, the figure could be even higher since CalSTRS also committed $100 million to a $1 billion predecessor fund, which likely made the original investment.
The company in question is Freedom Group, a privately-held firearms conglomerate formed by private equity and hedge fund group Cerberus Capital Management. Cerberus created the platform in April 2006 via the acquisition of Bushmaster, after which it added another 10 makers of firearms, ammunition and accessories (including Remington, Marlin Arms and Barnes Bullets).
The California State Teachers' Retirement System (CalSTRS) committed to invest a whopping $500 million into a $7.5 billion Cerberus fund that has helped bankroll Freedom Group. That means that it effectively could own a 6.67% stake in the gun maker, which filed to go public in late 2009 before pulling the offering in early 2011. In fact, the figure could be even higher since CalSTRS also committed $100 million to a $1 billion predecessor fund, which likely made the original investment.
Maybe they should sell their stake.
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California public teachers own 6% of company that makes the Bushmaster .223 rifle (Original Post)
banned from Kos
Dec 2012
OP
Keep their investment and exert their influence to change over to making plowshares.
Loudly
Dec 2012
#2
No they don't. An equity firm hired by their pension fund bought the shares.
proud2BlibKansan
Dec 2012
#5
Recursion
(56,582 posts)1. Divestment is always murkier with holding companies
And I'm pretty sure that's deliberate.
Loudly
(2,436 posts)2. Keep their investment and exert their influence to change over to making plowshares.
ProgressiveProfessor
(22,144 posts)3. versus lets say a Shares United zombie?
Loudly
(2,436 posts)6. Mods, a mentally disturbed gun enthusiast is stalking me.
ProgressiveProfessor
(22,144 posts)7. Is the truth not an ultimate defense...
HiPointDem
(20,729 posts)4. no they don't. "could own" = weasel language.
proud2BlibKansan
(96,793 posts)5. No they don't. An equity firm hired by their pension fund bought the shares.
This is repulsive. You changed the title of the story to make teachers look bad. You think that's helpful?
leftstreet
(40,092 posts)8. Title of your OP is a lie. You should delete n/t
SidDithers
(44,333 posts)9. Cerberus to sell gunmaker Freedom Group after shootings
http://business.financialpost.com/2012/12/18/cerberus-to-sell-gunmaker-freedom-group-after-shootings/?utm_source=dlvr.it&utm_medium=twitter
Looks like the teachers are reviewing their investment policy. That's good.
Sid
U.S. private equity firm Cerberus Capital Management is selling its investment in gunmaker Freedom Group, whose AR 15 rifle was used in a U.S. school massacre last week, following pressure from a major investor.
The California State Teachers’ Retirement System (CalSTRS) said on Monday it was reviewing its investment with Cerberus in the wake of Friday’s shooting in Newtown, Connecticut which claimed 27 lives, including 20 school children.
CalSTRS, the second largest pension fund in the United States, had invested $751.4 million with Cerberus by the end of March 2012, according to its website.
The California State Teachers’ Retirement System (CalSTRS) said on Monday it was reviewing its investment with Cerberus in the wake of Friday’s shooting in Newtown, Connecticut which claimed 27 lives, including 20 school children.
CalSTRS, the second largest pension fund in the United States, had invested $751.4 million with Cerberus by the end of March 2012, according to its website.
Looks like the teachers are reviewing their investment policy. That's good.
Sid