KathleenElsie
New member
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Gov't Attempting to Seize Smith & Wesson
http://jumpinginpools.blogspot.com/2009/04/govt-attempting-to-seize-smith-wesson.html
Marie Llosander
4/29/2009
Seemingly in line with other corporate seizures, the United States government appears to be attempting to gain a majority stake in prominent firearms company Smith & Wesson.
Smith & Wesson, one of the oldest weapons companies in the United States, is currently on sound economic footing. However, a clause in the 2009 Stimulus Bill calls for the federal government to seize industries and companies that are essential to the economy or 'government function.'
The Treasury Department contacted the company in March 2009, asking to buy shares at $10 above market price. However, this offer was sharply rebuffed. Similar offers have been made to Remington.
After this rejection, the Treasury Department has declared that it will use mechanisms in the Stimulus Bill in order to override the corporate decision. Smith & Wesson's board of executives have also been informed that this decision by the Treasury Department could not be appealed to any superior court.
Gov't Attempting to Seize Smith & Wesson
http://jumpinginpools.blogspot.com/2009/04/govt-attempting-to-seize-smith-wesson.html
Marie Llosander
4/29/2009
Seemingly in line with other corporate seizures, the United States government appears to be attempting to gain a majority stake in prominent firearms company Smith & Wesson.
Smith & Wesson, one of the oldest weapons companies in the United States, is currently on sound economic footing. However, a clause in the 2009 Stimulus Bill calls for the federal government to seize industries and companies that are essential to the economy or 'government function.'
The Treasury Department contacted the company in March 2009, asking to buy shares at $10 above market price. However, this offer was sharply rebuffed. Similar offers have been made to Remington.
After this rejection, the Treasury Department has declared that it will use mechanisms in the Stimulus Bill in order to override the corporate decision. Smith & Wesson's board of executives have also been informed that this decision by the Treasury Department could not be appealed to any superior court.