Here is the latest:
Alabama-based Manroy USA bid $4.95 million for the company's assets, more than double what it offered last month in a bank-sponsored sale that was later invalidated by Sabre's bankruptcy filing. Connecticut-based Colt Defense, a leading military supplier, was the only other bidder to attend the auction in a 22nd-floor conference room overlooking the Cumberland River in downtown Nashville.
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From an opening bid of $2.4 million, Colt and Manroy bid back and forth in the minimum-allowed $25,000 increments for about two hours, the mood alternating between tense and good-humored. With bidding at about $4.5 million, Colt Defense General Counsel Jeff Grody said he and Chief Operating Officer Mike Magouirk would take a break "and let Manroy come to its senses."
According to a source, the owner of Manroy is the same person from whom Sabre Defence's former owner Guy Savage bought Ramo Defense from. It is a very small world.
I wonder what this means for Sabre's consumer line of piston-operated AR-15 rifles. I am guessing that Manroy and Colt wanted the company for its military contracts, not its civilian product line.
Regards,
Henry
Alabama-based Manroy USA bid $4.95 million for the company's assets, more than double what it offered last month in a bank-sponsored sale that was later invalidated by Sabre's bankruptcy filing. Connecticut-based Colt Defense, a leading military supplier, was the only other bidder to attend the auction in a 22nd-floor conference room overlooking the Cumberland River in downtown Nashville.
...
From an opening bid of $2.4 million, Colt and Manroy bid back and forth in the minimum-allowed $25,000 increments for about two hours, the mood alternating between tense and good-humored. With bidding at about $4.5 million, Colt Defense General Counsel Jeff Grody said he and Chief Operating Officer Mike Magouirk would take a break "and let Manroy come to its senses."
According to a source, the owner of Manroy is the same person from whom Sabre Defence's former owner Guy Savage bought Ramo Defense from. It is a very small world.
I wonder what this means for Sabre's consumer line of piston-operated AR-15 rifles. I am guessing that Manroy and Colt wanted the company for its military contracts, not its civilian product line.
Regards,
Henry
