USA: Cerberus struggles to find banks willing to help sell Freedom Group - the gun company whose rifle was used in the Newtown shooting
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Cerberus Capital Management LP has struggled to find investment banks to help sell Freedom Group Inc., the gun company whose rifle was used in the shooting spree in Newtown, Conn., said people with knowledge of the matter. Banks including JPMorgan Chase & Co., Credit Suisse Group AG and Barclays Plc declined to advise New York-based private-equity firm...At least one bank willing to work with Cerberus on the sale of Freedom Group is Lazard, said several people familiar with the matter. Lazard doesn’t have a mandate or contract to sell the business yet, one of the people said.
Author: John MacIntosh, former partner at Warburg Pincus, on CNN.com
...[We] need a new class of socially motivated takeover investor to prey on the sociopaths in the corporate herd, turn them around and perhaps scare (or shame) others into line...The upcoming sale by Cerberus Capital of the Freedom Group...is a perfect opportunity...First, Michael Bloomberg, George Soros, David Geffen and the like should establish a nonprofit...Special-Purpose-Acquisition-Company called...BFF...[which] should lobby all public pension funds that are part owners of the Freedom Group (by virtue of their investment in Cerberus) to roll their investment into BFF... BFF should pay "whatever it takes" to acquire control of the Freedom Group...and then immediately implement a "moral turnaround" plan under which [it]... Appoints...a...CEO...in favor of gun-control...Elects a new board of directors including representatives from the families of victims killed in...massacres perpetrated with Freedom Group weapons [and others with experience of gun violence]...Operates the business as if sensible gun laws were in place...History suggests that only after the first company "turns" will an industry gradually return to the realm of the human...