The Campaign to Unload is a national coalition working toward divestiture from the gun industry.

 

The campaign’s current target is Cerberus Capital Management, L.P., a private equity firm that owns 94% of the worlds largest firearms and ammunition manufacturer in the world, Freedom Group. Freedom Group’s Bushmaster XM-15 assault rifle was used to murder 20 children and six educators at Sandy Hook Elementary School on December, 14, 2012. Four days later, Cerberus pledged to sell its $700 million interest in Freedom Group. Cerberus has not kept its promise.

 

Sign: Newtown Dad’s Petition, “Remember Jesse & Honor Newtown Families: Divest from Guns”

 

Read: How Wall Street Profits from Gun Violence

 

Get Involved:

  1. Sign up for our mailing list to get updates about our activities.
  2. Follow us on Facebook and Twitter.
  3. Contact us if you’d like to join the coalition.

Cerberus & Freedom Group

Demanding Accountability at
Cerberus Capital Management
:

 

Stephen Feinberg

Chief Executive Officer

Cerberus Capital Management

875 3rd Avenue

New York, NY 10022

 

December 2, 2013

 

Dear Mr. Feinberg,

 

The Campaign to Unload renews its request for a meeting to discuss Cerberus Capital Management’s immediate divestment from Freedom Group. We are seeking a meeting or tangible evidence of Cerberus’ divestment from Freedom Group no later than December 12, 2013.

 

On December 18, 2012, Cerberus Capital Management announced plans to immediately sell the company’s investment in Freedom Group (now legally known as Remington Outdoor Company, Inc.), one of the world’s largest manufacturers of firearms and ammunition.

 

In a formal statement that was released to the press, Cerberus Capital Management outlined its plans in plain terms:

 

“Accordingly, we have determined to immediately engage in a formal process to sell our investment in Freedom Group. We will retain a financial advisor to design and execute a process to sell our interests in Freedom Group, and we will then return that capital to our investors. We believe that this decision allows us to meet our obligations to the investors whose interests we are entrusted to protect without being drawn into the national debate that is more properly pursued by those with the formal charter and public responsibility to do so.”

 

It has now been nearly one year since this announcement and Cerberus Capital Management continues to profit from Freedom Group. This is inexcusable and these delays can no longer be tolerated.

 

The horrific mass murder at Sandy Hook Elementary School in Newtown, Connecticut – in which the shooter used a Bushmaster XM-15 assault rifle manufactured by Freedom Group – was a wake-up call for our nation, and underscored a growing epidemic of gun violence that now kills more than 31,000 and injures more than 80,000 Americans each year.  On September 24, 2013, more than 35 organizations joined with the Campaign to Unload including American Federation of Teachers, Americans United for Change, Moms Demand Action for Gun Sense in America, MoveOn.org, NAACP of New York, Newtown Action Alliance, New Yorkers Against Gun Violence, and many others delivered a letter to you and the Board of Directors asking you to keep your promise to divest without further delay.

 

Days after the press conference, the coalition sent a certified letter asking for a meeting in Newtown with campaign representatives, including the Newtown families of the victims, in Newtown, Connecticut. To date, you have not responded to this request.

 

The leadership of the Campaign to Unload strongly encourages you to meet face to face with the families of the victims and the leaders of the Campaign to Unload discuss the products manufactured by your company, Freedom Group’s $1MM contribution to the NRA, and how and when Cerberus Capital Management will make good on its commitment to divest.

 

The Campaign to Unload and its allied organizations believe the firearms industry’s behavior regarding safety – from opposing background checks on all guns sales to refusing to make safety improvements to its lethal products – has been grossly irresponsible and has contributed in large part to the epidemic of gun violence that is spreading across America. Reform is necessary, and until that time financial interests in gun and ammunition manufacturers like Freedom Group are blood money.

 

The one-year anniversary of the Sandy Hook shooting is fast approaching. You may contact us immediately to schedule a meeting before December 12, 2013 or to present evidence of divestment from Freedom Group.

 

Sincerely,

 

Campaign to Unload

 

================================

 

September 24, 2013

 

Stephen Feinberg
Chief Executive Officer
Cerberus Capital Management
875 3rd Avenue
New York, NY 10022

 

Dear Mr. Feinberg & Members of the Board of Directors:

 

On December 18, 2012, Cerberus Capital Management announced plans to immediately sell the company’s investment in Freedom Group (now legally known as Remington Outdoor Company, Inc.), one of the world’s largest manufacturers of firearms and ammunition.

 

In a formal statement that was released to the press, Cerberus Capital Management outlined its plans in plain terms:

 

Accordingly, we have determined to immediately engage in a formal process to sell our investment in Freedom Group. We will retain a financial advisor to design and execute a process to sell our interests in Freedom Group, and we will then return that capital to our investors. We believe that this decision allows us to meet our obligations to the investors whose interests we are entrusted to protect without being drawn into the national debate that is more properly pursued by those with the formal charter and public responsibility to do so.

 

It has now been more than nine months since this announcement and Cerberus Capital Management has not sold a single penny of its investment in Freedom Group. This is inexcusable and these delays can no longer be tolerated.

 

The horrific mass murder at Sandy Hook Elementary School in Newtown, Connecticut–in which the shooter used a Bushmaster XM-15 assault rifle manufactured by Freedom Group–was a wake-up call for our nation, and underscored a growing epidemic of gun violence that now kills more than 31,000 Americans each year. We, the undersigned, demand that Cerberus Capital Management act on its promise and immediately divest all the company’s holdings in Freedom Group.

 

We urge you to act quickly in the best interests of our nation and wash your hands of this destructive industry in the next 30 days.

 

Sincerely,

Unload-Coalition-Logos-01

 

 

Target #1:

The horrific mass murder at Sandy Hook Elementary School in Newtown, Connecticut was a wake-up call for our nation, and underscored a growing epidemic of gun violence that threatens every American.

 

In the weeks following this tragedy, New York City Public Advocate Bill de Blasio and elected officials across the country launched a national divestment campaign to urge hedge funds and money managers to divest from the manufacturers of assault weapons and high-capacity ammo clips. Gun violence prevention advocates from across the country joined this effort, making phone calls, sending letters, and leading protests at the offices of the nation’s largest gun investors.

 

The divestment campaign has quickly proven that public pressure can be a game-changer.   Since first launching the divestment campaign against manufacturers of assault weapons and high-capacity ammo clips, ten hedge funds and money managers have completely divested their gun holdings, valued at $170 million. Twelve more firms have scaled back their gun investments by 5.7 million shares—25 percent of their holdings.

 

The Campaign to Unload is comprised of more than 30 advocacy organizations , which represent more than 20 million Americans from across the country.  If you would like to join the coalition, click here to send us a message.

 

Coalition logos 1-14

About

Since first launching the divestment campaign against manufacturers of assault weapons and high-capacity ammo clips, ten hedge funds and money managers have completely divested their gun holdings, valued at $170 million. Twelve more firms have scaled back their gun investments by 5.7 million shares—25 percent of their holdings.

 

TOP 10 HEDGE FUNDS ACCORDING TO GUN HOLDINGS

 

No. Name of Firm Contact Information Gun Holdings (Shares) Value of Shares Change in Shares Held over Last Quarter
1 Cerberus Capital Management

CEO: Steve Feinberg 

 

Address: 875 3rd Avenue,
New York, NY 10022

Phone: (212) 891-2100

Fax: 212-891-5212

N/A (Owns 94% stake in the Freedom Group) $700-957 million ** On 12/18/12, Cerberus announced they would sell their 94% stake in the Freedom Group.
2 Dreman Value Management

CEO: David Dreman

Address: c/o Contrarian Services Corp.
Harborside Financial Center Plaza 10, Suite 800

Jersey City, NJ 07311-4037

Phone: 201-793-2000

Fax: (201) 793-2060

Website: http://www.dreman.com/

Email: rfi@dreman.com

1.16 million OLN $27.9 million OLN:  15.16%
3 Park West

CEO: Peter S. Park

Address: 900 Larkspur Landing Circle, Suite 165
Larkspur, California 94939

Phone: 415-524-2900

1.6 million SWHC $16 million SWHC:  NEW
4 Arrowstreet Capital

CEO: Bruce Clarke

Address: The John Hancock Tower,
200 Clarendon Street, 30th Floor,
Boston, MA  02116

Phone: 617-919-0000

Fax: 617-919-0001

Email:  info@arrowstreetcapital.com

266,411 RGR

271,766 SWHC

$15.5 million RGR:  23.57%
SWHC:  5.32%
5 Millennium Management

CEO: Israel Englander

Address: 666 Fifth Avenue, 8th Floor,
New York, NY 10103

Phone: 212-841-4100
Email: info@mlp.com

197,065 OLN
29,074 RGR
825,756 SWHC
$14.4 million OLN:  134.1%
RGR:  NEW
SWHC:  112.5%
6 Gotham Asset Management

CEO: Joel Greenblatt

Address: 535 Madison Avenue, 30th Floor, New York, NY 10022 

Phone: 212.600.2976 

11,389 OLN
149,536 RGR
377,674 SWHC
$11.2 million OLN:  NEW
RGR:  85.4%
SWHC:  22.3%
7 Aqr Capital Management

CEO: Cliff Asness

Address: Two Greenwich Plaza, 3rd Floor,

Greenwich, CT USA 06830

Phone: 203-742-3600

Fax: 203-742-3100

Website: http://www.aqrcapital.com

Email: info@aqrcapital.com

86,356 OLN
29,808 RGR
449,836 SWHC
$8 million OLN:  10.78%
RGR:  1.97%
SWHC:  4.28%
8 Olstein Capital Management L.P

CEO: Robert A. Olstein

Address: c/o U.S. Bancorp Fund Services, LLC, PO Box 701,

Milwaukee, WI 53201-0701

Phone: 1.800.799.2113

Email: info@olsteinfunds.com

717,000 SWHC $7.2 million SWHC:  15.46%
9 Renaissance Technologies, LLC

CEO: Jim Simons

Address: 800 Third Avenue,

New York, NY 10022

Phone: 212-486-6780

Fax: 212-758-7136

Website: http://www.rentec.com

42,500 RGR $6.9 million RGR:  10.9%
10 Scopus Asset Management

CEO: Alexander Mitchell

Address: 623 5th Ave # 25,

New York, NY 10022

Phone: (212) 251-3270

200,000 OLN $4.8 million OLN:  NEW

Holdings based on Form 13-F filings with the U.S. Securities & Exchange Commission for the period ending 6/30/13.

 

TOP 10 MONEY MANAGERS ACCORDING TO GUN HOLDINGS

 

No. Name of Firm Contact Information Gun Holdings (Shares) Value of Shares Change in Shares Held over Last Quarter
1 Black Rock, Inc.

CEO: Laurence D. Fink

 

Address: 240 East 52nd Street, 

New York, NY 10022

Phone: 212-810-5900

Fax: 212-810-3562

Website: http://blackrock.com/

Email: invrel@blackrock.com

Twitter: @BlackRock

12.1 million OLN

1.5 million RGR

3.5 million SWHC

$393.8 million  OLN:  0.55%
RGR:  24.59%
SWHC:  2.34%
2 Vanguard Group, Inc.

CEO: F. William McNabb III

Address: 455 Devon Park Drive

Wayne, PA 19087

Phone: 877-662-7447

Fax: 610-669-6605

Website: www.vanguard.com/

Twitter: @Vanguard_Group

4.3 million OLN

1.5 million RGR

5.3 million SWHC

$229.5 million OLN:  2.32%
RGR:  2.8%
SWHC:  7.6%
 
3 State Street Corporation

CEO: Joseph L. Hooley

Address: 1290 Sixth Avenue, 10th Floor

New York, NY 10104

Phone: 212-339-2700

Emailir@statestreet.com

Website: http://statestreet.com

5.9 million OLN

367,830 RGR

1.1 million SWHC

$168.5 million
OLN:  1.7%
RGR:  0.36%
SWHC:  0.6%

 

 

4 Heartland Advisors Inc.

CEO: Will Nasgovitz

 

Address: 789 N Water St, Suite 500
Milwaukee, WI 53202

Phone: 414-347-7777

Website: http://www.heartlandfunds.com

 

3.6 million OLN  $85.3 million OLN:  0.44%
5  London Company of Virginia

CEO:Stephen M. Goddard

Address: 1801 Bayberry Court, Suite 301

Richmond, VA 23226

Phone: 804-775-0317

Fax: 804-649-9447

Emailinfo@TLCAdvisory.com

Website: http://www.tlcadvisory.com

1.8 million RGR $84.3 million RGR:  23.14%
6 Allianz Asset Management AG

CEO: Elizabeth Corley

Address: 1633 Broadway
New York, NY 10019

Phone: 877-716-9787

Twitter: @AllianzGI_US

Website: http://www.allianzam.com

1.5 million OLN

964,042 RGR

83,100 SWHC

 $83.1 million OLN:  23.43%
RGR:  8.95%
SWHC:  69.62% 
7 Dimensional Fund Advisors

CEOs: David G. Booth & Eduardo A. Repetto

Address: 6300 Bee Cave Rd,

Austin, TX 78746

Phone:(512) 306-7400

Website: http://www.dfaus.com/

1.7 million OLN

484,077 RGR

1.6 million SWHC

$78.6 million OLN:  4.14%
RGR:  1.47%
SWHC:  7.44% 
8 Northern Trust Corporation

CEO: Frederick H. Waddell

Address: 65 East 55th Street 24th flrNew York, NY 10022Phone: 212-339-7474

Fax: 212-339-7274

Website: www.northerntrust.com

2.2 million OLN


300,960 RGR

916,123 SWHC

$77.2 million OLN:  3.84%
RGR:  3.42%
SWHC:  0.74% 
9  Ameriprise Financial, Inc

CEO: James Cracchiolo

Address: 111 Broadway

New York, NY 10006

Phone: 212-233-5404

Twitter: @ameriprise_news

Website: www.ameriprise.com

 

2.8 million OLN


156,276 RGR

76,591 SWHC

$75 million OLN:  2.81%
RGR:  0.55%
SWHC:  19.38% 
10  Capital World Investors

CEO: James F. Rothenberg

Address: 630 Fifth Avenue, 36th FloorNew York, NY 10111Phone: 800-421-4280

Email: aqs@capgroup.com

Website: http:// capgroup.com

 

1.5 million RGR $70.5 million  RGR:  17.62%

Holdings based on Form 13-F filings with the U.S. Securities & Exchange Commission for the period ending 6/30/13.

 

 

 

Gun Investors

Please complete the form below to send a message to the coalition.  If you are interested in being a part of Campaign to Unload, please be sure to include the name of your organization and contact details below.  You can also reach us by email at info@campaigntounload.org. For press inquiries please contact Jennifer Fiore (202) 486-8273.

 

Your Name (required)

Your Email (required)

Subject

Your Message


Enter the following text in the field below: captcha

Contact

Faith leaders join Campaign to Unload for a vigil at Cerberus Capital Management headquarters on Dec. 9, 2013.

Faith leaders join Campaign to Unload for a vigil at Cerberus Capital Management headquarters on Dec. 9, 2013.

 

Rabbi Bachman speaking in front of Cerberus Capital Management headquarters on Dec. 9, 2013

Rabbi Andy Bachman of Congregation Beth Elohim in Brooklyn, NY speaking in front of Cerberus Capital Management headquarters on Dec. 9, 2013

 

 

 

Our Flickr page: http://www.flickr.com/photos/103107489@N03/

 

Photos & Video

Sign up for Email Updates:






Hold Cerberus Accountable to their Promise to Divest:

 

Cerberus

Take Action

What is the Campaign to Unload?

The Campaign to Unload is a group of more than 30 organizations across the country that have united to hit back at irresponsible gunmakers where it hurts: their sources of funding.

 

What are the goals of the Campaign?

By enlisting the support of major institutional investors and pension fund managers, Campaign to Unload seeks to encourage the gun industry to adopt common-sense, publicly-backed reforms, such as universal background checks and smart gun technology.

 

Who is participating?

The dozens of organizations that have joined C2U to date include established national civic organizations, local grassroots groups, educators and youth groups, and elected leaders. These voices come from urban, suburban and rural areas across the country.

 

Why a divestment campaign now?

A vast majority of Americans support common-sense changes in public policy while respecting the rights of lawful gun owners, but a small number of well-financed extremists have blocked the political process. Since funding is now driving the process, de-funding the industry has become an appropriate and important priority those committed to sensible reform.

 

What is “divestment”?

Divestment is simply when an investor decides to sell their stock in a company. It’s a decision that large and small investors make all the time, for all kinds of reasons.

 

How does a divestment campaign work?

When many investors decide it’s time to sell at the same time, that company’s stock comes under pressure. Over time, a low stock price can make it harder for a company to get loans, finance its sales, or expand the business. And if the pressure is high enough, an entire industry—even a national government—can decide it’s time to change how they do business.

 

Have divestment campaigns worked in the past?

Because funding is the lifeblood of business, divestment campaigns have been essential components in some of the most successful changes in public policy of the past thirty years. These include changes in U.S. tobacco policy and the end of Apartheid in South Africa.

 

How Can Divestment Improve Gun Policy?

As the public outcry over gun violence continues to escalate, influential investors such as pension funds have greater reason to reconsider the business, financial, and moral implications of their holdings in firearm manufacturers that refuse even modest changes in their products and practices. At the same time, individual investors may not even realize that they own shares in such companies through their mutual funds, retirement accounts, ETFs or other products.

As investors of all kinds become more informed of the risks involved, the potential for widespread divestment will grow—and with it, the pressure on the industry to change.

FAQ

The Campaign to Unload is a national coalition working toward divestiture from the gun industry.

 

The campaign’s current target is Cerberus Capital Management, L.P., a private equity firm that owns 94% of the worlds largest firearms and ammunition manufacturer in the world, Freedom Group. Freedom Group’s Bushmaster XM-15 assault rifle was used to murder 20 children and six educators at Sandy Hook Elementary School on December, 14, 2012. Four days later, Cerberus pledged to sell its $700 million interest in Freedom Group. Cerberus has not kept its promise.

 

Sign: Newtown Dad’s Petition, “Remember Jesse & Honor Newtown Families: Divest from Guns”

 

Read: How Wall Street Profits from Gun Violence

 

Get Involved:

  1. Sign up for our mailing list to get updates about our activities.
  2. Follow us on Facebook and Twitter.
  3. Contact us if you’d like to join the coalition.

Cerberus & Freedom Group