Demanding Accountability at
Cerberus Capital Management:
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.
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
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