kevin brittingham net worth kevin brittingham net worth

And, Remington brand or not, a semi-automatic assault rifle is not an appropriate choice for a first gun, or even a second. Password must be at least 8 characters and contain: As part of your account, youll receive occasional updates and offers from New York, which you can opt out of anytime. Nowhere is the lab-leak debate more personal than among the experts investigating the origins of COVID. Kevin and his buddies and his wife who built AA are good guys. Freedom Group and Remington had conspired to find a way to fire Kevin in order to save $4 to $8 million that he was due as performance incentives and pay. The judge thinks that Kevin might have been after some personal firearms as well, but Kevin says he just wanted to grab his personal effects when he was suspended previously, Remington didnt even let him grab his kids backpack before being thrown out of the building. No, you never, ever do this. I really wanted some stuff from AAC. Feinberg was good at that, Reichert said. See ya! The thing was doomed because there was perhaps no meeting of minds, but certainly somewhere along the line the understanding of the deal diverged. It would be like the IRS pulling a kingpin in for tax evasion and then pumping him based on his drug trafficking activities now a days. The owner was having some cash flow issues, so he sold controlling interest to larger company. Feinberg earned money by charging his investors management fees. No thanks! Their aggregate net worth was $6.48 trillion, $570 billion less than last year. MPW (Multi-Purpose Weapon), a rifle chambered in .300 AAC Blackout, made with 16" and 12.5" barrels. Not something id want my career dependent on. The issue is that what constitutes infringement has been warped and watered down for decades. As a guy, like David Horowitz, who went from the Left to the Right, his insights combined with his ability to write is just down right brilliant. Yet it may not be a loss for the left. All this intrigue sounds like a bunch of bitchy college girls. Reichert named the company Tier 1 Group, after the Defense Departments designation for its top-level commandos. Brittingham needed (and maybe still needs) better business advisers to point out stuff like this. They feel free to deride various systems in favor of the ideological flavor of the day, even as they enjoy the benefits of a society that works within a set of rules for the mutual good. They were driving awfully fast down the road. After a year on the board, he quit. What set the expert shooter apart was the ability to read the wind. He claims that one of the AAC employees brought them over and that he wasnt even present for the photo shoot. I wonder why he couldnt just hire someone to fix their paper work and compliance issues. Thanks, Nick. Remy, Freedom group, whoever has 18million reasons not to pay him and spend at least half that money on lawyers to try and keep from paying him. Another option would have been to sell off the most controversial product lines, like Bushmaster, but the centralization of manufacturing made that impossible, too. So one weekend in late 2005, he left behind the Manhattan offices of Cerberus Capital, the private-equity firm hed founded, and his multistory Upper East Side residence, which he was in the process of spending $15 million to renovate, and traveled to Moyock, North Carolina, to the tactical-training facilities of Blackwater, the notorious private military contractor, for a weekend of long-range-firearms instruction. Kevin immediately tried to contact Freedom Group about the reason for his suspension, and he wasnt given any information. Thanks for posting it. Notify me of follow-up comments by email. COPYRIGHT 2021, THETRUTHABOUTGUNS.COM. Just out of curiosity, what experience do you have with selling highly regulated products where every little thing has to be done by the books? Like concealed carry laws that followed, they were supposedly never intended to be applied to John q publicjust the bad element. [24] AAC also partners with the National Rifle Association in grassroots lobbying efforts to educate voters about firearms legislation. And as everybody knows, a stiff corporation has no conscience. The president surprised and angered some Democrats by declining to veto a GOP effort to block a D.C. bill. . Cerberus put up the capital, purchasing a shooting range on the outskirts of Memphis for Tier 1s facilities, a sprawling 800-acre private military base with a half-dozen shooting ranges, on-road and off-road driving courses, a parachute-drop zone, and an urban-combat compound designed to look like an Afghan village. It was exciting too as it was the first gun that we had in stock when we released it. So one weekend in late 2005, he left behind the Manhattan offices of Cerberus Capital, the private-equity firm he'd founded, and his multistory Upper East Side residence, which he was in the. No wonder Barnes blacktips are so expensive. To make it worse, full automatic weapons eligible for civilian ownership are now valuable investments worth anywhere from five thousand to hundreds of thousands of dollars for collectors items. The taxed portion goes into my pocket, the rest is paid to various funds and accounts that cover health, dental, retirement, etc. 2 years later, hes fired from his own company, and she cant understand how. These (that I have seen) have a buyout if they let the individual go early. Having returned to Camp LeJeune in North Carolina to recuperate, Reichert started moonlighting at the Blackwater range as a shooting instructor. Will others follow? Precisely this. Robert Silvers remained at the company as a leader of research and development. Privacy Policy and My choices of suppressors is getting short. After Bushmaster, Freedom purchased Marlin, a manufacturer of lever-action hunting rifles; Parker, a manufacturer of ornate, collectible shotguns; DPMS, another assault-rifle manufacturer; and the big one, Remington, Americas oldest continuously operated gunmaker, whose .22 caliber hunting rifle had, for generations, served as the young firearms initiates first gun. Remingtons CEO, Tommy Millner, was selected to run the entire group. I have little sympathy for any of the players. You post as if free market and equitable rule of law are opposites. Just read your analysis and also read the decision. Theres a very good readable breakdown in this book: http://www.amazon.com/The-Big-Short-Doomsday-Machine/dp/0393338827/ref=sr_1_1?ie=UTF8&qid=1390243182. Since then it has become accepted by MSM and government that the purpose is to keep dangerous weapons out of the hands of citizens who supposedly have no justifiable reason to own said items. $1 Million - $5 Million. The final court decision has been issued in the case of Kevin Brittinghams lawsuit against Freedom Group and Remington over his sudden firing a couple years back, and its a way better read than I expected. Their collective expertise will further enhance the company's existing state-of-the-art special weapons development . For a horrifyingly long period of time Marlin levergun quality control was bad enough that the end products were fairly described as vaguely gun-shaped objects that should never have shipped. Youve mostly answered what or how. Really. ALL RIGHTS RESERVED. One major legal case challenged the NFA, and would have been successful save for a technicality causing the plaintiff to drop/abandoned the action. I think you have it backwards. Concentrated into a smaller demographic were the serial gun purchasers, a hard core of about 3 percent of the U.S. population. His name is Kevin Brittingham, the "people's CEO." Brittingham is a name you should know. A persistent rumor, circulated by email in 2011, alleged that Freedom Group was actually controlled by George Soros: One of the most evil men on this planet who wants to restrict or ban all civilian guns. The rumor was only debunked after the NRA released a statement to its members: NRA has had contact with officials [of] Cerberus and Freedom Group for some time. He was replaced by another Cerberus insider, George Kollitides, who oversaw a plan to relocate most of Freedom Groups manufacturing to a disused Chrysler facility in Huntsville, Alabama. But here are the cliff notes: Due to these decisions, the judge ruled that Kevin had been terminated without cause and was due every cent of the damages that he demanded: somewhere around $14 million plus lawyer fees and interest. Its basically a non-story. George Santoss Nasty Twitter Battle With Fellow New York Republicans. This despite Kevin meeting and exceeding his stated performance goal (growing the company by over 100%, more than the amount required by the employment agreement). If thats the only offer you can get, that may be a hint. He interviews some pretty major players in the industry. Navy seals, Army Rangers, and other elite military operatives trained there in preparation for clandestine missions across the globe. What with the general availability of 20-30 cap mags for accurate semiautomatic weapons its debatable whether even the remaining pool is practically more useful than the much larger pool of ar15s, AKs, FALsetc. Shocked! Freedom Group used its integrated brand portfolio as leverage. Tier 1 Group was profitable, but its sales maxed out at around $15 million annually a fraction of a percent of Cerberuss total business. He confirmed via text message that the silencer in question was indeed a Maxim, but he maintains that it was sent by Freedom Group to set him up. King Charles Evicts Harry and Meghan From House They Dont Live In. We will check for: DUIs Traffic Tickets Misdemeanors While the star has a current net worth of $1.5 million, it appears she may not have nearly as much as fans think. . He is said to be Cerberus Capitals largest investor and reinvests most of his earnings back into his funds. When the five-year agreement to keep the original Bushmaster factory open expired in 2011, the plant was shut down almost immediately. Youre dumb, because Im not talking about Remington and I indicated it was a tangent for a reason The round is very similar to the .300 Whisper cartridge created years earlier by SSK Industries, but AAC submitted the cartridge for SAAMI standardization and allows any manufacturer to use the specifications. Dont look at it as who gets your money. GMAC was converted into Ally Financial, the online bank, and Feinbergs patriotic stake in Chrysler ended up with the Italian carmaker Fiat. Much of it was encouraged at the time by speeches, quite a bit by regulation & guidance, and some by legislation. I think I will avoid both people and their companies and products. The law even states you cant make someone sign an agreement to forfeit it. Its nice to see the innovator and underdog in the market smack the big lazy dog that was trying some underhanded crap. The next day he was fired, supposedly for still having personal firearms on the premises. And, like fashion, the real money was in the accessories. The owner was having some cash flow issues, so he sold controlling interest to larger company. These dimensions allow the 300 AAC Blackout to be used in existing magazines designed for M16 or AR-15 rifles. Perhaps no single person benefited more from the automotive-industry bailout than Stephen Feinberg, who, in all other respects, was a conservative. I observed them screw up a lot of companies and put a lot of people out of work, he told me. Reichert declined but noted that Feinberg offered to pay for medical care for a number of other injured veterans as well. Now I believe youre right. When the company grows beyond a certain point, the owner/founder should have someone to handle the legal stuff. In early 2016, Donald Trump unexpectedly decapitated the Republican Party, and GOP power brokers were forced to choose sides. 2. After the sale, things went south quickly. Theres nothing wrong with some post-closing inventive payments, so long as Seller is ok with the fact that he might not see a dime of it (i.e. The lawsuit over the faulty Remington trigger mechanism had forced the company to offer another recall, this time for more than 7.5 million units, and the firm ended up losing more than $135 million in a single year, for a net profit margin of minus 17 percent. Repeated emails warning that the guy wasnt qualified went unheeded, and he immediately set to work trying to untangle AACs books. According to his LinkedIn, Eduardo is the founder and CEO of a social media app that connects and empowers Latino communities worldwide.However, Kary is providing a lot to the family financially now that she is apart of RHOD and owns her own jewelry line.Thanks to her two incomes, Kary now has an estimated net worth of $1.5 . In Tennessee, Even Abortion to Save a Womans Life May Be Illegal. The buyout was doomed from the beginning. DG, as a lawyer who represented both small and huge companies in mergers and acquisitions, all I can say is: you nailed it. You have entered an incorrect email address! Despite his success with Freedom Group, 2008 was a bad year for Feinberg. Meanwhile, with elementary schools across the country now forced to conduct active shooter drills, the California teachers were demanding out. Reichert had earned the Bronze Star for valor that day; two months later, he had a hole ripped in his cheek by an IED. [5], The company's Titan-QD Fast-Attach suppressor is used on the US Army's M2010 Enhanced Sniper Rifle and the Remington MSR (Modular Sniper Rifle). 3. Technically as soon as the company was sold they needed to start operating under a new FFL, since they had only purchased the assets and not the business itself. Scummy business practices that too many companies engage in these days, and why I cant side with the bullshit free marketeers who want places like that to have no laws or regulations controlling their bullshit. It was a sweet deal on its face, but it never had a chance. Join Facebook to connect with Kevin Brittingham and others you may know. So, too, did every other gun-industry executive I spoke with. The guys buying in insist on a controlling interest, board seats, the charimanship and injecting a new CEO because theyre the boss. The next year was even worse. Especially if they were MY guns. I dont disagree on any particular point. Once you start dealing fit 7 digits in front of the decimal point, everyone is a scumbag. I have been working on a few designs and would not even need $50,000 to get a working product. Now add to this the fact that the company is manufacturing NFA items for two different FFLs and were talking about epic amounts of paperworkhundreds of NFA items being made each month, not including what was being done in R&D. Brittingham, the founder of Advanced Armament Corporation, currently holds more than 40 patents in the firearms industry. 2 years later, hes fired from his own company, and she cant understand how. Most of these fees could be collected only once the investment had been closed meaning that even before he entered a business, Feinberg was thinking about how to exit. REMINGTON 1816, Theres a hard product version of Conways law: Any software system reflects the organization that created it. (There are variations on the exact quote. Salary in 2021. The deal was structured as a $10 mil+ lump sum up front, and $8 mil in contingent comp, based on whether Kevin was still with AAC in 2015 and met certain goals.. Also, thismove will get Bob on board and de-risk this business. Kevin Brittingham founded AAC, and his success was due in part to the culture that the company cultivated. Seems like keeping track of your personal and business property would be a no-brainer.. All rights reserved. It has owned a water park in Texas and a television station in Salt Lake City. Anyone who has been around small businesses knows that they are hornets nest of incompetence, greed and outright fraud. By 2009, it looked like a recruiting poster for Delta Force. He's a lawyer and civil rights/gun activist. Mr. Brittinghams mistake was doing business with jerks. At Cerberus, he talked firearms often, once derailing a Freedom Group board meeting with a discussion of the relative ballistic merits of polymer-cased ammunition and traditional hollow-points. The idea was that Remington would either purchase those guns later or get some replacements, but in the meantime Kevins stash would remain in the shop and fuel the development of new products. Signing a contract with the word flounder in such a way that it appears as a signature on casual inspection is not an upstanding move either. Having once sought a billion dollars for its investment, Freedom was, according to insiders, now internally valued at just $400 million. As of 2020, Kary Brittingham's net worth is close to $1.5 million. but the lack of evidence to support Freedom Groups assertion that the guns were Kevins makes it a moot point.. Remington still hadnt paid the full purchase price either, meaning that Kevin was stuck for another few years. 2024 Polls Show DeSantis Cant Easily Knock Out Trump. He had used these as tools to test new silencer designs, and since he owned the company he never saw the need to officially transfer the guns to AAC or buy replacements. Kevin Brittingham founded Advanced Armament Corporation in 1994 to manufacture sound suppressors, having previously been a distributor for GEMTECH, another suppressor manufacturer. But theres also heritage, and history. This will cost money. Ive seen it happen with a number of FFLs and that was with less of a clusterfck and much less going on. Kevin had standing orders that any Maxim silencer his employees found should immediately be purchased for his collection, but he also used them as models for designing new silencers by examining their construction. If that isnt the deal you want, dont make the deal. So after this, who still wants a Remington R51? Now Feinberg, 45, wanted to get into the field. Im shocked. The latter excels at the turnaround, acquiring struggling businesses, implementing management fixes, cutting overhead, and flipping them for a profit. BAD MOVE. Some pretty flagrant violations of contract there Kinda puts me off of getting anything from Remington or any FGI owned company for that matter. He was joined in this request by the California State Teachers Retirement System, a key Cerberus investor and one of the largest pension funds in the country, which threatened to pull its money from the firm if it didnt divest from its gun investments. He had had enough of Kevin, and figured that Kevin didnt deserve the $4 million that was coming to him. 2. Briefly, I worked for the company that most of the Freedom Group management came from and if Kevin had talked to anyone from that company he never would have entered into the agreement he did with them. Kevin Brittingham founded Advanced Armament Corp, which became one of the biggest silencer manufacturers in the world. Can you name a bullshit free marketer who opposes the sanctity of private contracts?. Mr. Bittingham is not blameless in this episode. Throughout the years, Cerberus has owned controlling stakes in dozens of businesses. Within weeks, Reichert had a business plan and had assembled a team of military trainers, including a number of special-forces veterans. Some belonged to military families, but many were just hobbyists. He had contributed to numerous Republican political campaigns. But dont think for a minute theyre strong defenders of classical markets. BARNES BULLETS REALLY? Example, my girlfriend is trying to get a new job and through the grapevine HR found out and told her she would have to give ONE MONTHS NOTICE before leaving, or shed forfeit all her earned vacation time. I cant help but see some fault from Brittingham as well. The 4-Day Week Is for White-collar Workers. Nardellis tenure at Freedom Group was disastrous. Cerberus set out to create it. Judges Ruling Reveals the Truth About Kevin Brittingham and Freedom Group, Mayors Against Illegal Guns Deletes Member List from Website, http://thetruthaboutguns.com/author/foghorn/, Were Sorry to Inform the Gun Control Industry That Americans Bought Another 1.3 Million Firearms in February, State, Federal Lawmakers Trying to Put the Brakes On Credit Card Companies Tracking Firearm Purchases, Brownells Giving Away $12,000 in Guns and Gear to Celebrate Their New Site Redesign, http://www.youtube.com/watch?v=7QDv4sYwjO0, http://finance.townhall.com/columnists/danieljmitchell/2014/01/17/more-amusing-antilibertarian-humor-n1780470/page/full. By some karmic coincidence, Martin Feinberg, Stephens father, lived in Newtown, in a senior community. Soon, Remington-branded assault rifles were available at Walmart. NEWINGTON, N.H. (February 17, 2014) SIG SAUER is proud to announce that Kevin Brittingham and Lindsay Bunch are joining its staff, adding decades of product design, R&D, and military experience. He treated his workers like family members. Thats the sort of thing that should be identified prior to Closing, and it should be a term of the Acquisition Agreement that it be resolved prior to the actual Closing Buyers lawyers should be doing their job to keep their client from buying into a legal mess. Not only is it a complete and total smackdown against Remington, but it was so entertaining that I found myself chuckling at times. You are trading complete ownership of a pie you cant make work, for a slice of a pie someone else thinks *they can* make work. He immediately started segregating the guns and, with some help, forming a pile that were not able to be positively identified as AAC property. We have estimated Eric Brittingham's net worth , money, salary, income, and assets. Feinberg actually did live in New York, but he didnt waver either. Based in Windham, Maine, Bushmaster had, over the course of 30 years, grown from a tiny gun-parts manufacturer into the preferred firearm of the high-capacity target shooter. That is, if it hasnt already. In 2012, his daughter Lindsey posted a picture of her fathers T-shirt to Instagram. I probably would have been better off going to a state school, he said. If MACs review didnt end the desire, this sure did. Ruger and Smith & Wesson, Freedom Groups publicly traded competitors, saw their stock prices surge. Then he shot himself in the head. They saw through the Ponzi scheme. It doesnt surprise me that our government would put in place rules/regulations that stifle design and innovation, they do that all the time. This has led to far wider adoption than the .300 Whisper, which is proprietary to SSK. As in, why should there be any problem whatsoever with a company using a personal possession to facilitate R&D? Im kinda leery of both of them know. Dyke was uncomfortable with the speed at which Cerberus was moving. FGIs management are not gun guys. Theyre a bunch of Wall Street parasites. On the dotted line of that agreement he signed only the word flounder. According to Kevin that was written in the title box, as Kevin had had his title changed from president to founder, but he doesnt remember writing it. That same year, Remingtons annual sales fell almost 35 percent from its post-Newtown peak, even as Remingtons public competitors outperformed. As such all they had to go on were the bound books for the new FFL, and the guns they were putting in the Kevin pile turned out to indeed be related to the sale of the company years earlier. Its part of campaign to smoke out and then attack unpopular Republican cuts. Great people, period! Before he went into the gun business, before he started buying assault-rifle manufacturers, before he expanded into scopes and silencers, before he rolled up 18 of Americas most lethal companies into a single conglomerate, before he funded a private military base, before the massacre, before the investor revolt, before the recalls and the product defects and the bad press and the lawsuits before any of that could happen Stephen Feinberg, the billionaire financier, had to perfect his shooting technique. At court, it came out that the only person on Remingtons side who could sign the employment agreements and make them valid never did. A comprehensive new government study concludes that the illness probably wasnt caused by foreign adversaries. It is important to note that neither the compliance officer nor any of the AAC staff assisting with the segregation process knew about the terms of the sale, specifically which guns of Kevins became the property of the new AAC. 1. Early Life And Career Of Eric Brittingham Eric was born on 8th May 1960 in Maryland. But the social fallout had cost it dearly, affecting its ongoing access to capital in a way it hadnt foreseen. We'll give him,. The two were both pseudo-populist billionaires from New York, but otherwise dissimilar. Hundreds of people violently detained during a protest in the Bronx could receive $21,500 each. But Scott Blackwell at Freedom Group told him in no uncertain terms that AAC would remain a separate entity. Thanks, ok, if you want why Ill give it a shot, with the same disclaimer as above. Theres a reason I dont want to deal with NFA itemsand the big one is that the amount of paperwork just isnt worth it to me. I also thought through various replacement options . But after a meeting with Jason Schauble (then working for Remington, recently fired from Tracking Point, and now working for SilencerCo), Kevin saw that Remington might be able to help them grow the business beyond what they could do on their own. Investment managers werent likely to view the company favorably until the companys product-quality concerns were addressed. I never mentioned Remington, ING did. Indeed, it seems the more powerful the system, the more coverage and leeway for jerks. PARKER GUNMAKERS At Trumps fund-raising dinner at Le Cirque in June, he made the largest political contribution of his life: more than $678,800, split between him and his wife. If you dont want to work for a bunch of hide-bound morons who spend their days filling out TPS reports, then dont accept a buy-out offer from a company that promised you how TPS reports are going to cure all your record-keeping problems. It runs through Iowa following the course set by Huckabee, Santorum, and Cruz. ;-P. I think Ill defer any future purchases of products owned by or associated with Remington or the freedom group. Libertarian Humor: I did as much with 15mins of free online tutorials and a couple hours of company time while working in a corporate mailroom years ago. Kevin tried to negotiate the terms of the agreement, but there were no changes. Freedom Group marketed its firearms not just as guns but as shooting platforms: modular, lethal Lego sets whose component parts could be updated for years after the initial purchase. Anthony DEsposito has a bill to keep Santos, a fellow Republican, from profiting off his lies. I dont think so, but its your sandbox, so your call.). [25], Integrally suppressed rimfire firearms (discontinued), Last edited on 16 February 2023, at 06:54, Naval Surface Warfare Center Crane Division, "Freedom Group, Inc. Forms Office of the Chief Executive Officer", https://cdn0.thetruthaboutguns.com/wp-content/uploads/2020/09/27092020123649821_1231_20202709124853872.pdf, "Hanna Announces Remington Receives $80 Million Contract", Army's XM2010 sniper rifle gets full fielding, "The Quiet Continues: Suppressed Pistols", "Advanced Armament Corp Awarded Contract for Family of Muzzle Brakes", "300 AAC Blackout, New Caliber, New Mission", "Frank Girardot: It's Time to Get One of Those "I Voted" Stickers", https://en.wikipedia.org/w/index.php?title=Advanced_Armament_Corporation&oldid=1139661252.