Cerberus Founder Feinberg Has Family Ties to Newtown; Seeks to Sell Gun Maker Stake
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In an interesting twist on news that private equity firm Cerberus is seeking to sell its stake in firearm maker Freedom Group, it was revealed that Stephen Feinberg's father, Martin Feinberg, lives in Newtown, Connecticut.
Freedom Group owns Bushmaster, which was the gun used by Adam Lanza in the Sandy Hook Elementary School massacre on December 14th.
In a statement today, Cerberus said the Sandy Hook tragedy was a "watershed event that has raised the national debate on gun control to an unprecedented level... Accordingly, we have determined to immediately engage in a formal process to sell our investment in Freedom Group"
The news of the stake sale has sent ripples in the market, with shares of gun makers likeSmith & Wesson Holding Corporation (NASDAQ: SWHC) and Sturm, Ruger & Co. Inc. (NYSE: RGR) reeling, down 8.5 percent and 5.7 percent, respectively.
Freedom Group owns Bushmaster, which was the gun used by Adam Lanza in the Sandy Hook Elementary School massacre on December 14th.
In a statement today, Cerberus said the Sandy Hook tragedy was a "watershed event that has raised the national debate on gun control to an unprecedented level... Accordingly, we have determined to immediately engage in a formal process to sell our investment in Freedom Group"
The news of the stake sale has sent ripples in the market, with shares of gun makers likeSmith & Wesson Holding Corporation (NASDAQ: SWHC) and Sturm, Ruger & Co. Inc. (NYSE: RGR) reeling, down 8.5 percent and 5.7 percent, respectively.
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