Time to Buy Colt

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And here's the DRTV blog posting.    Interesting in that they plan to sell themselves, sans the long term debt, to Sciens Capital Management LLC, assume secured liabilities and all liabilities related to existing agreements with employees, customers, vendors, and trade creditors.

All long term, unsecured loans, will be wiped out.   Of course all ownership stakes will likewise be zilch as the company will be sold to Sciens. 

They want to do this by 8/1, but I wonder if any long-term debtors will be trying to hold this up and try to get a piece of their pie back?

And I wonder if a dark horse will come forward with a different bid?


For what it's worth I threw some very low, dark horse, pre-bids out there on Rock Island Auction for some historic Colt SSAs.   We'll see what happens.

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The fact that the company is being bought by a company owned by a guy involved in their financial problems makes me say "Hmmm ?"

Heres the Bloomberg entry on Sciens:

http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=92117

Company Overview

Sciens Capital Management, LLC is an investment firm specializing in direct and fund of fund investments. In direct investments, the firm specializes in middle market, mature, leveraged buyouts, and turnarounds. The firm typically invests in early stage technology companies, development stage technology, and non-technology companies. It prefers to be the lead investor or control investor and seeks to take a seat or observation rights at meetings of board of directors and board committees. Sciens Capital Management, LLC was founded in 1986 and is based in New York, New York with additional offices in Athens, Greece and Ontario, Canada.

Key Executives for Sciens Capital Management, LLC
Mr. Ioannis P. Rigas
Chairman, Founder, Managing Partner, and Chief Executive Officer
Age: 50
Mr. Daniel J. Standen
Partner
Age: 45
Mr. Gordon Buchanan
Partner
Mr. Farhang Mehregani
Chief Investment Officer of Sciens Alternative Investments
Mr. Christopher P. Meyering
Chief Legal Officer and Chief Compliance officer


Heres what they say about the Company founder, (NOTE that he has been involved with Colt since 2003)

http://www.bloomberg.com/research/stocks/private/person.asp?personId=197780&privcapId=20357950

Mr. Ioannis P. Rigas, also known as John, CFA, is the Founder, Chairman, Chief Executive Officer and Managing Partner of Sciens Capital Management, LLC. Mr. Rigas is responsible for investment selection and execution, portfolio construction, and monitoring, manager selection and development, audit and reporting, and realization of portfolio company investments. He is the Founder and Principal of the Sciens funds of hedge funds business. He serves as the Chairman, Chief Executive Officer and Managing Director of Sciens International Investments & Holdings SA and also served as its President. Mr. Rigas is the Founding Partner of Sciens Venture Partners. He has been a Founder at Zilkha Capital Partners and Member of its predecessor firms for 12 years. Mr. Rigas has been a Manager of Colt Defense LLC and Colt Finance Corp. since 2003. He has directed the Sciens Capital private equity team and completed over 50 investments in portfolio companies with aggregate value in excess of $2 billion. Mr. Rigas has broad experience in alternative assets including private equity, venture capital, structured finance and hedge funds. He has broad experience in the management of alternative assets including private equity, venture capital, structured finance, and hedge funds over a period of 16 years and found the Scienc franchise in 1988. As a Principal and Founder of the Sciens’ fund of hedge fund business, Mr. Rigas directs portfolio construction, investment research, fund operations, and risk management activities. He was employed at E.F. Hutton Group, Inc. Mr. Rigas serves as the Chairman of the Board of Asprey International Limited. He served as the Chairman of Advanced Interactive Systems Inc., and World Access Inc., since December 1999. He serves as a Non Executive Director of SAM Allocator Holdings PCC Limited - The Optimum Alternative Fund EUR Class, SAM Allocator Holdings PCC Limited - The Optimum Bond Diversifier Fund (EUR), SAM Allocator Holdings PCC Limited - The Optimum Equity Fund (EUR), SAM Allocator Holdings PCC Limited - The Optimum Alternative Fund USD Class, SAM Allocator Holdings PCC Limited - The Optimum Alternative Fund Reserved Class I and SAM Trading Holdings PCC Limited - Sciens Dynamic Trading CHF Class. He serves as a Director of Adhesion Wealth Advisor Solutions Inc., Advanced Interactive Systems, Inc., B3 Corp., New Colt Holding Inc., Omniglow Inc., and Total Sports Inc. Mr. Rigas obtained the first level CFA certification in 1991. He received a B.A. degree from Colorado College and studied at New York University as a Fellow.

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I just checked the RIA regional auction and I lost all my bids.  Of course bidding $500 on a Colt SAA was just down right silly, but you never know and I had about 10 pre-bids in.  All were easily surpassed by other pre-bids, mostly from Proxybid.

Miss Kitty and the check book both have issued sighs of relief.

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Continuing on with the price of Colt's.   From the Rock Island Auction in June.

A Colt SSA 1st generation chambered in .32S&W.   With papers.   You read that right .32S&W.  So the article says only a little over 30 out of 350,000 were so chambered.

Price?   You have to ask you can't afford it.  Gavel down at $7,475.  Plus 18% buyer fee, Plus FFL, Plus Shipping and Insurance.   I suspect when all is said and done, $9,500 from their safe to the buyers.  RIA had estimated at the high end $7,000.

The following link is interesting in the value of the more prized auction items.

http://rockislandauction.blogspot.com/2015/07/top-guns-2015-june-regional-auction.html?utm_source=2015-07-10+TopGuns+of+1025&utm_campaign=2015-7-10+TopGuns1025

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