Less than a day after the California teachers pension fund threatened to withdraw its investment, a major private equity firm has announced that it will sell Freedom Group, a company it formed that includes the manufacturer of the rifle used by Adam Lanza to massacre 26 people at Sandy Hook Elementary School in Newtown, CT.
Cerberus Capital Management is owned by billionaire Stephen Feinberg, who is a gun enthusiast and whose father happens to live in Newtown. Bushmaster, which produced the AR-15 semi-automatic weapon reportedly used by Lanza, was one of six gun companies that Cerberus had bought and consolidated into Freedom Group.
via California teachers retirement fund threat triggers sale of gun company – by Louis Freedberg.