These pages have, for years decried how people and organizations have depended on government in order to keep body and soul together. It is indeed a two edged sword. One that, like a pendulum always swings in both directions. Businesses, like people, are subject to the addiction process.It’s time for some tough love. I can only hope that a champion of capitalism comes to the rescue.
Colt Defense LLC, the 179-year-old gunmaker that supplies M4 carbines and M16 rifles for the U.S. and foreign militaries, filed for bankruptcy amid delayed government sales and declining demand.
The West Hartford, Connecticut-based firearms maker listed assets of as much as $500 million and debt of as much as $500 million in a Chapter 11 filing late Sunday in bankruptcy court in Wilmington, Delaware. Wilmington Trust Company is listed as the biggest unsecured creditor with a $261 million claim.
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