The Outdoor Wire

TOP STORY

Unable to either get companies off the waiting list or allow existing exhibitors to expand, the Las Vegas Review-Journal is reporting, and The Outdoor Wire has confirmed with NSSF officials, that SHOT Show will be expanding to two more Las Vegas Strip locations by 2021. SHOT will expand into the MGM Grand Conference Center in 2020 and will add Caesars Forum in 2021. With that expansion, SHOT will occupy 950,000 square feet by 2021. This year’s show covered about 650,000. The expansions will allow the show to grow to accommodate 2,600 exhibitors. According to NSSF Senior VP and CMO, Chris Dolnack, nearly 1,000 exhibitors were turned away from this year’s edition. Today, SHOT Show ranks as Las Vegas’ seventh largest annual show by attendance, bringing an estimated 60,000 industry professionals and 2,100 exhibitors.

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The Second Amendment Foundation has filed suit against the California Department of Justice and Attorney General Xavier Becerra, seeking an injunction against the agency for failing and refusing to establish a properly functioning Internet-based firearms registration system. The Calguns Foundation, Firearms Policy Coalition, Firearms Policy Foundation and three private citizens joined the SAF in the suit which was filed in Shasta County Superior Court.

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In what it calls the first step in its strategic transformation plan, Vista Outdoor Inc. ("Vista Outdoor") (NYSE: VSTO) announces a "definitive agreement”  to sell the legal entities operating its Bollé, Cébé and Serengeti brands to an entity controlled by a significant European private equity fund. Vista CEO Chris Metz says gross proceeds from the sale are estimated to be approximately $158 million, with the transaction expected to close in 30 to 45 days. Metz says the company will now continue with the divestiture plan first announced in May.
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Between 7:40 and 8:00 a.m. this morning, SCI members Tess and Andrew Talley will appear on NBC’s “Today Show” along with SCI President Paul Babaz. The Talleys will recount the savage social media attacks they suffered after social media trolls dredged-up a photo when she took an old giraffe on a legal hunt in South Africa. The appearance is part of SCI’s new communications effort to engage the media in order to get the facts about the good things hunters and hunting do around the world –and countering the lies of anti-hunters with the best science-based research possible. SCI recognizes the danger of direct engagement – misinterpretation- but says it is an “acceptable risk” in order to counter the so-called “facts” used by anti-hunting groups.

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On Friday a three judge panel of The United States Court of Appeals for the Second Circuit ruled in favor of New York City and District Attorney Cyrus Vance, Jr. in Knife Rights' long-running federal civil rights case challenging the City's policy of treating any locking blade folding knife that can be "flicked" open as a prohibited gravity knife. 

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Three New Jersey state legislators have blasted that state’s newest “gun control measures” which were enacted yesterday, saying “there was a rush once again in Trenton to ‘do something’ that will not stop violent criminals or mentally unstable individuals from perpetrating harm, but will infringe upon the Second Amendment rights of law-abiding gun owners."

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Following the announcement by U.S. Commerce Secretary Wilbur Ross that Section 232 tariff exemptions for Canada, Mexico, and the European Union expired, resulting in a 25 percent tariff on steel and 10 percent tariff on aluminum, respectively, NMMA is sounding the alarm to the Trump Administration and Congress on the damage to the recreational boating industry. 

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After successfully implementing the plan previously confirmed by Delaware bankruptcy court, Remington Outdoor Company has emerged from its Chapter 11 bankruptcy proceeding. The company says the plan converts over $775 million of previous debt into equity, provides a new Asset Based Loan of $193 million, the proceeds of which proceeds will refinance its prior ABL in full, a new $55 million First-In, Last Out Term Loan and a new $100 million Term Loan. Additionally, an integral part of the plan all “trade and business claims” are unimpaired and will be addressed in the company’s “normal course of business.”

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Lt. Colonel Oliver North, USMC (Ret.) will become President of the National Rifle Association of America within a few weeks, a process the NRA Board of Directors initiated Monday morning. Former President Pete Brownell informed the Board yesterday that he was not seeking a second term in order to dedicate his full time and energy to his family business.

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Bellefontaine, Ohio, based AcuSport Corporation has informed customers that it has commenced a voluntary Chapter 11 bankruptcy proceeding in the Southern District of Ohio that will enable it to operate the business while it undergoes a sale process. AcuSport CEO William Fraim says that Ellett Brothers, LLC, a wholly-owned subsidiary of United Sporting companies, Inc, has signed an Asset Purchase Agreement for AcuSport. And, in what Fraim calls a “separate matter” Gearfire has agreed to acquire and support AcuSport’s POS systems for independent firearms retailers and ranges. “We believe today’s Chapter 11 filing, in conjunction with the United asset purchase agreement, is the best path forward for our employees, customers and vendors. We plan to accommodate the needs of our customers to the greatest degree possible through our sales and customer service teams.” said William L. Fraim, Chief Executive Officer of AcuSport. The company says it has secured debtor-in-possession (DIP) financing from its current secured lenders and reduced headcount by 32 full-time employees.

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“It’s our intention not to finance these military-style firearms for civilian use,” Anne Finucane, a vice chairman at Bank of America, said Tuesday in a Bloomberg Television interview. The firm has had “intense conversations over the last few months” with those kinds of gun manufacturers to tell them it won’t finance their operations in the future, she said. Finucane said Bank of America also won’t underwrite securities issued by manufacturers of military-style guns used by civilians. Bank of America helped finance Vista Outdoors and Remington. No official response has been received from any firearms company, the National Shooting Sports Foundation or the NRA as of our deadlines.
 

 

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The American Federation of Teachers is telling Wells Fargo CEO Tim Sloan that should the bank continue doing business with the NRA and gun manufacturers, the teacher’s union will dump its popular Wells Fargo mortgage program offered to members.  According to AFT President Randi Weingarten: “We’re issuing Wells Fargo an ultimatum- they can have a mortgage business that includes America’s teachers, or they can continue to do business with the NRA and gun manufacturers. They can’t do both."

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