June 15th, 2015

Colt Files for Chapter 11 Bankruptcy

Colt Defense LLC Manufacturing Company Bankrupt Bankruptcy Ch 11 Chapter File Wall Street Journal Bond Liquidation

On Sunday, June 14, 2015, firearms manufacturer Colt Defense LLC and its subsidiaries (“Colt”) filed for Chapter 11 bankruptcy, with the goal of selling the enterprise. Colt had been strained by a heavy $355 million debt burden, and had previously warned that it might resort to bankruptcy if it could not reach an agreement with bond-holders. In a Sunday news release, Keith Maib, Colt’s chief restructuring officer stated: “The plan we are announcing and have filed today will allow Colt to restructure its balance sheet while meeting all of its obligations to customers, vendors, suppliers and employees and providing for maximum continuity in the company’s current and future business operations.” Read full Press Release.

According to Marketwatch, Colt hopes to have new owners by the end of the summer: “Colt is racing to get to the auction block by August 3, with an opening buyout offer from Sciens Capital Management LLC, Colt’s private-equity backer.” There are actually ten separate but related business entities under the Colt umbrella that collectively filed for backruptcy. These are listed in the Bankruptcy Filing Summary, In re Colt Holding Company LLC, Case Number: 15-11296.

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May 2nd, 2015

Historic Colt Paterson Revolver Sells for $414,000

Colt Engraved Patterson Revolver Auction RIA
This handsome Paterson revolver, the earliest known, factory-engraved Colt, sold for remarkable $414,000 at an April 2015 RIA auction.

Gun prices climbed into the stratosphere last month during the 2015 April Premiere Firearms Auction conducted by the Rock Island Auction Company (RIA). The most expensive gun at auction was an historic Colt Paterson, the first-ever factory-engraved Colt handgun. Complete with the original fitted factory case with various accessories, this Paterson inspired a bidding war that saw the price rise to a stunning $414,000. That is an amazingly high price for a gun that was not owned by a well-known historic personage. Generally, to command a price in the multiple hundreds of thousands of dollars, a gun must have a significant historic provenance — such as having been owned by a legendary figure such as Billy the Kid or Wyatt Earp.

It seems like prices continue to rise every year at auctions of historic and collectible firearms. At RIA’s April Premier Auction, the total sale value of the auctioned guns topped $11.6 million. Remarkably, a first-year production Colt Python (serial #170) sold for $17,250! That makes this Editor regret not having acquired an early model Snake decades ago.

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February 25th, 2015

Revolver Patented 179 Years Ago Today…

Samuel Colt Revolver Patent

Today is the 179th birthday of the revolver, as invented by Samuel Colt of Hartford, Connecticut. On February 25, 1836, Samuel Colt was granted a United States patent for an “Improvement in Fire-Arms”, specifically the “Revolving Gun”. The rest is history. Colt’s original patent drawings, along with the text of his application, are available online.

CLICK HERE for Colt Revolver “Letters Patent” | CLICK HERE for Colt Revolver Patent PDF

Samuel Colt Revolver Patent

Samuel Colt Revolver Patent

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