Colt Bankruptcy

Posted on June 30, 2015June 30, 2015 by Tom Odom, Esq.

I am aware that some purchasers of Colt firearms are concerned with the announcement earlier this month that the company has filed for bankruptcy. Please note that Colt’s press release on the subject found here explains that Colt requested that the Bankruptcy Court approve its “requests to protect trade creditors, vendors, and suppliers thereby allowing for its operations to continue uninterrupted during the Bankruptcy Court supervised sales process.” In short, if you have paid for a purchase and are awaiting delivery of a firearm or if you returned a firearm for repair, Colt has said that the corporate restructuring will not interfere with “normal business operations”.

If you have a more substantial financial interest in Colt — as a shareholder or bondholder or lender — you may want to consult with an attorney who handles bankruptcy matters for further explanation of the potential impact upon your interests.

Published by Tom Odom, Esq.

Tom was born and raised outside of Philadelphia. He attended Rutgers University as an undergraduate and, later, University of Pennsylvania School of Law where he was an Executive Editor on the University of Pennsylvania Law Review. He served as a clerk to Judge Morton I. Greenberg of the U.S. Court of Appeals for the Third Circuit. Tom practiced law for ten years in Washington, D.C., handling matters before numerous federal administrative agencies and litigating several significant issues of federal constitutional law. He resigned his partnership for a full-time teaching position and spent the next ten years as a law professor at schools including Penn State/Dickinson School of Law, Rutgers School of Law -- Camden, University of Richmond School of Law, and Oklahoma City University School of Law. While a professor, Tom published three books on federal constitutional law and articles on various topics. Tom joined the Prince Law Firm, P.C., due to his interest in protecting constitutional rights and the firm's reputation in representing individuals in firearms related matters. He assists clients in complying with regulatory requirements and in litigating when their rights have been infringed. View all posts by Tom Odom, Esq.