Bushmaster founder’s new company files bankruptcy
The MG Industries booth at the NRA annual meeting in 2016. (Photo: MGI/Facebook)
Bangor gun maker MG Industries filed for Chapter 7 bankruptcy to sell off assets to resolve debts, according to documents filed in a Maine federal court this month.
The company, known for the Hydra series of easily modifiable AR-style firearms, was started by Mack Gwinn, who before starting MGI founded Bushmaster Firearms.
According to the petition, MGI has between one and 49 creditors, zero and $50,000 in assets, and zero to $50,000 in liabilities. However, public records do not identify the creditors nor the amounts owed.
MGI’s bankruptcy follows eight years of growth in the gun industry and rising gun sales. Since 2009, sales increased 75 percent, federal data shows. Yet, there are few indicators that give insight into the private company’s financial health.
The company has also not released a public statement on the matter and public ATF manufacturing data shows little about its progress. ATF reports show MGI producing 315 rifles in 2015, 30 in 2012 and the company is not listed for other years dating back to 2010. A review of its website lists complete rifles and rifle parts available for sale.
In a 2010 interview with MaineBiz, a gun maker spokesman predicted rapid growth — 40 to 50 percent — each year for four or five years. But before that growth had been purposefully slow, with a strategy focusing more on developing a strong product than marketing.
Gwinn, MGI’s owner, founded the company in 2005, according to a public records search. As a former special forces soldier, he put his expertise into his work. His company’s staple product, the Hydra, was based on the M16 and developed to use interchangeable parts like a quick change barrel to change the weapon’s calibration.
In the 1970s, he founded Gwinn Firearms, which later became Bushmaster. The company was later sold to Remington Outdoor Company and became one of the largest gun makers in the country.
The post Bushmaster founder’s new company files bankruptcy appeared first on Guns.com.
Source: http://www.guns.com/2017/07/27/bushmaster-founders-new-company-files-bankruptcy/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).