Business
Dropped by the U.S. Military, Colt Goes Bankrupt
(The Daily Beast) – After decades arming American soldiers, first with the Vietnam era M16 and later the modern M4 rifles carried in Iraq and Afghanistan, famed gun manufacturer Colt lost its contract with the military in 2013. It never recovered. Last Sunday Colt Defense LLC filed for bankruptcy after 179 years in business.
Colt’s chapter 11 filing comes after earlier, failed attempts to restructure its $350 million debt were rejected by the company’s bondholders. Last November, the Wall Street Journal reports, borrowed $70 million from Morgan Stanley in a bail-out loan to allow the company to pay down interest on its debts. Under an article of the bankruptcy code, Colt is now headed to auction where it’s hoping for a quick sale. The company lists its sponsor Capital Management LLC, as its “stalking horse bidder,” meaning that Sciens, which which owns close to 90% of the company, has agreed to buy out Colt’s assets and secured liabilities.
The downturn for Colt seems to have started after the company, which had relied on sales to the government, lost a multimillion dollar bid for to arm the military.
Following a drawn-out and contentious bidding war, Colt lost its contract to provide the Pentagon with M4 rifles in 2013. The $77 million contract went instead to a Belgian company, F.N. Herstal.
Activism
Oakland Post: Week of January 8 – 14, 2025
The printed Weekly Edition of the Oakland Post: Week of January 8 – 14, 2025
To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.
Activism
Oakland’s Black Chamber of Commerce Awards 63 Businesses $1,000 Micro Grants
“Our members are essential to Oakland’s economic and cultural fabric,” said Cathy Adams, president of the OAACC. “These grants are a testament to our dedication to fostering business growth and sustainability within our community.” The microgrants are designed to provide vital support for members to strengthen their operations, invest in growth opportunities, or meet pressing needs, Adams added.
By Oakland Post Staff
Last week, the Oakland African American Chamber of Commerce (OAACC) announced the distribution of $63,000 in microgrants to 63 member businesses. These $1,000 grants, generously sponsored by Supervisor Nate Miley, Amazon, and the Tides Foundation, reflect the organization’s goals and unwavering commitment to empowering Black-owned businesses in Oakland.
“Our members are essential to Oakland’s economic and cultural fabric,” said Cathy Adams, president of the OAACC. “These grants are a testament to our dedication to fostering business growth and sustainability within our community.”
The microgrants are designed to provide vital support for members to strengthen their operations, invest in growth opportunities, or meet pressing needs, Adams added.
As part of this initiative, OAACC leaders are encouraging all grant recipients to inspire their communities to support Oakland-based businesses by shopping locally, sharing referrals, and following their social media pages.
For more information about the OAACC and the organization’s initiatives, please visit www.oaacc.org.
Activism
Port of Oakland to Host January Meeting for Interfaith Council of Alameda County
State, county, and city officials have been invited to join ICAC board members and the community to explore effective strategies for addressing these interconnected challenges across Alameda County, including ICAC’s Safe Car Park program expansion and efforts to convert trailers into shelter for the unhoused.
Special to The Post
The Interfaith Council of Alameda County (ICAC) will hold its first meeting of 2025 on Thursday, Jan. 9, at the Port of Oakland, located at 530 Water St. Hosted by the president of the Port of Oakland, the meeting will run from 1-2:30 p.m. and will focus on pressing community issues including environmental justice, housing solutions, and crime and safety.
State, county, and city officials have been invited to join ICAC board members and the community to explore effective strategies for addressing these interconnected challenges across Alameda County, including ICAC’s Safe Car Park program expansion and efforts to convert trailers into shelter for the unhoused.
All are welcome and encouraged to attend and contribute to this important discussion. For more information, visit interfaithAC.org.
WORK FROM HOME
Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540
Oakland Post: Week of January 8 – 14, 2025
Supreme Court Decision Confirms Convicted Felon Will Assume Presidency
Barbara Lee Launches Campaign for Mayor of Oakland
Who Wants to Be the Next Elected Mayor of Oakland?
Oakland NAACP President Stands on the Frontlines for Equity
‘In 2024, We Had a Decrease in Shootings and Killings,’ Says Oakland Mayor Nikki Bas and Ceasefire Leaders
U.S. Rep. Barbara Lee Remembers Jimmy Carter’s Sunday School Lessons
Oakland’s Black Chamber of Commerce Awards 63 Businesses $1,000 Micro Grants
How Head Start Installs Confidence for Two Generations
Port of Oakland to Host January Meeting for Interfaith Council of Alameda County
Expect The Worst? Political Scientists Have a Pessimism Bias, Study Finds
UC Berkeley’s 2024 Winter Commencement: A Day of Reflection, Celebration and Advice
IN MEMORIAM: Jimmy Carter, 39th President and Global Humanitarian, Dies at 100
January Is Mental Wellness Month
Book Review: Building the Worlds That Kill Us: Disease, Death, and Inequality in American History
Books for Ghana
Post News Group to Host Second Town Hall on Racism, Hate Crimes
Promise Marks Performs Songs of Etta James in One-Woman Show, “A Sunday Kind of Love” at the Black Repertory Theater in Berkeley
Glydways Breaking Ground on 14-Acre Demonstration Facility at Hilltop Mall
Butler, Lee Celebrate Passage of Bill to Honor Congresswoman Shirley Chisholm with Congressional Gold Medal
Delta Sigma Theta Alumnae Chapters Host World AIDS Day Event
‘Donald Trump Is Not a God:’ Rep. Bennie Thompson Blasts Trump’s Call to Jail Him
Oakland Post: Week of December 11 – 17, 2024
Landlords Are Using AI to Raise Rents — And California Cities Are Leading the Pushback
Living His Legacy: The Late Oscar Wright’s “Village” Vows to Inherit Activist’s Commitment to Education
In ‘Affrilachia: Testimonies,’ Puts Blacks in Appalacia on the Map
AC Transit Holiday Bus Offering Free Rides Since 1963
California, Districts Try to Recruit and Retain Black Teachers; Advocates Say More Should Be Done
Oakland Post: Week of December 4 – 10, 2024
FILM REVIEW: The Six Triple Eight: Tyler Perry Salutes WWII Black Women Soldiers
LIVE! — TOWN HALL ON RACISM AND ITS IMPACT — THURS. 11.14.24 5PM PST
AMG GLC43: The Perfect Blend of Power and Practicality
2024 Mercedes Benz GLC 43 AMG: Ultimate POV Test Drive
Unleashing Power: The GLC43 SUV with 416 HP
Why DeLorean Chose Stainless Steel: Innovations & Patents
DeLorean’s Untold Legacy
Why Driving the DeLorean is a Unique Experience
How Will the Outcome of This Election Affect the Auto Industry?
The Ariya Empower+
Trump vs. Biden: EV Showdown
Election’s Auto Industry Impact
The Auto Industry’s Struggle – Recovering from COVID
Unleash the AMG Power!
DeLorean: The Rise, Fall, and Second Acts of the DeLorean Motor Company
2024 AMG GLC43 SUV Review: Unleashing Mercedes-Benz’s Hybrid-Enhanced Power and Design
-
Activism3 weeks agoBooks for Ghana
-
Arts and Culture4 weeks agoPromise Marks Performs Songs of Etta James in One-Woman Show, “A Sunday Kind of Love” at the Black Repertory Theater in Berkeley
-
Bay Area3 weeks agoGlydways Breaking Ground on 14-Acre Demonstration Facility at Hilltop Mall
-
Activism4 weeks ago‘Donald Trump Is Not a God:’ Rep. Bennie Thompson Blasts Trump’s Call to Jail Him
-
Activism3 weeks agoLiving His Legacy: The Late Oscar Wright’s “Village” Vows to Inherit Activist’s Commitment to Education
-
Arts and Culture3 weeks agoIn ‘Affrilachia: Testimonies,’ Puts Blacks in Appalacia on the Map
-
Alameda County3 weeks agoAC Transit Holiday Bus Offering Free Rides Since 1963
-
#NNPA BlackPress4 weeks agoCalifornia, Districts Try to Recruit and Retain Black Teachers; Advocates Say More Should Be Done
