Several months ago I sent in my AAC M4-2000 for repair (qd latch failed) and since then I’d received one email stating the part was back ordered and the repair would be finished when it came in. This morning I sent an email checking on the status of the repair and I received an automatic reply stating that due to Remington’s bankruptcy they were not accepting any more repairs and there was a chance my product might be returned without the repair being finished. This is obviously terrible news as there isn’t any recourse to fixing a broken suppressor if the manufacturer is out of business. Internet research shows someone bought AAC but I’m not sure what that means for me. Is anyone else having this issue?
You see how the documents reference "Asset Purchase Agreements?"
That means they purchased the assets of the company (often including intangible assets like customer lists, proprietary knowledge and rights to continue using the name, etc.) but the original organization still exists and retains its liabilities. The alternative would have a purchase of equity.
The whole document isn't available through the link, but if it were you'd see supplementary schedules at the end listing each individual asset and its corresponding purchase price.
For example, the original "Barnes" company would continue to exist, but "Barnes Acquisition LLC" purchases all equipment, inventory, intangible assets, marketing materials, patents, trademarks, etc.," leaving the original "Barnes" company a shell that holds the cash from the sale and all existing liabilities to settle whatever debts it can as it winds down.
In short, you're probably fucked unless Palmetto wants to keep the AAC name in good standing for future use. Then it would be in its best interest to honor warranties. If it intended to use the assets purchased to launch a new brand or expand its existing product line that's another story.
Just a disclosure- I'm not an attorney. I'm just a CPA that deals with equity and asset sales regularly.