資方拋售美校園槍擊案涉案槍支生產商

????今天，受到密斯威森（Smith & Wesson）和斯圖姆?魯格公司（Sturm Ruger & Co.）等上市槍械制造商史股票價格暴跌的影響，自由集團的市值被人為壓低。同時，我們很難想象會有哪一家公司會愿意從賽伯勒斯手中買下自由集團。近幾年，賽伯勒斯一直試圖將自由集團上市，但由于銷售疲軟和管理層整頓，一直未能如愿。筆者預測的最好結果是，一家外國槍械公司最終會以較大折扣買下自由集團。

????到目前，我們尚不確定自上周五以來，賽伯勒斯的有限責任合伙人給公司施加了多大的壓力。昨天，我們曾報道，賽伯勒斯私募股權基金最大的投資者之一加州教師退休系統（California State Teachers' Retirement System，CalSTRS）在槍擊事件發生后曾表示將對在自由集團的間接投資進行評估（之前發生的奧羅拉槍擊案中，疑犯同樣使用了“大毒蛇”步槍，但當時該機構并未發表類似聲明）。事實上，加州教師退休系統等有限責任合伙人在完成最初的出資之后，除了二級出售其全部基金股份，其他也無能為力（因此，我認為該機構應該更加主動，而非被動響應）。當然，除非它與其他有限責任合伙人迫使賽伯勒斯做出今天上午的決定——提醒公司，有時候它們希望基金經理們更多關注理性，而非只關注金錢。

????最新消息：彭博社報道稱，賽伯勒斯公司創始人兼CEO史蒂芬?費恩伯格的父親是康涅狄格州紐敦市居民。目前尚不清楚這一點是否影響到了該公司的決策過程。

????譯者：劉進龍/汪皓

????What we still don't know if what pressure, if any, Cerberus limited partners brought to bear on the firm since last Friday. Yesterday we reported that one of the largest investors in Cerberus private equity funds was the California State Teachers' Retirement System, which subsequently said it would review its indirect investment in Freedom Group (it made no such pledge following the Aurora shooting, where a Bushmaster rifle also was used).

????Truth is, however, an LP like CalSTRS really can't do much after the original fund commitment is made, save for a secondary sale of its entire fund stake (which is why I argued it should have been proactive, rather than reactive). Unless, of course, it and others helped prod Cerberus into this morning's decision -- reminding the firm that they sometimes want their fund managers to focus more on the sense than the dollars.

????Update: Bloomberg is reporting that the father of Cerberus founder and CEO Stephen Feinberg is a resident of Newtown, Connecticut. No word yet on if this factored into the firm's decision-making process...