Perhaps most significantly, Cerberus, the secretive private equity firm, announced Tuesday that it would immediately begin the process of trying to sell its stake in the Freedom Group, a company that manufactures the Bushmaster firearm brand, which was used in the shooting at Sandy Hook Elementary. “It is apparent that the Sandy Hook tragedy was a watershed event that has raised the national debate on gun control to an unprecedented level,” the firm said in a news release. “It is not our role to take positions, or attempt to shape or influence the gun control policy debate. … There are, however, actions that we as a firm can take.”
The move to sell its Freedom Group investment comes in the wake of the California State Teachers’ Retirement System (which has $751 million invested with Cerberus) saying it would review its relationship with Cerberus following the shooting. Bloomberg is also reporting that the father of Cerberus founder Stephen Feinberg lives in Newtown.