I've posted this once before...
I'm not a Colt basher, but this was interesting. Just a very cursory search on Google.com yielded the following information about Colt's owner:
Donald Zilkha never really planned to get into the gun business. In 1993 he turned 42, and had yet to make his own fortune. Success was expected of him: his family built one of the biggest banking empires in the Middle East before conquering New York. He worried aloud to friends that his father, a philanthropist and banker, disapproved of him. Zilkha was looking for a chance to prove himself, and suddenly there it was. Colt's Manufacturing Co.--known to the world as Colt--had fallen on hard times and could be bought for next to nothing.
His family, Zilkha told others, was appalled. His mother, a board member at the Metropolitan Opera, thought it a dirty business. His billionaire uncle refused to help. But Zilkha defied them. He was a city kid enthralled by cowboy legends. He was also a shrewd businessman, and he thought he'd found a way to make the guns profitable and "respectable." Colt had helped America win two world wars; it wasn't like owning some cheap handgun maker. Zilkha would buy up Colt's competitors for military weapons, Wall Street style. Later there were other ideas: "smart guns" that would make the world safer, Western theme parks for kids. He just might become a modern Samuel Colt.
Now here he was, in the summer of 1999, sitting in his office 46 floors above midtown Manhattan, listening on the speaker phone as Colt executives told him the dream was dying. Colt was deep in debt and paying more than $300,000 a month in legal fees. The bank wouldn't loan him any more cash. With school shootings dominating the news, Zilkha's private investors wanted nothing more to do with guns. And if he didn't come up with $4 million in a hurry, the nation's oldest gunmaker would be forced to close its doors. So Zilkha did what he had to do. He and his partner, John Rigas, secretly put up $1 million of their own money so that Colt could hastily build 1,100 modified assault rifles for the civilian market. They knew those guns were in high demand--even though they're banned in several states. The rifles gave Colt a cash infusion so it could pay its factory workers. But it wasn't enough; the money ran out, and Colt soon announced it would have to stop making most consumer handguns.
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CMI (Colt Manufacturing, Inc.) is owned by New York banker, Donald Zilkha, who still maintains his Iraqi citizenship. Unfortunately, while Mr. Zilkha owns CMI, he *does not* own the name "Colt". That belongs to the State of Connecticut. The State gained ownership of the name when the companies previous owners went bankrupt in 1994 owing the State of Connecticut pension fund $11,000,000.
Zilkha's arrangement with the State required him to keep the ailing company in Connecticut for ten years, which included the manufacturing of any gun that had ever been produced in that factory....or pay the State $11,000,000 they lost in the previous bankruptcy. Apparently Zilkha has come up with an exit strategy that will allow him to both move the company's manufacturing to friendlier, non-union, ground and leave the companies creditors sucking wind. Zilkha is now negotiating with the State to finally buy the name "Colt".