FORTUNE -- It has been more than 15 months since private equity firm Cerberus Capital Management pledged to sell Freedom Group, maker of the Bushmaster rifle that was used in the Sandy Hook Elementary School massacre.
The promise came after pressure from the California State Teachers' Retirement System (CalSTRS), a public schoolteachers pension fund that was invested with the relevant Cerberus fund.
By late last year, however, it had become apparent that Cerberus could not find a taker for the company. Too controversial, too big, too integrated. Then Reuters reported on Dec. 12 that Cerberus had turned to the debt markets for at least $175 million that it would use to basically buy out limited partners that no longer wanted exposure to Freedom Group. Kind of an in-house direct secondary.
As of this writing, however, Fortune has learned that the ownership of Freedom Group remains exactly the same. Moreover, Cerberus investors have not yet received information from the firm about how they could be bought out (something that CalSTRS, for example, still desires).
A source close to the situation says that the process has moved slowly because it is so complicated to structure the relevant investment vehicles, and because Cerberus needed to be sure it could raise enough money to satisfy all anticipated LP demand (remember: If it offers to buy out CalSTRS at a certain price, it needs to offer the same deal to all other LPs). The firm is now expected to send specific details of its offer to LPs within the next several weeks.
Cerberus declined to comment.
Sign up for Dan Primack's daily email newsletter on deals and deal-makers: GetTermSheet.com
It has been nearly one year since Cerberus pledged to sell Freedom Group, in the aftermath of the Newtown killings. So why does it still own America's largest gun maker?
FORTUNE -- It has been nearly one year since the Sandy Hook massacre, which also means it's been nearly a year since private equity firm Cerberus Capital Management pledged to sell Freedom Group, a firearms and ammo company whose products include the Bushmaster MOREDan Primack - Dec 9, 2013 12:08 PM ET
LACERS excludes private equity from possible firearms investment policy.
FORTUNE -- The Los Angeles City Employees' Retirement System's board this week recommended that its staff draft a firearms investment policy, following divestiture requests from a city councilwoman and Mayor Villaraigosa.
But it specifically excluded private equity investments from the potential policy, arguing that such requirements could cause LACERS to be banned from certain private equity funds (as first spotted by Bloomberg). The board MOREDan Primack - Mar 29, 2013 12:13 PM ET
Liability insurance might be touted as a magic bullet to reduce gun deaths, but it's unlikely to make a big difference.
FORTUNE -- U.S. insurers have helped discourage smoking and have even made driving safer, but can the industry also make America a less violent place?
It's a tall order that would ask insurers to change the way they do business, but a handful of state lawmakers think so. Since December's tragic MORENin-Hai Tseng, Writer - Feb 21, 2013 10:59 AM ET
One of President Obama's Wall Street supporters is doing business with one of his loudest antagonists.
FORTUNE -- The National Rifle Association this week released a video ad accusing President Obama of being an elitist hypocrite, for opposing armed guards at school when his daughters have such protection.
Before continuing, two points of order:
1. Obama actually issued an executive order yesterday that would "provide incentives for schools to hire school resource officers" MOREDan Primack - Jan 17, 2013 3:21 PM ET
California teachers pension plans to divest of certain firearms makers.
FORTUNE -- The California State Teachers' Retirement System (CalSTRS) board yesterday voted unanimously to divest itself of investments in makers of firearms and ammunition that are illegal to purchase or own in the state of California. This includes those who produce assault rifles, "Saturday night specials" and/or high-capacity magazines. The divestiture option also was endorsed by CalSTRS chief investment officer Chris Ailman, MOREDan Primack - Jan 10, 2013 11:39 AM ET
Private equity's firearms interests go far beyond Cerberus and Freedom Group.
FORTUNE -- Last week another lunatic used a Bushmaster .223 rifle to murder multiple people. This time the victims were firefighters responding to a call in Webster, New York. Guns may not cause massacres, but people who massacre seem to favor the same type of "gun."
We previously reported about how Cerberus Capital Management plans to divest the parent company of Bushmaster MOREDan Primack - Dec 31, 2012 11:27 AM ET
Bushmaster rifle owner decides to sell the company.
FORTUNE -- Private equity firm Cerberus Capital Management announced early this morning that it plans to sell Freedom Group, a firearms conglomerate that produced the .223 Bushmaster rifle used in last week's elementary school massacre.
Here is the firm's statement, in full:
We were shocked and deeply saddened by the events that took place at the Sandy Hook Elementary School in Newtown, CT on December 14, 2012. We MOREDan Primack - Dec 18, 2012 6:30 AM ET
One way to reduce mass shootings is for big institutions to stop funding the assault weapon manufacturers.
FORTUNE -- Do you know who owns more than a 6% stake in the maker of .223 Bushmaster rifles, like the one used last Friday to murder 20 first graders and seven adults in Newtown, Connecticut? California public schoolteachers.
The company in question is Freedom Group, a privately-held firearms conglomerate formed by private equity and MOREDan Primack - Dec 17, 2012 2:32 PM ET
|GM's recalled Cobalt was a failure from the start|
|Michaels hack hit 3 million|
|Walmart offers cheaper money wire service|
|Americans have fallen in love with real estate once again|
|Why you should pay off your car loan ASAP|