TOP STORY

The National Rifle Association filed a lawsuit against the NRA Foundation, asserting ownership of intellectual property and alleging the foundation's leadership is operating in bad faith and withholding funds. NRA CEO Doug Hamlin stated the foundation has declined to approve 2026 grant funding, jeopardizing programs like the NRA National Firearms Museum and Eddie Eagle GunSafe program.

Safari Club International President Paul Babaz has sent a letter to President Trump, asking him to direct Secretary Ryan Zinke to lift the hold that he placed on the authorization of import permits for elephants legally hunted in Zimbabwe and Zambia.

Women from around the country are preparing to travel to the U.S. Capitol as part of the DC Project, a nonpartisan initiative that brings 50 women, one from each state, to Washington, DC, to meet with their legislators about issues addressing the Second Amendment. The women, who will be meeting with Congressional members and staff from June 12-17, 2017, have diverse professional experiences, ethnicity, and political beliefs, but share a common interest centered on the appreciation of America's gun culture.

With ten anti-gun bills coming up for committee votes today in the California legislature, the Firearms Policy Coalition is warning state residents that "GunMageddon" is upon them. The ten bills seek a variety of actions and requirements, along with barring "home FFL dealers" and introducing measures the FPC says are precursors for mandatory ammunition tracking and purchase permits.

After nearly a year and a half of fighting in court, and more than $100,000 spent, sportsmen in Maine were victorious today against a lawsuit brought by the Humane Society of the United States (HSUS) seeking to ban the Maine Wildlife Conservation Council's TV ads urging voters to reject a proposed proposition that would have removed bear hunting from wildlife management options.

Colt Defense, LLC has filed voluntary Chapter 11 bankruptcy restructuring materials in United States District Court for the District of Delaware. According to a company statement, the filing will allow for an accelerated sale of Colt's business operations in the United States and Canada. Sciens Capital Management will become the "stalking horse bidder" and proposes purchasing Colt assets and secured liabilities, along with existing agreements with employees, customers, vendors and trade creditors. The Colt proposal must be approved by the Court.

Citing a reduction in the active discounting of competitors coupled with successful company sales promotions, Sturm, Ruger & Company, Inc. (NYSE: RGR) announced net sales of $137 million and fully-diluted earnings of 81-cents per share for the first quarter of 2015. Later this morning, the company will webcast its Annual Meeting of Shareholders at www.ruger.com/corporate.

After significant objection from the recreational fishing and boating community, the National Marine Fisheries Service (NMFS) has taken steps to correct a key fisheries economics report that misleadingly indicated that the domestic commercial fishing industry in the United States was significantly larger than the recreational fishing industry. When imported seafood (not regulated by the NMFS) is removed, commercial fishing is actually $7.9 billion dollars smaller than recreational fishing, and shrunk $2.3 billion in 2012.

Monday's Supreme Court decision on the federal "straw purchase" law has resulted in confusion among Federal Firearms Licensees (FFL). The National Shooting Sports Foundation has asked the Bureau of Alcohol, Tobacco, Firearms and Explosives to provide clarification on the Supreme Court decision. In the meantime, the NSSF says the ruling does not make gift giving of firearms illegal.

Alliant Techsystems Inc. (NYSE: ATK) announces a plan to create two independent, public companies. In the split, Mark DeYoung will become Chairman/CEO of ATK Sporting which includes Federal Premium, Bushnell, Savage Arms, BLACKHAWK!, Primos, Final Approach, Uncle Mike's, Hoppe's, RCBS, Alliant Powder, CCI, Speer, Champion Targets, Gold Tip Arrows, Weaver Optics, Outers, Bollé, Cebe, and Serengeti brands. Aerospace becomes Orbital ATK, Inc., reflecting the merger between Orbital Sciences Corporation (NYSE: ORB) and ATK's aerospace and defense groups. Orbital co-founder David W. Thompson will head Orbital ATK.

FeraDyne Outdoors, LLC has been acquired by Snow Phipps Group, LLC, a New York-based private-equity firm. FeraDyne designs, manufactures and markets category-leading brands including Rage expandable broadheads, Muzzy fixed-blade broadheads, Nockturnal lighted nocks and Tru-Fire mechanical releases. The ownership group includes hunting's Jim Shockey who will also join the FeraDyne board as a non-executive member.