Beleaguered gunmaker Remington points to bankruptcy court

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Beleaguered gunmaker Remington points to bankruptcy court

Remington, the gunmaker beset by falling sales and lawsuits tied to the Sandy Hook Elementary School massacre, has reached a financing deal that would allow it to continue operating as it files for Chapter 11 bankruptcy protection.

The maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, said Monday that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital.

The company will attempt to file a prepackaged reorganization plan with the U.S. Bankruptcy Court of Delaware under Chapter 11 of the bankruptcy code.

Remington Outdoor Co., based in Madison, North Carolina, said that business won't be disrupted as it restructures its finances.

Ohio court to hear online charter school's funding case

The survival of one of the nation's largest virtual charter schools is on the line when the Ohio Supreme Court hears arguments Tuesday in a case that could have broader impact on accountability for other e-schools.

The Electronic Classroom of Tomorrow challenges how Ohio tallied students' participation to determine the online school should repay $60 million or more.

The state says ECOT didn't provide data from students' online work to justify the school's full public funding in recent years.

ECOT argues that state law calls for calculating charter-school funding based on enrollment, not participation, and that Ohio's Department of Education effectively changed the criteria without legal authority.

After the state started recouping funding, the e-school of some 12,000 students was abruptly closed last month as it ran out of money.

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Thai National Sentenced, Faces Deportation for Operating Immigration Fraud Scheme

Nimon Naphaeng, 36, a native and citizen of Thailand, who resided in Wakefield, R.I., was sentenced Monday to 27 months in federal prison for running an immigration fraud scheme that defrauded more than 320 individuals, most of them immigrants, of at least $400,000, and perhaps more than $518,000. The scheme included the unauthorized filing of false asylum applications on behalf of individuals who did not request, nor authorize, the applications.

“U.S. Citizenship and Immigration Services does not tolerate immigration fraud of any kind,” said Susan Raufer, director of the USCIS Newark Asylum Office. “We are proud of our role in uncovering this fraud scheme and bringing the perpetrator to justice.”

At sentencing, U.S. District Court Chief Judge William E. Smith ordered a provisional amount of restitution of $400,000. The final amount of restitution will be determined subject to additional victims being identified and additional court filings over the next 90 days. According to court documents already filed by the government, restitution in this matter may exceed $518,300. During the investigation, the government seized $285,789.31 from Naphaeng. The forfeited funds will be applied toward restitution for victims of Naphaeng’s crimes.