I’ll let more experienced minds talk about the ramifications and causes. What I will say is that this isn’t the gut punch for me than some of the other gunnies.
I came into guns well after Colt had decided that it was better for the bottom line to feed at the government trough. I never felt the need to own a gun just because it had the prancing pony. By the time I came into guns, there were dozens of companies that made better products.
Do I respect Colt’s contributions to firearms technology? Yes, but I also respect a bunch of other now-defunct firms.
Did they make some very pretty guns? Yes, but I’m not a collector. I’m just as happy with the pics on my iPhone.
In short, I’m kind of meh. I do hope someone strong buys the Colt name. My instincts tell me the stalking horse they have will not revitalize Colt and bring it back into the gunny world. I absolutely loved Grant Cunningham’s idea of FN purchasing Colt, but that’s pretty much a pipe dream at this point.