Fighting takeover Point Blank wins contract

August 18, 2008 by Dagpotter · Comment
Filed under: Acquisitions, Contract Awards, Florida, Point Blank Solutions, U.S. Navy, production program 

According to the South Florida Business Journal, Point Blank Solutions won a contract to provide tactical vests. The contract could be worth over $20 M. Point Blank Solutions has been supplying body armor to the US Armed Forces for several years. At the same time the company is trying to prevent being bought by a hedge fund. They turned down one offer for the company last year, but now it looks like the shareholders will be allowed to vote on the deal.

For more see the South Florida Business Journal article.

Tags: , , , , , , ,

Force Protection sued by share holders

April 10, 2008 by Dagpotter · Comment
Filed under: Earnings, Force Protection, Press Releases, crime, production program 

In an action related to previous posts, here and here, it seems that some of the Force Protection shareholders are suing the company and management. The press release is here. Congress has recently made it harder to win these kind of lawsuits as it was felt they had been abused in the past. The crux of the matter is that executives were misleading about the company’s future, and points to DoD reports that contracts to Force Protection had not been awarded properly. This will take some time to work out in the courts. Force Protection has recently struggled to win contracts.

Tags: , , , ,