Ares Armor Acquired?

I saw this as well. I tried doing a little bit of digging on the company that acquired them, and I can't find much. One thing I did find was this: http://listings.findthecompany.com/l/32294886/Lake-House-Capital-Management-LLC-in-Glen-Ellyn-IL

According to that site, this company seems to be a very small business. If it's worth as little as this page indicates, I'm having a hard time understanding how they can acquire Ares. I can't help but think that this is some sort of back-room deal to get Dimitri Karras off the ATF's ass.
 
atilla said:
i hope dimitri doesn't tone it down at all. i love that dude.
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Based on that statement on the Ares site, Dimitri is not going to be involved with Ares anymore. I just can't shake the feeling that there's a lot more to this than what's on the surface. Investment groups don't tend to go after businesses that are involved in legal battles with Government agencies, especially ones that continuously poke the hornet's nest. Businesses like that are well beyond "high risk".
 
Jim85IROC said:
Based on that statement on the Ares site, Dimitri is not going to be involved with Ares anymore. I just can't shake the feeling that there's a lot more to this than what's on the surface. Investment groups don't tend to go after businesses that are involved in legal battles with Government agencies, especially ones that continuously poke the hornet's nest. Businesses like that are well beyond "high risk".
Click to expand...

.gov certainly has an ax to grind with him for sure. [sad]
 
Jim85IROC said:
Based on that statement on the Ares site, Dimitri is not going to be involved with Ares anymore. I just can't shake the feeling that there's a lot more to this than what's on the surface. Investment groups don't tend to go after businesses that are involved in legal battles with Government agencies, especially ones that continuously poke the hornet's nest. Businesses like that are well beyond "high risk".
Click to expand...

I love him too, I just don't know how successful the business is. My gut is he ramped up in the panics, and it's caught up with him and is basically bankrupt.

That's just a hunch as a businessperson whose seen "asset deals" in the past.
 
Squire said:
I love him too, I just don't know how successful the business is. My gut is he ramped up in the panics, and it's caught up with him and is basically bankrupt.

That's just a hunch as a businessperson whose seen "asset deals" in the past.
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That's certainly a possibility, but I had thought that after this whole ATF thing that Ares went from a little tiny shop to a business that had become a household name among gun owners. Overnight it seemed like everybody was buying Ares lowers and swag. Maybe that wasn't really the case.
 
Jim85IROC said:
That's certainly a possibility, but I had thought that after this whole ATF thing that Ares went from a little tiny shop to a business that had become a household name among gun owners. Overnight it seemed like everybody was buying Ares lowers and swag. Maybe that wasn't really the case.
Click to expand...

Therein lies the business failure, as the demand was temporary and not sustainable. Total speculation on my part thought.
 
Squire said:
Therein lies the business failure, as the demand was temporary and not sustainable. Total speculation on my part thought.
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I'm sure the legal fees didn't help either.

Sadly, this is one that I think we all wanted to see succeed. He had a better chance of sticking it to the ATF than anybody else that I'm aware of, and to be able to do it in such a public way would have been most rewarding.
 
Jim85IROC said:
I'm sure the legal fees didn't help either.

Sadly, this is one that I think we all wanted to see succeed. He had a better chance of sticking it to the ATF than anybody else that I'm aware of, and to be able to do it in such a public way would have been most rewarding.
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I think I'll buy an upper as a memorial...
 
Dimitri posted this letter to customers:

http://aresarmor.com/store/NewsArticle/Letter-to-Customers

TO: ARES ARMOR CUSTOMERS
FROM: DIMITRIOS KARRAS
SUBJ: You Guys Rock!
DATE: March 2, 2015

--------------------------------------------------------------------------------

I am no longer the CEO of Ares Armor. I am however, still the CEO of Lycurgan,
Inc. which was previously operating under the name Ares Armor prior to selling most of
it’s assets to Lake House Capital Management.

I am still working at Ares Armor and I own 30% of the new corporation. There are
several reasons for this sale.

Firstly, Lycurgan, Inc., formerly known as Ares Armor, has been engaged in a fairly
aggressive and public legal battle against the ATF. This battle is both time consuming
for myself and very expensive for the Company. Having a CEO who is from the financial
world, running the day to day operations of the Company, allows me to focus my energies
towards this legal battle and other endeavors that I believe are important to the future,
such as the 99% Lower Receiver™.

Secondly, Lake House Capital Management has pledged a portion of their profits
to helping mine and Lycurgan’s fight against the ATF. My first priority is this battle. They
cannot be allowed to get away with their unconstitutional actions. Losing is not an option
for me.

The damages that have been done to Lycurgan, Inc. by the ATF are extensive
and are now into the millions of dollars. We have been blessed by having absolutely
wonderful human beings as customers who have supported us through these trying
times. With Lake House Capital Management and Bryce Stirlen as a backer, we will be
able to continue to improve our business operations while at the same time be positioned
for a very long and expensive battle with the ATF.

I cannot express my gratitude enough to our customers. I would not have been
able to get this far against such a powerful foe without you. I do not take your contributions
lightly. I owe it to all of you to put every amount of energy and effort that I can
muster into ensuring that justice prevails.

This is not just my fight. It is all of ours. There is nothing that I will not do or sacrifice
to ensure they are punished for their actions. They have gotten away with their
crimes for far too long.

I cannot thank you enough for everything you have done. I will not fail you. I will
not give up.

On the topic of “other endeavors”… For those of you who don’t know yet: I recently
walked into an ATF office in Indiana with a neon sign stating that I had what they
considered to be an illegal firearm for sale. I offered to sell a hundred 99% lowers™
straight to the ATF Agent that was questioning me. I walked out without being arrested
or having a scratch on me. I will be following up with a full explanation on how 99% lower
receivers™ are legal under the GCA and exactly why the ATF didn’t have the guts to
arrest me.


Sincerely,


Dimitrios Karras


“But I don't want comfort. I want God, I want poetry, I want real danger, I want freedom, I
want goodness. I want sin.” -Aldous Huxley
Click to expand...

I can't wait to see what a 99% lower looks like
 
Guy has balls of steel, I will give him that much. Hopefully his new backer abides by their agreement.
 
An asset purchase usually just means they want (at least some of) the assets without any of the liabilities. It sounds like they had some financial issues going on (bankruptcy?), so an asset deal isn't a surprise.
 
I have a pretty good idea what 99% is, be silent and heed my prediction:

it's a 2 part lower, where core is soluble. The receiver is printed over the soluble core, so at no point in time you have a finished receiver .... however ... knowing the trick (i.e. special expertise, you can remove the core with ease, but not too fast (as has been another ATF criteria)

Example: Alum or steel core and plastic outer. Drop that into acid and watch aluminum being dissolved away over several days, you are left with 100 finished receiver, but it takes a while and you need "special tools and expertise" to know how to do it. [laugh]

Another example: lead core. Acid would not dissolve it, but you CAN dissolve it if you know how. [laugh]

The 1% hinges on some dirty little trick, which of course will be available to masses.
 
Boris said:
I have a pretty good idea what 99% is, be silent and heed my prediction:

it's a 2 part lower, where core is soluble. The receiver is printed over the soluble core, so at no point in time you have a finished receiver .... however ... knowing the trick (i.e. special expertise, you can remove the core with ease, but not too fast (as has been another ATF criteria)

Example: Alum or steel core and plastic outer. Drop that into acid and watch aluminum being dissolved away over several days, you are left with 100 finished receiver, but it takes a while and you need "special tools and expertise" to know how to do it. [laugh]

Another example: lead core. Acid would not dissolve it, but you CAN dissolve it if you know how. [laugh]

The 1% hinges on some dirty little trick, which of course will be available to masses.
Click to expand...
or a solder core, aluminum outer, and an oven. :)
 
Boris said:
I have a pretty good idea what 99% is, be silent and heed my prediction:

it's a 2 part lower, where core is soluble. The receiver is printed over the soluble core, so at no point in time you have a finished receiver .... however ... knowing the trick (i.e. special expertise, you can remove the core with ease, but not too fast (as has been another ATF criteria)

Example: Alum or steel core and plastic outer. Drop that into acid and watch aluminum being dissolved away over several days, you are left with 100 finished receiver, but it takes a while and you need "special tools and expertise" to know how to do it. [laugh]

Another example: lead core. Acid would not dissolve it, but you CAN dissolve it if you know how. [laugh]

The 1% hinges on some dirty little trick, which of course will be available to masses.
Click to expand...

Something like an AR15 lower packed full of cosmoline? [laugh]
 
On the topic of “other endeavors”… For those of you who don’t know yet: I recently
walked into an ATF office in Indiana with a neon sign stating that I had what they
considered to be an illegal firearm for sale. I offered to sell a hundred 99% lowers™
straight to the ATF Agent that was questioning me. I walked out without being arrested
or having a scratch on me. I will be following up with a full explanation on how 99% lower
receivers™ are legal under the GCA and exactly why the ATF didn’t have the guts to arrest me.
Click to expand...

That's awesome.
 
This is the 99% thing:

I would like to thank you for your clarification that NOT drilling the through holes for the fire-control group (safety selector, trigger pin, and hammer pin) would be sufficient to have NOT manufactured a “receiver”.

Just to sink your own words in one more time, I will provide you with your quote from page 3 again,

“ATF Ruling 2010-10 assumes that a licensed dealer-gunsmiths would perform certain activities on articles ALREADY classified as frames or receivers (i.e., no machining or other processes required to allow it to be used to assemble a weapon)… *emphasis added

I expect that you will issue a letter in response to this stating that one can manufacture a 99% receiver (missing only the 3 holes for the fire control group) and not be charged with “manufacturing a ‘firearm’”.
Click to expand...

http://www.thetruthaboutguns.com/20...s-back-atf-using-coloring-book-illustrations/
 
I actually don't think he is taking it far enough. In my mind, 99% would simply have left the trigger hole to be drilled. Why not drill the hammer & selector holes?
 
bigblue said:
I actually don't think he is taking it far enough. In my mind, 99% would simply have left the trigger hole to be drilled. Why not drill the hammer & selector holes?
Click to expand...

because that pesky definition about a part "readily convertible" to a firearm. That dude in the south who got boned for selling 50BMG rifle kits, ATF was able to assemble a shotable rifle (not necessarily safe) in 80 min., and they claimed that it was too close to be a compete receiver.

WTF "readily" means, who the **** knows. It applies to receivers and also semi-autos that may not be "readily" converted into MGs.


The real problem is that AA is fighting windmills. ATF agent sit behind walls of .gov and laugh at him. Even if you win a lawsuit, .gov will print a bunch of money to pay for it, but none of these dumbasses are ever held responsible. Until that happens, this is going to be like grinding water in a cup.
 
verily do I say this unto thee, bring at least one ATF agent to pay for this bullshit each time they **** up and you will see these unconstitutional laws fall.
 
No, the real problem is that even if you win a lawsuit ... .gov just changes the rules, ignores the courts, and does the same thing.
 

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