FIRST AIRED: June 2, 2016

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00:00:00
legendary gunmaker cold whose origins stretch back to the gun slinging days of the wild west is waving the white flag , the company filing for chapter eleven bankruptcy sunday night after sales of its modern sports rifles and handguns fell thirty percent last year , founded by industrialist samuel colt in eighteen thirty six cooking famed for its gun that won the west , the single action revolver that help the u. s. army defeat native american forces in the late nineteen hundreds , the gun later finding its way into the formidable grips of general george patton and teddy roosevelt's , but colds and its rival showing signs of slowing sales recently after nine eleven fears followed by the threat of stricter u. s. gun laws had sent many american stockpiling , the result leading to today's glut of surplus weaponry , having just mister nearly eleven million dollar payment to its bondholders cold is now looking for a quick sale in order to survive that lifeline could come from current private equity backer science capital who's agreed to make the first bid in an auction set to take place by august third