Bryco’s Bankruptcy Ploy Successful:
Plant Manager Makes Highest Bid
Throughout the extended bankruptcy proceedings, Bruce Jennings and Bryco Arms attempted to divert bankruptcy assets from Brandon Maxfield and the other victim- creditors, and to form a new firearms company which would continue producing the Bryco line of guns. Paul Jimenez, Bryco Arms's plant manager, proposed to purchase the assets and continue manufacturing under the name Jimenez Arms.
Brandon Maxfield objected to Jennings' proposal to sell all of the assets of Bryco Arms to Jimenez for only $150,000, and to allow the sale of any more defective guns. The Bankruptcy Court ordered the assets auctioned to the highest bidder. Brandon launched an internet campaign via brandonsarms.org to raise money to bid on the equipment and guns. Brandon planned to destroy the guns and redirect the plant and equipment from gun production to purposes benefiting the public interest.
Brandons Arms received donations from all over the world, and was able to raise and bid $505,000 at the auction. However, it was Bryco Arms’s plant manager Paul Jimenez who offered the highest bid of $510,000, and was awarded Bryco’s gun making equipment and 75,000 defective guns.
Subsequent inquiry revealed that Janice Jennings, president of Bryco Arms, had formed a new company, Shining Star Investments, to be the sole distributor of the proposed Jimenez Arms guns. Shining Star Investments made advance payments to Jimenez, providing the funding for Jimenez's bidding, for Jimenez Arms gun orders to be fulfilled if Jimenez was the successful bidder. This was not illegal, and did not invalidate the auction.
“I fear for the lives of other innocent children who will be hurt by Bryco’s
defective guns. What happened today is a tragedy. We got as far as we did because people
from all over the world rallied to support my effort and for that I am grateful. But please know that while I am heartbroken that we didn’t keep those guns off the streets, I will continue to face battles everyday and continue to win.”
-- Brandon Maxfield
“It’s difficult to maintain faith in a system that allows a company to make a
product designed to kill people, to do so with a major design flaw that permanently
injures a child, and then, after the legal process has played out years of effort, allows
the whole process to simply repeat itself.”
-- Brandon’s lawyer