Archive for October 18th, 2023

Obit watch: October 18, 2023.

Wednesday, October 18th, 2023

Dr. James Irving Wimsatt, professor emeritus at the University of Texas at Austin, passed away Sunday morning, He was 96.

Dr. Wimsatt was a personal friend of mine, and of many other readers of this blog. I met him through his son, Andrew.

He was a great guy. I always felt intimidated by him: I described him to someone (no disrespect intended, Andrew) as “scary smart and tough as a bus station steak”. He was walking several miles a day on a regular basis well into his 90s. And he remained in full possession of his facilities pretty much right up until his death (though he’d been in and out of hospitals and rehab).

I thought this was kind of a neat entry from encyclopedia.com:

In Chaucer and His French Contemporaries: Natural Music in the Fourteenth Century, Wimsatt provides a wide range of information and analysis that treats comprehensively Chaucer’s reciprocal relationships with fourteenth-century French poetry and poetic theory. In addition to considering the works of Chaucer, Wimsatt addresses the efforts of such poets as Guillaume de Machaut, Jean de le Mote, Froissart, Oton de Granson, and Eustache Deschamps, writers who have previously been dismissed as mundane or not worth literary examination. However, Wimsatt considers them all viable poets and pays close attention to their lyric styles in particular. He also looks at the climate of the culture at the time and how this affected the themes of these writers’ works and any overlap in ideas. Jane H.M. Taylor, writing for the Review of English Studies, remarked that “Wimsatt’s breadth of knowledge is remarkable; his contribution to Chaucer studies is valuable, and indeed, on the rather neglected Oton de Granson and Eustache Deschamps, he offers insights which French scholars too might well find worthwhile.” Ardis Butterfield, in a review for Medium Aevum, dubbed the book “a substantial and reliable guide to Chaucer’s connections with fourteenth-century France.”

He wasn’t just a Chaucerian, though my understanding is he was a damn good one. He also wrote a lot about other poets. Dr. Wimsatt was kind enough, at one point, to give me a copy of his Hopkins’s Poetics of Speech Sound. I haven’t read it yet, being backlogged, but I wish I had before he passed.

He also served honorably in the US Navy. And he was a pretty regular member of the Saturday Dining Conspiracy.

“He that loveth God will do diligence to please God by his works, and abandon himself, with all his might, well for to do.”
–Geoffrey “Big Geoff” Chaucer

I believe that Dr. Wimsatt did indeed please God by his works, and he’s up there laughing with all those other English professors of that generation.

(Crossposed to the Logbook of the Saturday Dining Conspiracy.)

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Random gun crankery.

Wednesday, October 18th, 2023

There have been some gun related news stories over the past few weeks that I want to make note of.

1. Vista Outdoor is selling off their ammunition business to Czechoslovak Group a.s. for $1.91 billion. The Vista Outdoor ammo business includes Speer, Remington’s ammo side, CCI, and Federal.

I can’t find as much information as I would like about Czechoslovak Group. It looks like they currently own Fiocchi, and they are not the same company that owns Colt CZ Group. Czechoslovak Group seems to be big in the defense industry, with the sporting ammo component being relatively small. Perhaps they are looking to expand?

To effect the transaction, Vista Outdoor will separate its Outdoor Products business from its Sporting Products business, and CSG will merge one of its subsidiaries with Vista Outdoor (holding only the Sporting Products business), with current public stockholders of Vista Outdoor receiving shares of Outdoor Products (recently rebranded as Revelyst) and approximately $750 million in cash in the aggregate. This will be treated as a taxable sale of a stockholder’s Vista Outdoor shares for the Outdoor Products shares and cash consideration they receive in the merger, allowing stockholders to recover tax basis and recognize built-in gain and loss in their Vista Outdoor shares.

…

Revelyst will leverage meticulous craftsmanship and cross-collaboration across its portfolio of category-defining brands. Brands include Fox, Bell, Giro, CamelBak, Camp Chef, Bushnell, Simms Fishing, Foresight Sports, Bushnell Golf and more. Eric Nyman will continue as CEO of Outdoor Products and become the CEO of Revelyst upon transaction close.

So it looks like what’s going to be left of Vista Outdoors Revelyst is going to be fishing, camping, golf, cycling helmets, Camelbacks, and golf. Disclosure: the “gun hedge fund” (which is neither a hedge nor a fund) owns some shares in Vista Outdoor, and may make some money off of this. Vista Outdoor has been one of the best performing stocks in the group, though it’s down considerably right now. ($24.81 a share as I write this.)

You shouldn’t take financial advice from me, but I really don’t see “Revelyst” being a growing business, or one I’d be interested in continuing to invest in.

2. I’m having trouble finding what I think of as really reliable sources for this, but: “According to multiple news sources, the Lake City ammo plant has cancelled all of its commercial contracts.”

This is swell news, he said with some sarcasm, as Lake City produces an estimated 30% of the 5.56 ammo on the civilian market. So if you thought things were rough before…suck air, grab clusters, and stock up on 5.56 if you find it at a good price.

My first thought was that this was stealth gun control by the Sleepy Joe administration: if they can’t restrict the guns, why not restrict the ammo? (“Reloading? What’s that?”) A more rational thought (and what seems to be the conventional wisdom) is that the government is stockpiling ammo, both to refresh the Ukraine and against a possible land war in the Middle East.

Disclaimer: the “gun hedge fund” (see above) also owns stock in Olin Corporation. Olin runs the Lake City plant under contract, and our Olin stock has been the best performer overall in the fund. As a matter of fact, our Olin stock is the only stock in the “fund” that’s currently in the black. ($48.12 a share as I write this.)

3. The Recoil website reported this about two weeks ago: BATFE has banned importation of “non-lethal” training ammo unless it is for use by military or law enforcement customers.

Maybe.

So far, it seems like the only report of this is on Instagram. The post is actually a letter a company called Ultimate Training Munitions sent to Sage Dynamics, but this is backed up by a statement on UTM’s website.

The other big maker of “non-lethal” training ammo is Simunition, which apparently imports from Canada. As far as I know, they have not made any public statement on this yet, even though they have been asked by Recoil, and I assume other outlets.

It is unclear what authority BATFE has to ban import of “non-lethal” training ammo. Perhaps the “sporting purposes” clause. Then again, when has BATFE ever gotten hung up on pesky questions of “legal authority”?

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