Bankrupt gun maker Colt ....
 

.... up for auction. Opening bid: $0

http://www.cnbc.com/id/102760842?__source=xfinity|mod&par=xfinity

I would be in for a $20 bid but then I would assume $125M in outstanding loans. I guess $0 may be the best play.

Blah, I like S&W better. :p

The way I read it, the current owners are poised to get away with financial murder and continue to run this iconic company into the ground.

^^^^ Yep, and have been doing so for quite some time.

Bond holders would get nothing. If I read it right the owners restructured their bonds to stock and then filed bankruptcy in a way that would shed the bond debt and allow the company to be bought. Thus only the owners would recoup any money and the bond holders would be dust in the wind.