Bondholders of gun maker Colt ripped into the bankrupt company's private equity owner in a court hearing yesterday, saying that the firm sped up its decline by starving it of cash and investment, Reuters reported yesterday. A Colt lawyer also told a U.S. bankruptcy judge that the gun maker may ditch its plan to sell itself to its current owner, Sciens Management, and wipe out $250 million of bond debt. Colt had planned to use the hearing to seek approval to borrow $20 million from its current lenders. John Rapisardi, an attorney with O'Melveny & Myers, which is representing Colt, said the company needed cash to make payroll.
