There's a bit more to it than that; whatever the reasons (I forget), Colt lost the M16 contract to FNH in 1988 (but continued to make them for civilians, and in

There's a bit more to it than that; whatever the reasons (I forget), Colt lost the M16 contract to FNH in 1988 (but continued to make them for civilians, and in many years/all recent years/decades? at a high level of quality), and but essentially got it back in 1994 when the Army switched to the M4 carbine (the Marines stuck with their long barrel and therefore more effective M16s). Now they've lost M4 manufacturing exclusivity and for a while all contracts, and only recently won one of the new M4 full auto only, no 3 round burst variation contracts, presumably because they're desperate enough to bid really, really low. On top of all the other problems, the company is now run by financial vultures who are bleeding it dry. And, yeah, their flirtation with gun control did not go over well, I would never buy one from them after that, although their relative lack of quality in the category I might have otherwise (M1911s, which they were the original manufacturers of back in 1911) is the biggest reason.