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The Model 37 became the Model 87 when the old Ithaca Gun Company "went under" for the last time and the Ithaca Acquisition Corporation purchased most of its assets in 1987, eventually moving the company to Kings Ferry, NY in the summer of 1989. They completed about 1,000 Model 37's that had been purchased as a "work in progress", but dubbed all new guns as Moel 87's - commemorating the year that the IAC came into being.

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