NRA files for bankruptcy and plans move

[Chucktshoes]

 

(Reuters) - The National Rifle Association on Friday filed petitions with a U.S. bankruptcy court seeking protection from creditors by restructuring, the gun rights advocacy group announced.

The NRA filed the Chapter 11 petitions in U.S. Bankruptcy Court in Dallas, it said in a news release.

The NRA said it would restructure as a Texas nonprofit to exit what it said was a “a corrupt political and regulatory environment in New York” state, where it is currently registered.

More at link:

https://www.reuters.com/article/BigStory12/idUSKBN29K2LV

[FUJIMO]

3 minutes ago, Chucktshoes said:

 

(Reuters) - The National Rifle Association on Friday filed petitions with a U.S. bankruptcy court seeking protection from creditors by restructuring, the gun rights advocacy group announced.

The NRA filed the Chapter 11 petitions in U.S. Bankruptcy Court in Dallas, it said in a news release.

The NRA said it would restructure as a Texas nonprofit to exit what it said was a “a corrupt political and regulatory environment in New York” state, where it is currently registered.

More at link:

https://www.reuters.com/article/BigStory12/idUSKBN29K2LV

Is it just me or is this is awful convenient timing on their part. Did NY just become corrupt ?

[joe4vol]

5 minutes ago, FUJIMO said:

Is it just me or is this is awful convenient timing on their part. Did NY just become corrupt ?

The corruption has always been where politicians and lobbyists have been involved. The change is that the two parties  are not playing well together. They both are pointing out the others faults more than normal.  

[Garufa]

They are just going to get run out of Texas when the locusts have completed their migration.

[Garufa]

Maybe they’ll move to Houston smack dab in the middle of Sheila Jackson Lee’s district.  

[MacGyver]

I’ve read a lot of restructuring statements in my day.

The “we’re filing bankruptcy” sure was buried in a lot of fluff.

They’ve continued to take in tons of donations via fundraising. It’ll be awfully interesting to see what plans the judge will approve. 

[MacGyver]

Note, “the group says there will be no changes to its operations.”

[No_0ne]

7 minutes ago, MacGyver said:

I’ve read a lot of restructuring statements in my day.

The “we’re filing bankruptcy” sure was buried in a lot of fluff.

They’ve continued to take in tons of donations via fundraising. It’ll be awfully interesting to see what plans the judge will approve. 

Limos, custom tailored wardrobes, exorbitant salaries, private jets and European vacations are expensive.  They need every dime of those donations to keep up the appropriate lifestyle for Wayne and Co. 

 

Edit:  At least Russian spies still work cheap.  Maybe they can hire some more of those ...

 

6 minutes ago, MacGyver said:

Note, “the group says there will be no changes to its operations.”

Translation: We have no intention of cutting off the money spigot for our vaunted leader.

 

Edited January 15, 2021 by No_0ne

[No_0ne]

25 minutes ago, FUJIMO said:

Is it just me or is this is awful convenient timing on their part. Did NY just become corrupt ?

New York suddenly became too corrupt for the NRA to continue their own brand of corruption ...

[FUJIMO]

6 minutes ago, No_0ne said:

New York suddenly became too corrupt for the NRA to continue their own brand of corruption ...

Thats more what I was aiming at

[btq96r]

This is almost comical.  WLP's statement and the document filed in Texas so just how they're using bankruptcy law like a child uses their mother to hide behind when they're scared.

https://www.nraforward.org/waynesletter

https://www.courtlistener.com/recap/gov.uscourts.txnb.490758/gov.uscourts.txnb.490758.1.0.pdf

[MacGyver]

Just now, btq96r said:

This is almost comical.  WLP's statement and the document filed in Texas so just how they're using bankruptcy law like a child uses their mother to hide behind when they're scared.

https://www.nraforward.org/waynesletter

https://www.courtlistener.com/recap/gov.uscourts.txnb.490758/gov.uscourts.txnb.490758.1.0.pdf

I don’t expect NY AG Letita James is going to just let them skip off down to Texas.

Of course we’re have a robust bankruptcy code in the US, and I’ve no doubt that there is a restructuring firm making bank off this. But, the litigation will have to be dealt with. 

[btq96r]

Just now, MacGyver said:

I don’t expect NY AG Letita James is going to just let them skip off down to Texas.

Of course we’re have a robust bankruptcy code in the US, and I’ve no doubt that there is a restructuring firm making bank off this. But, the litigation will have to be dealt with. 

Oh, I'm sure.  In my hiding child analogy, I still expect the kid (NRA) to get the whoopin' they're trying to hide from.

This is going to end up needing a federal court (maybe even the SCOTUS) to get involved in.

[Omega]

While I am not a happy camper with  Wayne and Co, I am all for sticking it to NY.  Every company that is even close to being conservative should up and leave NY for better pastures.

[Blitzen]

My first thought was why have they not moved out years ago. A couple years back at NRA I talked to a Virginia based Zenith Firearms exec, nice lady by the way, about how they needed to move to the free state of Tennessee. Less than year later I noticed a pic on their website of her at the podium trying to talk the legislature out of passing numerous gun control bills. Didn’t work. I have a lot of respect for companies like Magpul. Gun control environment went south in Colorado and they wasted no time in moving to a free state. 

[Chucktshoes]

[No_0ne]

1 hour ago, Chucktshoes said:

You forgot to mention feting King Wayne and his court ...

[Grayfox54]

The NRA was originally chartered as a non-profit organization in NY state in 1871. The NY AG is trying to revoke that charter on the grounds of corporate corruption. Thus disolving the NRA. The NRA's Chapter 11 is to restructure the organization under a new charter in Texas. NRA headquarters will remain in Fairfax, Virginia. The only thing actually moving is the charter itself. Doing so will pretty much kill the NY case against it. Its strictly a political/legal move. Frankly, the NRA should have gotten out of NY long ago. 

Of course this is also a move to save King Wayne and his cronie's collective butts. WLP has turned the NRA into his own personal kingdom and cash cow and he definitely needs to go. However, the first priority is to save the organization. We'll have to deal with King Wayne later. 

[gary_boom]

Did I miss the e mail from the NRA letting the members know what was going on?  Only thing I have seen is what is on the gun forums.

[Chucktshoes]

14 minutes ago, gary_boom said:

Did I miss the e mail from the NRA letting the members know what was going on?  Only thing I have seen is what is on the gun forums.

I got an email from them yesterday regarding this. 

[GreenWalls]

19 hours ago, Garufa said:

They are just going to get run out of Texas when the locusts have completed their migration.

Hopefully Texit happens beforehand.

[xtriggerman]

NY, TX....whatever. As long as those leaders are leading, my life membership is an embarrassment.

 

NRA Leadership Salaries: LaPierre, Powell, and More Accused of Wrongdoing (distractify.com)

[mikegideon]

I haven't sent them any money since the blowup. But given the crop of gun haters coming into power, we may want to hang onto our swamp creatures (NRA). We probably don't need any nationwide Assault Weapons Bans, or some of the other insane national gun control proposals. This is a scary bunch.

[Raoul]

8 minutes ago, mikegideon said:

I haven't sent them any money since the blowup. But given the crop of gun haters coming into power, we may want to hang onto our swamp creatures (NRA). We probably don't need any nationwide Assault Weapons Bans, or some of the other insane national gun control proposals. This is a scary bunch.

I'm buying large gage pvc pipe. Looks like a better return than we've gotten from NRA dues. 

[mikegideon]

6 minutes ago, Raoul said:

I'm buying large gage pvc pipe. Looks like a better return than we've gotten from NRA dues. 

My girl won't let me tear up the yard that badly. I reckon I will just stand up to them.