NRA Files for Chapter 11 Bankruptcy.

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Fnord
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15 Jan 2021, 6:00 pm

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The National Rifle Association announced that it intends to restructure as a nonprofit based in Texas and has filed for Chapter 11 bankruptcy protections.

"The move will enable long-term, sustainable growth and ensure the NRA's continued success as the nation's leading advocate for constitutional freedom -- free from the toxic political environment of New York," the gun advocacy group said in a statement Friday.

"This strategic plan represents a pathway to opportunity, growth and progress," NRA CEO Wayne LaPierre said in a statement. "Obviously, an important part of this plan is 'dumping New York.' The NRA is pursuing reincorporating in a state that values the contributions of the NRA, celebrates our law-abiding members, and will join us as a partner in upholding constitutional freedom." ...

Source: This ABC News Article

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kraftiekortie
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15 Jan 2021, 6:02 pm

They've been going downhill since the heyday of Charlton Heston

Jiheisho
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15 Jan 2021, 6:34 pm

It looks like they shot themselves in the foot and now are going to have to bite the bullet...I hope it doesn't backfire.

Bravo5150
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15 Jan 2021, 6:41 pm

kraftiekortie wrote:

They've been going downhill since the heyday of Charlton Heston

I gathered they are filing bankruptcy to relocate from NY to Texas, not debt. I could have misread.

GGPViper
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15 Jan 2021, 6:51 pm

Jiheisho wrote:

It looks like they shot themselves in the foot and now are going to have to bite the bullet...

Trigger warning: With the risk of going off half-cocked, I might add that the NRA have been under the gun for some time, but that's what you'd expect with such a loose cannon as as a CEO.

It looks like the New York state attorney took out the big guns, and with the kind of lavish spending the NRA executives were shelling out, it must have been as easy as shooting fish in a barrel to drop the hammer on them.

Jiheisho
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15 Jan 2021, 9:37 pm

GGPViper wrote:

Jiheisho wrote:

It looks like they shot themselves in the foot and now are going to have to bite the bullet...

I think they have run out of cover and are sitting ducks. I guess they thought they could make a killing, but it was not well executed. They were just gunning for trouble. But running away to Texas half cocked kind of loses sight of the of the target. What is their aim? But what do you expect of people of that caliber? A total breach of trust. At least that is what I read in a magazine. Should they be fired? Or is that a loaded question?

auntblabby
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16 Jan 2021, 2:38 am

i don't get why so many NRA members seem totally ok with the well-documented corruption at the top?

Fnord
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16 Jan 2021, 12:49 pm

auntblabby wrote:

i don't get why so many NRA members seem totally ok with the well-documented corruption at the top?

Simple, Blabs; The "well-documented corruption at the top" you mentioned supports and is supported by NRA members, either by direct endorsement or by indirect payment (e.g., their membership dues are donated to their favorite gun-nut candidates).

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Jiheisho
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17 Jan 2021, 12:50 am

It looks like this move is just to avoid liabilities related to fraud.

Major NRA donor to challenge gun group's bankruptcy over alleged fraud

Quote:

A major donor to the National Rifle Association is poised to challenge key aspects of the gun group’s bankruptcy filing, in an attempt to hold executives accountable for allegedly having defrauded their members of millions of dollars to support their own lavish lifestyles.

Dave Dell’Aquila, a former tech company boss who has donated more than $100,000 to the NRA, told the Guardian on Saturday he was preparing to lodge a complaint in US bankruptcy court in Dallas, Texas. If successful, it could stop top NRA executives discharging a substantial portion of the organisation’s debts.

NRA Files for Chapter 11 Bankruptcy. Post Reply New Topic

NRA Files for Chapter 11 Bankruptcy.