The NRA just filed for bankruptcy!!!

The reason to file bankruptcy exists when the potential liabilities exceed the assets. This allows a bankruptcy court to supervise the process of dissolution or reorganization. Once bankruptcy is filed there is usually a stay entered which prohibits state court litigation from continuing. I don’t practice bankruptcy law so I’m not that up to date on how a stay would work in this instance.

Keep in mind the bankruptcy court has a lot of power to modify debts, restructure organizations, and otherwise right the ship. If the ship can’t be righted then usually there will be a liquidation with assets being sold to satisfy creditors. The benefit of going into bankruptcy court is to essentially make it about money and only about money. The bankruptcy court is unlikely to care about the other relief sought by the state of New York and will simply relegate it to being another creditor who will get pennies on the dollar of its claim.

One of the most valuable assets the NRA has is its names and trademarks. A liquidation could allow someone with anti gun views to purchase the name and trademarks of the NRA and use it for an organization that supports gun control.

The bankruptcy filing seems like a way to get this all under control without having to litigate in state court. The NY AG can oppose the bankruptcy but it’s pretty hard for a creditor to get a bankruptcy dismissed. If the board of directors is a problem the bankruptcy trustee and court could potentially appoint new members and a new executive director. The only thing I can predict in this case are more legal fees.
 
Aguila Blanca said:
I don't know where you are seeing that consensus. My perception is that the consensus on this site (and many other sites) is that the NRA is (was) a worthwhile organization that should be saved, but that Wayne LaPierre and his cronies on the board are the cancer that is endangering the organization and should be excised. I don't think many members here will be dancing any jigs if the NRA is dissolved, but I do think many of us will be celebrating if Wayne LaPierre is removed from the NRA and the organization is given back to its membership.
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Agree


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Buzzcook said:
Boy, that yubanet article sure shows the anti-gunners can go to absurd degrees of reinterpretation to twist the meaning and intent of words.
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This is what Nugent linked to.
https://web.archive.org/web/20210107...ibetaiota.net/

Quote:
7 January 2021

It is not over. The mob was Antifa and it was an inside job with DC and Capitol Police complicity.

Pence and every Member of Congress complicit in the proven election fraud sedition is now eligible for arrest, Tribunal, and execution by firing squad.

POTUS has not conceded.

I have reached out to my contacts and will update this later today.
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I'd say that suggests support for the insurrectionist. YMMV
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That's Ted Nugent speaking for Ted Nugent, not for the NRA. It was a red herring included in the article to give an unfavorable impression of The Association by its association with Nugent. The twisting I'm referring to is not of Nugent’s statement but rather interpreting the content of a fund-raising letter written long before January 6th as supporting or promoting insurrection or as "fanning the flames of right wing {sic} extremism." Those fund-raising letters have been similarly worded for all the decades I've been a member, including many from before LaPierre first became EVP (Neal Knox could write a stirring plea for funding). It is only exploitation of the context of current events that provides anti-gun groups an opportunity to reinterpret "win[ning] knock-down brawls" as anything but a metaphorical reference to winning political fights. If January sixth had not happened, that wording would not have garnered any remarks at all.
 
I just received a "final" invitation to renew my NRA membership, with the carrot being a hat, a flashlight and a knife, a Sherpa blanket, or a Ridgeline FDE Backpack, each one, of course, accompanying a higher renewal fee. The 4-page letter from Wayne Lapierre offered no explanation regarding the current financial conundrum that might quell my discomfort with the NRA administration.

So I wrote a letter to Wayne, in which I discussed this concern, while I copied my membership card that revealed the expiration date is January 1, 2022. What, pray tell, did you do with my 2021 dues if you need more before 2022?
 
cdoc42 said:
What, pray tell, did you do with my 2021 dues if you need more before 2022?
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Well, that big new house in Dallas won't be free you know. Plus you have the cars, driver(s), household staff, gardeners, it just goes on and on. And, of course, some new suits.

LOL, 'lil Wayne turned the NRA into his personal piggy bank, but then he needed his own Ponzi scheme to keep it funded. Give it a couple more years, your "final" invitation for 2026 will come in early 2023.
 
the enemy or your enemy is your friend. the tax man/ny state attorney getting wlp on the chopping block and out of the NRA could be just what the NRA needs to survive and regain lost members as well as gaining new ones.
 
When WLP is gone and the bylaws are changed in a manner that will allow regular members a voice for leadership, I may contribute again.

Until then, I will contribute to FPC.
 
It makes me sad. What’s happened to the NRA is also happening to America and many other institutions i love.
The NRA was once strong and could not have been felled by her most ardent enemies. But she can be dismantled by wolves in sheep’s clothing from within. And that’s what happened.

Seems like other wolves are working to dismantle America as well. Pray we don’t let it happen.


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I just found a link to an article by an actual lawyer (as opposed to NPR, which is hardly an unbiased source) about the NRA's attempt to move their case to Texas -- and why it's going to be an uphill battle for the NRA:

https://www.creditslips.org/creditslips/2021/01/nra-bankruptcy.html

I wondered how the NRA figured they had any standing to file in Texas. According to this article (blog), they apparently created a new entity in Texas expressly to give them some semblance of a presence in Texas to legitimize filing in Texas. I doubted the move would succeed, and it appears the lawyer who wrote this blog has some reservations about it, as well.
 
I don't think this is a serious attempt by the NRA. This seems, to me, more like a cheap play to the membership and to grab press.

To make these filings, and then immediately go out and publicly undermine the case just seems particularly sleazy stuff. I guess I shouldn't be surprised anymore.
 
From US Code:


(a)Except as provided in subsection (b) of this section, a petition filed under section 301, 302, or 303 of this title, or an application filed under section 5(a)(3) of the Securities Investor Protection Act of 1970, operates as a stay, applicable to all entities, of—
(1)the commencement or continuation, including the issuance or employment of process, of a judicial, administrative, or other action or proceeding against the debtor that was or could have been commenced before the commencement of the case under this title, or to recover a claim against the debtor that arose before the commencement of the case under this title;
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https://www.law.cornell.edu/uscode/text/11/362
 
I can't speak to the seriousness of the effort, but the fact the ACLU is siding with the NRA's right to exist suggests the NY AG is out of line. It's the second time, recently, as they also support the NRA's lawsuit against Governor Cuomo's actions trying to get banks and insurance companies to stop doing business with the NRA.

The accusations against LaPierre's management are still just accusations. The sources all seem to have axes to grind, so they will need to be proven in court. The optics are bad, but rumors and misinformation always abound.

I'm just not comfortable with presuming guilt and will wait for the courts to decide what is real and what is innuendo.

I was a Neal Knox follower rather than a LaPierre follower, and was present and voted that way when the rules were changed in Seattle. I never thought that was a good direction, though it probably has resulted in substantial expansion of the membership base and the political clout that comes with it. The constant fund raising is a nuisance but so are the endless runs at new gun control laws. I am asked to re-up my annual Golden Eagle status every three months or so, I think. But if I look closely at the request, it doesn't actually say my Golden Eagle status is expiring, but rather that the offer for the gift that I'll get if I do re-up early is what is expiring. I don't need any more gift items, though the last pocket knife they sent has proved useful.
 
Good for the ACLU. They are correct, and there's another wrinkle that the article doesn't touch on. The law that AG James wants to use isn't intended to dissolve non-profit organizations. The law is intended to protect the membership of such organizations from the depredations of unscrupulous officers. Consequently, I could see the law being used to remove Wayne LaPierre and much of the board of directors, but dissolving the organization is punishing the victims. I don't think the NY law contemplates that.
 
I can't speak to the seriousness of the effort, but the fact the ACLU is siding with the NRA's right to exist suggests the NY AG is out of line.
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Well that is an interesting wrinkle.

David Cole, national legal director of the American Civil Liberties Union:
Our democracy is premised on the right of association. The First Amendment protects not only the right to speak, but also to band together with others to advance one's views. Making or resisting change in a democracy requires collective action, and a healthy democracy therefore demands a robust "civil society." The right to associate can't survive if officials can shut down organizations with which they disagree. . . .
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Well said Mr. Cole! Same can be said for Academia in this country. Internet media corporations as well, but that is certainly muddier water legally.
 
So, the ACLU even sides with the NRA...

Never did I think I would be alive to see that.

Aguila Blanca said:
Consequently, I could see the law being used to remove Wayne LaPierre and much of the board of directors, but dissolving the organization is punishing the victims.
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Then, I would have to be open to allowing the law to do just that. As stated by many others many times, WLP is the cancer of the NRA. If he were to be removed and reinstate members to hold a vote for who resides that position, the NRA's rudder could change the course back int he right direction.
 
Not the least bit worried about WLP being the cancer. Take for instance one of the biggest Anti Gov's in the state of Virginia, Ralph Northam. Now check out his largest contributors. Look at their Font web page. Notice "NRA WATCH" Vote to impeach Trump.
Read about them, read all the laws they are going after. See the three letter's NRA throughout the webpage. And they claim to have 6 million members. (but that could very well be a lie, just like everything else out of their mouths).
Regardless, folks that want Wayne out, here is your best hope. And I believe they will get the job done for all of you.
I suggest you read all!

https://everytown.org/
 
So Carl, I don't get you. Why are you such a WLP apologist? Do you think Wayne is doing a good job?

Yes, the anti's hate the 2nd amendment and want to destroy the NRA to destroy the 2nd. We all know this. We all want the NRA to fight for the 2nd. They aren't doing that.

People here keep saying and you are not listening. We want a politically stronger NRA that defends the RKBA. WLP is preventing that from happening.
 
I am listening t. All these attacks are just fodder for ANTI's. Quite feeding them.
How about this. Tell us what he NRA is doing right now across the Country. For instance, every year my club sponsors Boy Scouts of America for shooting, training, and becoming responsible adults. Many clubs that start out like my club got grants to help with Berns, and other structural building and on and on.
How about we focus on the Good That the NRA is doing. Support them in there many fights in court cases around the Country and let the board settle their differences.
Constant disparaging WLP is just negative chatter that the Left LOVE to hear. I personally will give them nothing. Not one second of pleasure.
 
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