NRA files for bankruptcy

[Cloo]

In some cheering news news: The NRA Files For Bankruptcy

 

[gosub]

In some cheering news news: The NRA Files For Bankruptcy

NY court case swerve

 

[Cloo]

Not exactly the end, but an interesting move

 

[not-bono-ever]

Chapter 11 tho

 

[bendeus]

Chapter 11 tho

Sry, for the dim-witted among us: what does that mean?

 

[not-bono-ever]

its a stalling tactic to avoid people piling in, supposedly to allow reorganisation and stuff.

 

[bendeus]

Is it anything to do with this?

Lawsuit against the NRA isn't just for show, it's serious

The NRA now faces a significant threat by an attorney general’s office that plans to seize its coffers.

www.google.com

 

[weltweit]

It does look like a ruse to escape oversight and continue operations elsewhere.

Interesting Biden quoted as anti NRA and anti gun violence, look forward to what he can do in office.

 

[WouldBe]

So not quite shot themselves in the foot then.

 

[Crispy]

It's a debt restructuring. General Motors and United AIrlines have been through it. It's not a killing blow.

 

[agricola]

It's a debt restructuring. General Motors and United AIrlines have been through it. It's not a killing blow.

GM and United were actual companies though, not advocacy groups used to substantially enrich those at the top.

The NRA has been under attack from elsewhere on the pro-2A side of things for years, if James manages to show what they've been doing with the money then it might well kill them off (albeit only to be replaced by some no doubt worse group).

 

[hash tag]

I gather the NRA is planning a move to Texas.
Interesting to hear that LaPierre and his cohorts might have been lining their pockets. You really can't trust anyone these days.

 

[Ax^]

Nra clearly hurting by the lack of school shooting this year


Give them 3 days and suddenly Biden is trying to take your guns away with the help of Lauren Boebart

 

[two sheds]

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

Complaint could stop top NRA executives from discharging a substantial portion of the organisation’s debts

www.theguardian.com

complicates things a tad

 

[quiet guy]

All the rats are turning on each other.

 

[editor]

Looking good!

A federal bankruptcy judge dismissed an effort by the National Rifle Association to declare bankruptcy on Tuesday, ruling that the gun rights group had not filed the case in good faith.

The ruling slams the door on the NRA's attempt to use bankruptcy laws to evade New York officials seeking to dissolve the organization. In his decision, the federal judge said that "using this bankruptcy case to address a regulatory enforcement problem" was not a permitted use of bankruptcy.

The bankruptcy trial had paused other legal challenges the NRA had been facing, but this decision returns the group to its confrontation with the New York attorney general, who is seeking to shut it down over alleged "fraud and abuse."

"The @NRA does not get to dictate if and where it will answer for its actions, and our case will continue in New York court," New York Attorney General Letitia James said in a tweet after the ruling. "We sued the NRA to put an end to its fraud and abuse, and now we will continue our work to hold the organization accountable."

 

[hash tag]

I suspect that if you dig beneath the surface there is some underhand fiddle going on

 

[glitch hiker]

All the rats are turning on each other.

All the heavily armed paranoid rats...

 

[not-bono-ever]

Look like the law yanks take useage of the chapter very seriously ,

 

[platinumsage]

If the NRA vanishes overnight you can be sure there will be a replacement, which will probably look much the same but be slightly more angry.

 

[UnderOpenSky]

If the NRA vanishes overnight you can be sure there will be a replacement, which will probably look much the same but be slightly more angry.

Well hopefully splintered replacements.

 

[stdP]

As gosub alluded to at the top of the thread, but I don't think provided a link for, this is apparently largely to GTFO of New York to avoid prosecution; from the original filings in January:

N.R.A. Declares Bankruptcy and Seeks to Exit New York (Published 2021)

The group, which said it planned to reincorporate in Texas, is currently being investigated by New York’s attorney general, who is seeking to dissolve it.

www.nytimes.com

Seeking an end-run around an investigation by the New York attorney general, the National Rifle Association said Friday that it was declaring bankruptcy and would reincorporate in Texas. The gun group was set up in New York after the Civil War.

The group’s effort to circumvent New York’s legal jurisdiction raised immediate questions from Letitia James, the New York attorney general and a Democrat, who is seeking to use her regulatory authority to dissolve the N.R.A. She has been conducting an investigation into corruption at the gun group since 2019.

“The N.R.A.’s claimed financial status has finally met its moral status: bankrupt,” Ms. James said in a statement Friday. “While we review this filing, we will not allow the N.R.A. to use this or any other tactic to evade accountability and my office’s oversight.”

Ms. James’s investigation has come as the N.R.A. has been racked by infighting and discontent, including the bitter departures of its president, Oliver L. North, and its top lobbyist, Chris Cox. Long the nation’s most powerful gun lobby, the N.R.A. played a diminished role in the 2020 election, hampered by financial woes and a host of legal challenges.

Typically, nonprofit groups that are chartered in New York and under investigation are prohibited from relocating their assets during an inquiry; in recent years, the attorney general’s office prevented the Trump Foundation from closing before it had reached the conclusion of an investigation into that organization.

If the NRA vanishes overnight you can be sure there will be a replacement, which will probably look much the same but be slightly more angry.

If they rename themselves to the Militia Rifleman's National Association and ask No. 10 for a vaccine contract, I'm sure they'll be showered with billions.