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NRA files bancruptcy

Climbnsink said:
Why didn't they move to DC area in the last 50 years? And why not now? I don't really care, it just smells of more shenanigans.
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Just because they are changing the state of incorporation does not mean that they are moving anywhere. A state can be incorporated in on state and operate in another.

There are a good number of companies incorporated in Delaware because the tax laws are good. They don't have any facilities there, it's just the state of incorporation.

All of their buildings and operations will remain where they are.
 
Garys said:
Just they are changing the state of incorporation does not mean that they are moving anywhere. A state can be incorporated in on state and operate in another.

There are a good number of companies incorporated in Delaware because the tax laws are good. They don't have any facilities there, it's just the state of incorporation.
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All the lobbyists that have power have an office on K street, does NRA, or they just controlled opposition money from rubes organization?
 
Climbnsink said:
Why didn't they move to DC area in the last 50 years? And why not now? I don't really care, it just smells of more shenanigans.
Click to expand...

The lobbying arm of the NRA, is located at 11250 Waples Mill Rd. Fairfax, VA 22030. The parent organization is a 501(c)4, which may not have lobbying as its main activity.

www.nraila.org

NRA-ILA | About NRA-ILA

NRA-ILA was established in 1975 and is committed to preserving the 2nd Amendment and fighting for the rights of law-abiding gun owners.
www.nraila.org www.nraila.org
 
Climbnsink said:
Why didn't they move to DC area in the last 50 years? And why not now? I don't really care, it just smells of more shenanigans.
Click to expand...

They have operations in the D.C. area. They should not incorporate there for the same reason they're changing state of incorporation to Texas. New York today, unlike 150 years ago, is enemy territory. So is D.C. no matter which party has control at the federal level.
 
I don't think this will go well for them, you can't file bankruptcy to stick to it to the NY AG. It is not a good reason i think for a judge to allow. But we'll see.
 
boilermaker said:
I don't think this will go well for them, you can't file bankruptcy to stick to it to the NY AG. It is not a good reason i think for a judge to allow. But we'll see.
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The point of this was to move their charter out of NY. It won't stop any repercussions for the insurance law violations, but it does stop NY from revoking their corporate charter.
 

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
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 bankruptcy and seeks to incorporate in Texas

Read more
It could also stop Wayne LaPierre, the NRA’s controversial longtime chief executive, avoiding ongoing lawsuits that allege he defrauded the pro-gun group’s members to pay for luxury travel to the Bahamas and Europe and high-end Zegna suits.

LaPierre has denied the allegations of financial impropriety, insisting in a letter to NRA members that the group is “well-governed, financially solvent and committed to good governance”.

www.theguardian.com

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 www.theguardian.com
 
I was glad to hear Tom Gresham put Nugent on the spot when he called in to promote his gun auction. Started in with the whole "I'm a street fighter for 2A rights" B.S. and Gresham pressed him pretty decently on ousting Wayne.
 
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I received my letter today in the mail regarding notice of the NRA bankruptcy. Whole bunch of instructions and crap. I know I have posted this before on this forum about my great experience with them when they bounced a check for NRA referral program. I don't remember if it was a $5 or $10 check they bounced but when I contacted them they made up some excuse and promised to cover the bounced check fee. They never did. The guy who I was emailing about it just stopped responding but I still get emails from him about the program though. They are a f'n joke.
 
inkdesigner said:
I seem to remember not that long ago that the NRA provided monetary backing for a recent Comm2A or GOAL lawsuit. Perhaps @Knuckle Dragger can confirm or deny this?
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Like most large organizations, the NRA is a mixed bag. There are a lot arms and many are doing their own thing. Most people know about ILA because they're the lobbying arm and most visible. Comm2A has primarily worked with the Civil Rights Defense Fund. Think of CRDF as a grant making organization that provides mostly small grants to defend Second Amendment rights. They've been a great partner for Comm2A over the years.

One of the heartbreaking things about the legal problems NRA (and Wayne) have right now is that the reflect badly on the rest of the organization.
 
Dr_Scholl said:
If anything comes out of this lawsuit I hope it's the ousting of LaPierre and a restructuring of the board.
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The goal of the lawsuit is to dissolve the NRA and confiscate all of their funds. There will be no restructuring and no Board of Directors.

I don't understand why people don't realize what the goal is.
 
Parker Schreiber said:
The lobbying arm of the NRA, is located at 11250 Waples Mill Rd. Fairfax, VA 22030. The parent organization is a 501(c)4, which may not have lobbying as its main activity.

www.nraila.org

NRA-ILA | About NRA-ILA

NRA-ILA was established in 1975 and is committed to preserving the 2nd Amendment and fighting for the rights of law-abiding gun owners.
www.nraila.org www.nraila.org
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(c)(4)s can lobby.

And yes, the related organizations are separate corporate entities that have their own governing documents.
 
Dadstoys said:
Might be the only way to start with a clean slate and get back on track.
Wayne is just not going to unlatch from that teat.
Toss his ass and get a real 2A bulldog at the helm.
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Wayne had tremendous value when he was known to and an ally of POTUS.

Just being able to have POTUS take your phone call is probably good for several hundred thousand in annual salary, before you add any other value.

The NRA is broken because there are no meaningful elections. Any org that sends out instructions on who to vote for with the ballot is seeking to meet a legal requirement, not conduct an honest election.
 
Rob Boudrie said:
Wayne had tremendous value when he was known to and an ally of POTUS.

Just being able to have POTUS take your phone call is probably good for several hundred thousand in annual salary, before you add any other value.

The NRA is broken because there are no meaningful elections. Any org that sends out instructions on who to vote for with the ballot is seeking to meet a legal requirement, not conduct an honest election.
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The problem with Wayne is the back door dealing.
Claiming to speak for the majority of gun owners in this country supporting Red flag laws was the straw that broke the camels back for me.
Then you had the back room efforts to tank constitutional carry in both FL. and NH.
That tells me he's in for what he can get out of it not what's best for us.
We need the NRA with a strong leader,
He ain't it.
 
"Today, the Hon. Phillip Journey, a Kansas state judge who was recently elected to the NRA's board of directors, filed an examiner motion in the case. There are some bombshells in Judge Journey's motion, including that the NRA board was never informed of the bankruptcy filing or the creation of the venue-hook subsidiary!"

NRA Examiner Motion - Credit Slips

As I predicted, things were not going to go so smoothly for the National Rifle Association in bankruptcy. Today, the Hon. Phillip Journey, a Kansas state judge who was recently elected to the NRA's board of directors, filed an examiner...
www.creditslips.org
 
The NRA's board owes fiduciary duties to the NRA, which means to the NRA bankruptcy estate. Those duties include a duty of good faith (basically do your homework, pay attention, and examine red flags) and a duty of loyalty (no self-dealing.

The examiner motion alleges that the NRA's board did not approve the bankruptcy filing and learned about it through the media. Moreover, my understanding is that the NRA board has not convened since the bankruptcy filing. If the filing was in fact an unauthorized freelance project of the special litigation committee, shouldn't the board be doing... something? If the filing wasn't authorized, then the failure to convene and be briefed strikes me as a pretty glaring violation of a duty of care. The duty of care is a pretty forgiving standard in general, but doing nothing is not going to suffice when care requires at least an inquiry.

Now this question does put the cart before the horse a bit—was the bankruptcy filing in fact authorized?

Is the NRA Board Shooting Itself in the Foot By Doing Nothing? - Credit Slips

In my previous blog post on the NRA bankruptcy, I was focused on the bankruptcy implications of the incredible examiner motion filed by an NRA board member against the NRA. But as I think about it more, it's also got...
www.creditslips.org
 

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