NRA files bancruptcy

[Waher]

View: https://twitter.com/Law360/status/1393381877071982593

 

[Wildcard]

View: https://twitter.com/Law360/status/1393381877071982593

What does this mean?

 

[SFC13557]

You are a clown if you think the NRA hasn't been crucial for gun rights in America, even recently. It's a highly, highly flawed organization on many levels, from management, to the inner workings, and so on and so forth. But hating the NRA is the definition of cutting off your nose to spite your face, and it makes you a fool if you think any of this is somehow good for us. It is TERRIBLE for us.

You are correct, they need a total house cleaning buy the anti's still hate and fear them.

 

[Parker Schreiber]

What does this mean?

In a Chapter 11 bankruptcy case, the professional expenses run up by the representative of the unsecured creditors are typically paid for by the debtor as part of reorganization. But since the Chapter 11 petition was denied, those professional expenses don't gain any special standing. Absent this agreement, the creditors' committee could have billed the NRA and if the NRA failed to pay up, force them back into bankruptcy under far less controlled conditions.

What this means is that the NRA worked out a payment plan to pay those professional fees. The article does not mention what the arrangement was.

 

[AHM]

What this means is that the NRA worked out a payment plan to pay those professional fees. The article does not mention what the arrangement was.

Logo duffel bags and lockblade knives for everyone on the creditors' legal team?

 

[Rob Boudrie]

In a Chapter 11 bankruptcy case, the professional expenses run up by the representative of the unsecured creditors are typically paid for by the debtor as part of reorganization. But since the Chapter 11 petition was denied, those professional expenses don't gain any special standing. Absent this agreement, the creditors' committee could have billed the NRA and if the NRA failed to pay up, force them back into bankruptcy under far less controlled conditions.

What this means is that the NRA worked out a payment plan to pay those professional fees. The article does not mention what the arrangement was.

Is there a legal obligation to pay the creditors expenses when Ch11 is denied? You mention "don't gain any special standing". I know that in most cases if someone causes me to incur legal fees because of actions they file, I am SOL when it comes to having those fees paid.

 

[Waher]

Logo duffel bags and lockblade knives for everyone on the creditors' legal team?

Bitch please, swag hats and boomer jackets.

 

[Cap'n Mike]

Interesting to see where the NRA is spending their (our) money.

NRA IRS 990 For 2020

The NRA’s IRS Form 990 for 2020 is now online. There are some things that are note worthy. Despite all the claims that NRA is doing well (in the bankruptcy suit LaPierre claimed that finances…

nraindanger.wordpress.com

NRA IRS 990 For 2020​

The NRA’s IRS Form 990 for 2020 is now online. There are some things that are note worthy.
Despite all the claims that NRA is doing well (in the bankruptcy suit LaPierre claimed that finances were the best they’d been in years), revenues fell even farther, from $291 million in 2019 to $282 million in 2020. This, from a 2018 peak of $350 million, about a 20% decline. The amount devoted to lobbying and politics, to ILA, the core function, is only $22.6 million. The amount spent on lawsuits, as we’ll see, is nearly double that.
Wayne LaPierre’s million-dollar salary was improved by a bonus of $455,000 and other benefits, making the total over $1.6 million. The NY Attorney General will cite this as proof of how helpless and submissive the board is. The CEO is caught, bluntly, embezzling massive amounts of the nonprofit’s money, and the board hands him a giant bonus to show how loyal it is to him (and disloyal to the nonprofit). John Frazer also was handed a $54,000 bonus plus other benefits that raised his salary from a nominal $282,000 to a real $429,000. Tyler Schropp, “executive director, Advancement,” who’s been cited in some scandals, drew $853,000.
The bylaws say that directors are unpaid volunteers, but Marion Hammer is drawing $259,000 for “consulting services.” Outside vendors are doing well, too. Infocision Management, which does fundraising, got $6 million in contributions and passed on $3.6 million to NRA, making a $2.5 million profit. Even though NRA has two firms paid to raise funds, it also had four firms listed as “fundraising consultants,” who raise no money but made $734,000. “Legal expenses” are astronomical: nearly $41.5 million.
Now, let’s talk about “excess benefits,” a tax term that can include unreasonably high pay to executives, but which NRA leadership uses to explain improper diversions of its assets, which others might call “embezzlement”:

 

[Broomcorn]

Interesting to see where the NRA is spending their (our) money.

NRA IRS 990 For 2020

The NRA’s IRS Form 990 for 2020 is now online. There are some things that are note worthy. Despite all the claims that NRA is doing well (in the bankruptcy suit LaPierre claimed that finances…

nraindanger.wordpress.com

NRA IRS 990 For 2020​

The NRA’s IRS Form 990 for 2020 is now online. There are some things that are note worthy.
Despite all the claims that NRA is doing well (in the bankruptcy suit LaPierre claimed that finances were the best they’d been in years), revenues fell even farther, from $291 million in 2019 to $282 million in 2020. This, from a 2018 peak of $350 million, about a 20% decline. The amount devoted to lobbying and politics, to ILA, the core function, is only $22.6 million. The amount spent on lawsuits, as we’ll see, is nearly double that.
Wayne LaPierre’s million-dollar salary was improved by a bonus of $455,000 and other benefits, making the total over $1.6 million. The NY Attorney General will cite this as proof of how helpless and submissive the board is. The CEO is caught, bluntly, embezzling massive amounts of the nonprofit’s money, and the board hands him a giant bonus to show how loyal it is to him (and disloyal to the nonprofit). John Frazer also was handed a $54,000 bonus plus other benefits that raised his salary from a nominal $282,000 to a real $429,000. Tyler Schropp, “executive director, Advancement,” who’s been cited in some scandals, drew $853,000.
The bylaws say that directors are unpaid volunteers, but Marion Hammer is drawing $259,000 for “consulting services.” Outside vendors are doing well, too. Infocision Management, which does fundraising, got $6 million in contributions and passed on $3.6 million to NRA, making a $2.5 million profit. Even though NRA has two firms paid to raise funds, it also had four firms listed as “fundraising consultants,” who raise no money but made $734,000. “Legal expenses” are astronomical: nearly $41.5 million.
Now, let’s talk about “excess benefits,” a tax term that can include unreasonably high pay to executives, but which NRA leadership uses to explain improper diversions of its assets, which others might call “embezzlement”:

Not one nickle from me until Lapierre is sent packing.

 

[Mountain]

A

Interesting to see where the NRA is spending their (our) money.

NRA IRS 990 For 2020

The NRA’s IRS Form 990 for 2020 is now online. There are some things that are note worthy. Despite all the claims that NRA is doing well (in the bankruptcy suit LaPierre claimed that finances…

nraindanger.wordpress.com

NRA IRS 990 For 2020​

The NRA’s IRS Form 990 for 2020 is now online. There are some things that are note worthy.
Despite all the claims that NRA is doing well (in the bankruptcy suit LaPierre claimed that finances were the best they’d been in years), revenues fell even farther, from $291 million in 2019 to $282 million in 2020. This, from a 2018 peak of $350 million, about a 20% decline. The amount devoted to lobbying and politics, to ILA, the core function, is only $22.6 million. The amount spent on lawsuits, as we’ll see, is nearly double that.
Wayne LaPierre’s million-dollar salary was improved by a bonus of $455,000 and other benefits, making the total over $1.6 million. The NY Attorney General will cite this as proof of how helpless and submissive the board is. The CEO is caught, bluntly, embezzling massive amounts of the nonprofit’s money, and the board hands him a giant bonus to show how loyal it is to him (and disloyal to the nonprofit). John Frazer also was handed a $54,000 bonus plus other benefits that raised his salary from a nominal $282,000 to a real $429,000. Tyler Schropp, “executive director, Advancement,” who’s been cited in some scandals, drew $853,000.
The bylaws say that directors are unpaid volunteers, but Marion Hammer is drawing $259,000 for “consulting services.” Outside vendors are doing well, too. Infocision Management, which does fundraising, got $6 million in contributions and passed on $3.6 million to NRA, making a $2.5 million profit. Even though NRA has two firms paid to raise funds, it also had four firms listed as “fundraising consultants,” who raise no money but made $734,000. “Legal expenses” are astronomical: nearly $41.5 million.
Now, let’s talk about “excess benefits,” a tax term that can include unreasonably high pay to executives, but which NRA leadership uses to explain improper diversions of its assets, which others might call “embezzlement”:

Thanks for posting, for sure an interesting read. As much as I detest Sleazeball Wayne, most of this article is weak sauce and hardly grounds for a massive lawsuit. Salaries and consulting fees for sure are BS, but this claim doesn't at all add up as a problem:

Infocision Management, which does fundraising, $6 million in contributions and passed on $3.6 million to NRA, making a $2.5 million profit. I guess anti's and donks assume that businesses don't have operating costs etc.? Their math is wrong (should be 2.4) and that amount is not their profit. Stupid.

Next one: The schedule L items are simply greedy IRS money grab situations. Not unusual for these guys to be flying to DC on work related trips, yet dumbass Letitia is trying to frame these trips as 'commuting', which would be taxable. Same thing for the over $25 corporate gifts compensation. Wayno may be screwed here due to the IRS regs unless the NRA 'expecting compensation' has a completely open ended close date. I think it was the Oblabla administration that pushed through the new IRS expense compensation bullcrap. For example, whenever I drive a personal vehicle to the airport, I have to deduct my daily commute despite the fact that the major (pre wu flu) portion of my job required travel. Also if a multi day trip with personal vehicle compensation, I'd have to deduct on each day. Never mind that I would not be driving to the office those days. Anyway, to the average anti with the usual sub par IQ- I suppose all this Schedule L stuff looks like the big "Gotcha!"

 

[Rob Boudrie]

Infocision Management, which does fundraising, $6 million in contributions and passed on $3.6 million to NRA, making a $2.5 million profit. I guess anti's and donks assume that businesses don't have operating costs etc.? Their math is wrong (should be 2.4) and that amount is not their profit. Stupid.

A professional fundraisers fee of less than 50% of the take is on the low side, especially when you factor in the kickbacks the NRA executives may have required from the fundraising firm.