Categories
Uncategorized

NRA may have shot itself in the foot with bankruptcy filing

The National Rifle Association possibly put itself into an no-win situation with its bankruptcy filing, which could lead to its dissolution if a Texas judge grants its application or a criminal trial for its top executives if the application is denied, ABC News reports.

The organization’s fate sits in the hands of Judge Harlin Hale of the U.S. Bankruptcy Court for the Northern District of Texas who will decide whether to grant the NRA’s bankruptcy petition.  His decision is not a certainty:  the NRA’s bankruptcy claim is undermined by statements by the organization that it remains financially viable.

Also complicating the filing:  statements by NRA Executive Vice President Wayne LaPierre that the NRA intends to reorganize in Texas and flee the “toxic political environment of New York,” even though the organization’s headquarters are in Virginia. 

Hale could deny the Chapter 11 petition, meaning that the NRA would still fall under the laws of the State of New York and the jurisdiction of New York Attorney General Letitia James, who is investigating fraud and abuse undertaken by the supposedly non-profit organizations, including paying for lavish vacations and perks for LaPierre, as well as questionable spending by its other executives and board members.

But Hale denying the motion has significant and, some legal experts say, more dangerous risks for the group and its leaders.  If the NRA does get its bankruptcy filing approved, Hale could order it put into receivership and assign a court-designated trustee to oversee the group’s operations and finances.

Hale could also assign a trustee to investigate the claims of fraud and financial mismanagement before allowing the organization to re-charter itself in another jurisdiction.  Or a trustee could order the organization to be liquidated and dissolved after examining the group’s finances–either because of financial insolvency or because of corruption.

It’s unlikely the NRA wants an outside authority reviewing its internal operating structure and its fundraising arm.  Nor would someone like LaPierre take kindly to reporting to someone.

“What is it possibly thinking with the bankruptcy filing? If there’s a clear strategy, I cannot deduce it,” Adam Levitin, a bankruptcy professor at the Georgetown University Law Center wrote on a bankruptcy blog. “Maybe I’m missing something and the NRA is crazy like a fox, but it really looks like a move done out of desperation.”

Created by potrace 1.16, written by Peter Selinger 2001-2019

Republicans gird for battle against Democracy

3 mins ago

McCarthy bets his house Republicans will win majority in 2022

28 mins ago

Rooster fitted with blade for cockfighting kills owner

34 mins ago

Manafort gets to keep 3 properties thanks to Trump pardon

1 hour ago

Mike Pompeo joke sucks, CPAC attendees laugh anyway

1 hour ago

Dick Grenell plans romantic, candlelit dinner for two at Mar-a-Lago to ask the Orange Tyrant’s blessing to run for California governor

3 hours ago

Matt Gaetz evidently bored of playing Fortnite with Nestor

4 hours ago

MAGA terrorist gets nineteen years for synagogue bomb plot

5 hours ago

We need straight answers on vaccine efficacy

6 hours ago

Kim Guilfoyle says Trump will somehow accomplish more from Mar-a-Lago in the next four years than Biden and Harris will

6 hours ago

Marco Rubio canceled from CPAC

7 hours ago

The “Trump made me do it” defense isn’t working out for rioters

8 hours ago

House passes Coronavirus relief bill

9 hours ago

Random thoughts Friday, Volume VII

18 hours ago

Biden planning big push to Make Amtrak Great Again

19 hours ago

Texas electricity wholesaler effectively out of business as state revokes operating license after CEO fucks off from testimony

19 hours ago

FBI says it has individual suspect in death of Capitol Police officer

20 hours ago

MAGA bro Madison Cawthorn was really into sexually harassing women at his small Southern Evangelical college: report

20 hours ago

Jim Jordan wrestles with an inability to conceive original thoughts

21 hours ago

Watkins renounces Oath Keepers, appears ready to flip

21 hours ago

400 prisoners escape, 25 dead in massive Haitian jailbreak

21 hours ago

Man-Karen Federalist reporter melts down at Jim Acosta at CPAC, almost as if Acosta is somehow responsible for Trump losing

21 hours ago

FDA advisory panel approves J&J single dose vaccine

22 hours ago

Residents of Indian slum were unknowing vaccine test subjects

22 hours ago

MAGA dipshit Congressmen signed letters saying they couldn’t be in House because of Coronavirus, even though they’re at CPAC

23 hours ago

John Durham quits DOJ

1 day ago

Republican’s husband’s truck with 3% sticker at Capitol on Jan. 6th

1 day ago

California Highway Patrol impressed by mannequin some asshole used as a fake passenger so he could drive in the carpool lane

1 day ago

Biden won’t sanction MBS over Khashoggi murder

1 day ago

Member of party that once emancipated millions of brutally enslaved human beings jokes about Mr. Potato Head’s cock

1 day ago

DNI report confirms MBS had Khashoggi whacked

1 day ago

FBI looking into possible MAGA terrorist motive to Lady Gaga dog walker shooting as retaliation for Biden inauguration performance

1 day ago

Los Angeles-area bus company hits insurance jackpot as massive fire from neighboring property consumes at least ten vehicles

1 day ago

WNBA approves sale of Loeffler’s team whose players hate her

1 day ago

CPAC panel host says absentee voting is bad since abusive liberal families could withhold insulin to force diabetic seniors to vote Dem

1 day ago

Leader of Japanese cult devoted to Trump to speak at CPAC

1 day ago

Ted Cruz’s self-deprecating comedy bit sucks

1 day ago

Dipshit Texas Lt. Governor not very sympathetic to electricity ratepayers stuck with skyrocketing bills after power crisis

1 day ago

State and local Republicans work to rebuild MAGA Reich

1 day ago

Dems kicking GOP’s ass on social media reach

1 day ago

MAGA militia sticker-covered pickup truck owned by husband of Republican Congresswoman spotted in footage of January 6th

1 day ago

Federal judge in Texas rules eviction moratorium unconsitutional

2 days ago

“And they made an idol of gold, and wheeled it into CPAC…”

2 days ago

The Gateway Pundit’s frustration reaches new boiling point

2 days ago

Meadows: People named Trump will lead next administration

2 days ago

Schumer says stimulus package is a go

2 days ago

Mr. Potato Head sort of canceled by the Woke mob

2 days ago

Biden orders airstrike on Iranian-backed rebels in Syria

2 days ago

Moscow Mitch says he’ll support Trump if he’s the nominee in 2024

2 days ago

Federal prosecutors ramping up investigation into Congress members’ recon tour groups in the lead-up to Capitol riot

2 days ago

x
x
x
x
x
x