NRA files for bankruptcy, restructures in Texas

cbenoi1

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Follow the money, he said.

National Rifle Association says it has filed for bankruptcy as part of restructuring
https://www.reuters.com/article/us-...nkruptcy-petitions-in-u-s-court-idUSKBN29K2LV

The NRA filed the Chapter 11 petitions in U.S. Bankruptcy Court in Dallas, it said in a news release. The NRA said it would restructure as a Texas nonprofit to exit what it said was a “a corrupt political and regulatory environment in New York” state, where it is currently registered.
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Declare bankruptcy and start under a new name somewhere else.

-cb
 
Friendly Frog

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If they are still solvent and financially stable (and if they're not just saying that to look better), it sounds to me like there's no legal basis for bankruptcy. Does New York not have any fraudulent bankruptcy rules?
 

cbenoi1

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It's not really bankrupt until Wayne Lapierre sucks that one last dollar for himself. It's a technicality at this point.

-cb
 
BenPanced

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Friendly Frog said:
If they are still solvent and financially stable (and if they're not just saying that to look better), it sounds to me like there's no legal basis for bankruptcy. Does New York not have any fraudulent bankruptcy rules?
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In the U.S., Chapter 11 allows for reorganizing a corporation; Chapter 7 is total liquidation and cessation of operations. Coupled with the fact the NRA is a nonprofit organization, you've got a whole 'nother ball game. Either way, they have to present proof of current assets and debts in court to have the restructuring approved.
 
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Chris P

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I chuckled at the "corrupt New York" aspect of it, shortly after New York City ends Trump contracts, and Trump's uprooting a year or so ago to Florida for the same ostensible "corruption" reasons. There's no doubt the NRA was hurting already, but why miss a chance to take a cheap shot?
 
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