POLITICS NRA files for bankruptcy

[Wheels]

LaPierre's time has passed.

NRA files for bankruptcy, says it will reincorporate in Texas​

PUBLISHED FRI, JAN 15 20214:18 PM ESTUPDATED FRI, JAN 15 20214:51 PM EST

NRA files for bankruptcy, says it will reincorporate in Texas

The gun-rights advocacy group said it would restructure as a Texas nonprofit.

www.cnbc.com

 

[wesheltonj]

NRA Files For Voluntary Bankruptcy, Vows to Reincorporate in Texas

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NRA Files For Voluntary Bankruptcy, Vows to Reincorporate in Texas​

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NRA Files For Voluntary Bankruptcy, Vows to Reincorporate in Texas
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The gun manufacturers' lobbying group, the National Rifle Association (NRA) has filed for voluntary bankruptcy and vowed to reincorporate in Texas, according to a statement released Friday by the NRA's Executive Vice President Wayne LaPierre.

© Alex Wong/Getty The National Rifle Association (NRA) has filed for voluntary bankruptcy and vowed to reincorporate in Texas.
"Today, the NRA announced a restructuring plan that positions us for the long-term and ensures our continued success as the nation's leading advocate for constitutional freedom–free from the toxic political environment of New York," LaPierre wrote in his statement.
"The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas," he continued.
"To facilitate the strategic plan and restructuring, the NRA and one of its subsidiaries have filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. As you may know, chapter 11 proceedings are often utilized by businesses, nonprofits and organizations of all kinds to streamline legal and financial affairs," LaPierre added.

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"Our opponents will try to seize upon this news and distort the truth," LaPierre wrote. "Don't believe what you read from our enemies. The NRA is not 'bankrupt' or 'going out of business.' The NRA is not insolvent," he wrote.
However, in an August 2018 New York state court filing, the NRA said the organization might soon "be unable to exist... or pursue its advocacy mission" because of businesses cutting off financial dealings with the NRA.
This is a breaking news story and will be updated as more information becomes available.

 

[V42]

Now is the time to flush the trash out of the organization. My guess though is that the old guard will manage to hold onto power and nothing will change.

 

[WAB]

Not good news. They need to get their house in order!

 

[Brent in Az]

NRA needs to get it together. The Democrats are salivating over this, and will strike while the iron is hot.
The NRA has it's internal swamp, and that needs to change.

 

[Philip Glass]

This is likely good news. Long term it will be better for all.

 

[flatwater bill]

The article calls The NRA "the gun manufacturer's lobbying group"...Misinformation and fake news have been at work in New York for some time...........targeting The NRA. They have been much more than that. Much more than a lobbying group for manufacturers. A strong force for gun owners, in many areas. Historically. But Philip is right, the move to Texas is a good one. The vulnerability and victory scored by The Flakes, however, will not go un-noticed. And this once great organization will be targeted again and again. The buffer between us and them gets thinner everyday....FWB

 

[Roller]

When Wayne leaves ( will he ever?) , I'll start giving them money again. Until then, not a dime. Overdue for a change.

 

[CAustin]

When Wayne leaves ( will he ever?) , I'll start giving them money again. Until then, not a dime. Overdue for a change.

They called me just yesterday to ask for money. That is on top at a call maybe two weeks ago. No mo yes from me u til they get their act together.

 

[375Fox]

I don’t disagree in any way that the NRA needs some serious changes, but I think this has to be the worst time for them to be weak. All 3 branches of government are going to be run by democrats and after what happened in the capital they are going to be very eager for gun regulation. It’s too bad this didn’t happen 4 years ago, they could have cleaned house and been prepared.

 

[Roller]

I don’t disagree in any way that the NRA needs some serious changes, but I think this has to be the worst time for them to be weak. All 3 branches of government are going to be run by democrats and after what happened in the capital they are going to be very eager for gun regulation. It’s too bad this didn’t happen 4 years ago, they could have cleaned house and been prepared.

Agree. I’m a NRA life member . If Wayne would resign today , I would write them a check tomorrow. In the interim I will lend more support to my state organization (VCDL) and perhaps GOA or SAF (of which I am also a life member) . But NRA is a swamp, and LaPierre is the swamp lord. I think he is responsible for a lot of the NRA’s successes over the years , but the time for new leadership was likely a good decade ago.

 

[Newboomer]

I think it is an excellent move to get out of the rotten apple and into a state that is friendly to gunowners and business. Should have happened as soon as the commucrats started harassing them. It is still going to be some time before they do a good house cleaning and get straightened out.

 

[Roseman]

About time they got out of NY.

 

[Wheels]

NRA headquarters are in VA. Makes sense with lobbying efforts.

Why have a presence in NY where you are exposed to a hostile AG?

The board is a pathetic rubber stamp, that LaPierre created. The board needs to resign. Bring nine back in a working roll, not honorary. Fire LaPierre and any staff that may be a hinderance going forward.

This should have been done a couple years ago when the audit showed LaPierre was using the NRA as his personal piggy bank.

The lawsuit kept the NRA from having as many funds to back candidates in the election.

If LaPierre stays I fear the NRA will fade away.

 

[postoak]

How could they be bankrupt when they have nothing but office expenses?

 

[Wheels]

How could they be bankrupt when they have nothing but office expenses?

Sued by NY attorney general is certainly a significant part of it.

 

[fourfive8]

Like many here, I am also a life member. I have mixed feelings with all this and am extremely worried about the future of the NRA. They have been our big voice and huge voter block representation that has carried our weight directly to the politicians. But, as all are aware, except for the those in the "game day, beer thirty" crowd who have been sleeping as usual, I think the NRA has lost its way over the last few years. I remember well them playing "footsy" with Harry Reid in order to politically triangulate a better position (as they put it) with the "big boys" in Washington. Those big boys are the same cut throat, two faced, lying bustards we see today. My only question is, "How did that work out for ya (La Pierre and Cox) and for us?" eh? At the time the NRA's big cheeses were schmoozing and kissing the arsenal of Reid, I spoke up and directly criticized the bosses in the NRA for being foolish and reckless... pointing out they were the chump playing a fool's game putting the organization and our 2A at risk. I think they wanted to play big shots... while at best filling Chihuahua pants and everyone in the loop knew it. I was immediately shouted down as un-loyal to the NRA and its principles. For our sake, I hope the NRA survives and rebounds stronger than ever. I don't like to do this and don't do it often, but to what has transpired.... all I can say to the NRA wheels, admin, and blind legion is, "told you so".

 

[SnowLeopard]

How could they be bankrupt when they have nothing but office expenses?

Read the NRA statement. They are not financially broke. The Chapter 11 filing is so they can be free to move their legally registered headquarters out of New York state to Texas. That is the only reason for the filing.

 

[wesheltonj]

Read the NRA statement. They are not financially broke. The Chapter 11 filing is so they can be free to move their legally registered headquarters out of New York state to Texas. That is the only reason for the filing.

They could have done that without filing Chapter 11. The filing is to restructure debt and get out from under the NY AG, period.

 

[OxfordTheCat]

I work in the Controllership office of a government Ministry. I would love to see their finances:

How on earth can an organization that gets so much fundraising and donation support throughout the United States possibly manage to find themselves bankrupt?

This stinks of all those charities in the era before auditing by Deloitte and other firms where it eventually came out that they put 98%of their money to executive and internal salaries.

A $64 million loss to internal misappropriation?
Where were the auditors?
Where were the financial controls?

Significant donors (which I assume are spread over many years and various states) with records of those transactions should consider a class.

I'm not even American or one that necessarily buys into the US brand of firearms rights, but that money should be considered stolen and needs to be recovered. Put it into the organisation that replaces the NRA.