NRA in the news again.

[Shadow]

//A U.S. bankruptcy administrator asked a federal judge Monday to dismiss the National Rifle Association?s efforts to declare bankruptcy or appoint a trustee or examiner to oversee the gun rights organization ? a setback for the group at the close of a federal court hearing to consider its petition.

The recommendation bolstered the arguments of New York Attorney General Letitia James (D), whose office has fought the NRA?s attempts to relocate from New York to Texas, and came after senior NRA executives acknowledged in court testimony that they received lavish perks.

Lisa Lambert, a lawyer with the U.S. trustee?s office ? which participates in bankruptcy cases to protect taxpayer interests and enforce bankruptcy laws ? told the court that the evidence presented in the hearing showed that the nonprofit organization lacked proper oversight and that personal expenses were masked as business costs.//

Non-profit? LOL []'s

[Jim Joyce]

I especially liked the part where the judge asked the NRA to explain an obvious conflict. The NRA wants to declare bankruptcy, but at the same time they apparently sent a newsletter to their members in which they claimed to be in the best financial shape ever. One of these things is not like the other.

[invalid unparseable]

I guess neither of you understand how big business works.

[Ralph Mowery]

Big business is set up to screw over the little people than mostly built the business, or the stock holders.

The company I worked for was started in the local area around 1965 with many good benefits and mainly a very good retirement. Around 1990 to

2010 it was sold several times , each time the benefits and retirement were reduced. As far as the local workers nothing changed but a new plant manager. By selling the company the eairly retirement benefits were sort of null and void and the new company could dictate the new benefits. It cost me and others around $ 1000 to $ 1500 a month in retirement pension.

There are companies like a power company in California that about 10 years ago declared bankruptcy. The power never quit flowing,but the stock holders were left without any stock.

Didn't GM sort of do the same thing ?

[Scott Lurndal]

Since when is a non-profit lobbying organization "big business"?

Doesn't the rule of law apply to any non-profit?

Give it up Frank (if that's your real name, I suspect you're just another russian troll sowing discord). You spew lies every time you post to usenet.

[invalid unparseable]

Give me a break. Russian trolls are not needed when there are folks like you.

[invalid unparseable]

My employer was a lot bigger and older and now a shell of itself. Our pension and health benefits come from a spinoff who is screwing us now dropping dental coverage.

I recall there were maybe 6 company planes and during a business crunch a VP wrote a note to the department about using both sides of a sheet of paper and saving paper clips while traveling off with his wife to the US Open in a company plane. These people lived large.

I'm an NRA lifer and note with 5 million members and $45 annual dues there is a lot of money there. Also there is income from advertising in their magazines. LaPierre lives large like other big organization leaders.

[Shadow]

<and now for the diversion>

Gratz. Spoken like a true double agent. []'s

[invalid unparseable]

I guess you know.

[rbowman]

If North and Cox had gotten rid of LaPierre it would have been no big loss. He was always a little too oily for me.

[invalid unparseable]

I agree but it is not as bad as New York is claiming.

[trader_4]

It's not unusual for companies to go bankrupt, for the stockholders to be wiped out and for the company to be able to continue in business. Stockholders are last on the list of those with any claim. In the case of GM, other creditors and bondholders were ahead of GM. GM didn't have the means to pay the bondholders, they wound up taking equity positions in lieu of some of their bond claims as part of the bankruptcy negotiations. When that happens, stockholders are typically left with nothing. I suspect similar happened with the power company. And it's not like a meteor struck GM one day, the stockholders had plenty of time to get out during the long ride down. I would bet a majority of stockholders at the end had taken those positions only in the last months, betting that GM would not go bankrupt.

NRA is totally different. Starting with that AFAIK, they have not actually gone bankrupt, just started the process. And they are not upside down, they are doing it on the claim that they need that protection because of the pending lawsuits from NY state. I don't know if anything like that has ever been used successfully as a valid reason for bankruptcy. Seems there is a good chance it will not be allowed.

[rbowman]

Morticia James is an elected official and wants to stay elected. That plays well with the NYC crowd.

The upstate NRA members don't have the votes. If they elect somebody like Gillibrand she turns coat at first chance. There's a reason I left the state in the early '70s.

[Ralph Mowery]

I guess that GM is one of the things that is 'too big to fail'. Looks to me that all the assets of the company should be sold off and the bond holders paid off and if anything is left the stock holders get it. However GM stays in business and the stockholders are left with nothing. I bet the big wheels at GM got bonuses for the 'good job' they did.

A power company in California was another company that left the stock holders holding the bag. The power never stopped following. The service was too much to shut off and sell the power poles and wires to pay off anyone.

From what little I know about the NRA it was a mission of the AG or someone else to do them in. That is the reason of all the lawsuits and other things. I think the NRA was going to move to another state to get away from that.

[invalid unparseable]

You were ahead of your time. I have an NY escapee across the street and one next door.

NRA should have incorporated in DE where corporations are respected and don't put up with crap like in NY. Never understood why now bankrupt Remington stayed in NY.

DE is a blue state but derives about half its income from corporations. Good for us residents with no sales tax, low income and property taxes but enough NY and NJ refugees could ruin that if they took their politics with them.

[trader_4]

That is one option in bankruptcy but I'm pretty sure if you did it with GM the result, that the stockholders got nothing, would have been the same and the results for the bondholders, most other creditors and especially the employees would have been worse. That's the calculation, negotiation, that went on before they finalized the bankruptcy.

I doubt they got much from the bankruptcy but I would bet they got paid well in the years leading up to it.

Right. The question here is whether you can legitimately go into bankruptcy to try to avoid it when actually your actual, current finances are perfectly fine.

[gfretwell]

New York is just pissed that the NRA is moving out and they will not have an easy way to f*ck with them. They moved out of DC decades ago. I still wonder why you anti gunners give a shit. It is not like you actually had any of your money at stake. An audit of NRA would not turn up any more improprieties than looking at the Red Cross, United Way or BLM. All of the people running those non-profits live large too. I was curious why NRA was in New York in the first place. In the mean time, I have my popcorn out, watching the case before the current SCOTUS. "Sullivan" and similar draconian laws could get tossed. That is really what has those politicians in NY/NJ upset. It has nothing to do with whether LaPierre padded his expense account.

[Jim Joyce]

As usual, you have it exactly backwards. I don't know how you so consistently manage that. Must be a skill of some kind.

You won't have to do much checking to see that the NRA threatened to leave NY and settle in TX *as a result of* the attention they were getting from the NY AG.

If anyone is pissed, it's the NRA. They'd like to get out from under the NY AG's magnifying glass by moving to TX but she's saying, 'Hold on, not so fast. We still have some business to do here."

<rest snipped>

[Tekkie©]

On Wed, 05 May 2021 14:18:23 -0500, Jim Joyce posted for all of us to digest...

Everyone is moving out of NY. The AG is a George Soros backed servant.

[gfretwell]

The reason NY is pissed is because NRA plans to bust out NRA of New York through bankruptcy so there is nothing to sue for and any successful prosecution will most likely be in civil court. Once they become the NRA of Texas corporation they are out of the jurisdiction of the NY DA. They just have to be careful to not to convey assets from NY to Texas but this is an organization with plenty of cash flow so they can spend that New York money pretty fast, on lawyers alone with the cases they are bringing and defending. I imagine they are already banking new money in another state. I think I am sending mine to Virginia and have been for quite a while.