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NRA declares bankruptcy, plans to incorporate in Texas:
The NRA [National Rifle Association] filed for Chapter 11 bankruptcy in federal court in Dallas and said it planned to incorporate in Texas, where records show it formed a limited liability corporation, Sea Girt LLC, in November 2020. Sea Girt LLC made a separate bankruptcy filing Friday, listing fewer than $100,000 in liabilities.
In its filing, the NRA said its longtime leader, Executive Vice President Wayne LaPierre, made the decision to file for bankruptcy protection in consultation with a "special litigation committee" comprising three NRA officials that was formed in September to oversee its legal strategies. The NRA board voted Jan. 7 to clarify LaPierre's employment agreement, giving him the power to "reorganize or restructure the affairs" of the organization.
"The move will enable long-term, sustainable growth and ensure the NRA's continued success as the nation's leading advocate for constitutional freedom – free from the toxic political environment of New York," the NRA said in a statement.
[...] Shortly after the announcement, New York Attorney General Letitia James said she would not allow the NRA to "evade accountability" or oversight. Her office's lawsuit last year highlighted misspending and self-dealing claims that have roiled the NRA and LaPierre in recent years— from hair and makeup for his wife to a $17 million post-employment contract for himself.
[...] The gun-rights group boasts about 5 million members. Though headquartered in Virginia, the NRA was chartered as a nonprofit in New York in 1871 and is incorporated in the state. Going forward, the NRA said a committee will study opportunities to relocate segments of its operations to Texas and elsewhere.
(Score: 2) by looorg on Sunday January 17 2021, @04:52PM (4 children)
Are they actually bankrupt or do they just claim bankruptcy to escape from New York? The article seems somewhat vague on it all claiming they have assets in the 100-500 million range and debt in the same range.
I thought they had a major hard-on for all things old and revolutionary (or civil war since it ended right before) so to give up that 1871 thing must hurt a bit.
(Score: 2) by Runaway1956 on Sunday January 17 2021, @06:04PM (3 children)
Good question. I think it's a combination of fact and fiction. The NRA is indeed being deprived of millions of membership fees. The membership is sick of Wayne LaPierre, and they are leaving. Money is drying up. On the other hand, LaPierre and his cronies still have access to many millions of dollars. The stream of money has dwindled to a comparative trickle, but it isn't dried up yet.
Abortion is the number one killed of children in the United States.
(Score: 2) by barbara hudson on Sunday January 17 2021, @08:19PM (2 children)
SoylentNews is social media. Says so right in the slogan. Soylentnews is people, not tech.
(Score: 0) by Anonymous Coward on Sunday January 17 2021, @11:27PM (1 child)
The NRA elite are mostly the same folks at the GOP elite. They don't like Trump that much, though the NRA wouldn't admit it.
Frankly the NRA wants Democrats in charge, so that they can scream for donations to be sent in to fight the Dems who want to take the guns away. The NRA elite don't care that much about the guns, mind you, they just want the money.
(Score: 0) by Anonymous Coward on Tuesday January 19 2021, @02:55AM
Game set match. Good game.