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NRA files for bankruptcy

watcher1 · 108

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Offline watcher1

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on: January 16, 2021, 04:45:08 PM
New York (CNN Business)The National Rifle Association of America, the nation's foremost gun lobby, has filed for bankruptcy, according to court documents filed Friday in the Northern District of Texas.

The group said it plans to leave New York State, where it was founded in 1871, and reincorporate as a Texas nonprofit in a move it is calling "Project Freedom," according to a statement published Friday.
The Chapter 11 announcement follows leadership shakeups and allegations of financial mismanagement at the NRA in recent years.
New York Attorney General Letitia James filed a lawsuit in August accusing the NRA's senior leadership of violating laws governing nonprofit groups and using millions of dollars from the organization's reserves for personal use and tax fraud.
James alleged that current and former NRA leadership "instituted a culture of self-dealing mismanagement" that benefitted themselves, family, friends and favored vendors, leading the organization to lose more than $63 million in three years.
In response, the NRA filed a countersuit alleging the attorney general was hampering the group's First Amendment rights.
James responded to the group's bankruptcy announcement Friday in a terse statement: "The NRA's claimed financial status has finally met its moral status: bankrupt."
She added, "while we review this filing, we will not allow the NRA to use this or any other tactic to evade accountability and my office's oversight."
"This strategic plan represents a pathway to opportunity, growth and progress," Wayne LaPierre, the NRA's CEO and executive vice president, said in a statement Friday. "The NRA is pursuing reincorporating in a state that values the contributions of the NRA, celebrates our law-abiding members, and will join us as a partner in upholding constitutional freedom."
The NRA said Friday it is in its "strongest financial condition in years," but the restructuring will help to "streamline costs and expenses." In a Q&A published on its website, the group said it is not admitting to mismanaging donor funds, and that it does not expect any impact to NRA programming. Its headquarters currently remain in Fairfax, Virginia.
In 2019, the NRA operated at a $12.2 million deficit, according to the NRA's 2019 990 tax return, which was obtained by CNN in November. The filing also stated that the NRA became aware of a "significant diversion" of its assets in 2019 and previous years, and that LaPierre paid back nearly $300,000 plus interest in funds for the expense.
According to OpenSecrets.org, a site run by the Center for Responsive Politics, the NRA has spent a total of $139 million on campaigns and lobbying since 2000. But its real political power comes from its five million members, many of whom base their vote on candidates' support or opposition to gun control measures.
The largest creditor listed on the NRA's bankruptcy filing is its former advertising firm, Ackerman McQueen, with which the NRA has been in a contentious legal battle after nearly 30 years in business together. Ackerman McQueen is owed a disputed $1.2 million, according to the filing. The company did not immediately return a request for comment.
In addition to its internal challenges, the NRA faces a shift in Americans' attitudes about guns following a string of deadly mass shootings in recent years.
"The NRA, a get rich quick scheme for its executives that pushed positions wildly out of step with gun owners, is collapsing, just as Congress readies to vote on a comprehensive background checks proposal with 90% public support," Chris Murphy, the Democratic senator from Connecticut, said on Twitter Friday. "It's happening."

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Offline SoftGameHunter

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Reply #1 on: January 16, 2021, 07:28:27 PM
The NRA is a Bizarro-Universe equivalent to if AAA advocated drag racers without brakes for every suicidal teenager on residential streets without speed limits.

So, like firearms, loathe the NRA. Good riddance.



Offline msslave

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Reply #2 on: January 16, 2021, 07:57:03 PM
Sadly they're not going away. It's just a ploy to avoid some lawsuit New York has filed against them. I read they plan to reincorporate in Texas.

Should be welcome there with all the gun slinging Trumptards in that state

Well trained and been made compliant....by our two cats.


Offline horny guy

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Reply #3 on: January 16, 2021, 08:35:32 PM
I think it's a great move for them to go to Texas. 2A, all the way!!



Offline Dudester

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Reply #4 on: January 16, 2021, 09:09:31 PM
Things are as they should be. Blue states like California and New York are putting themselves out of business as there is an exodus of both people and companies from both states. Tesla and Oracle have already started the move from California to Texas. Both states have negative population growth.
In the first civil war, 80% of industry was north of the Mason/Dixon line, now it is the reverse. Blue states should wake up and smell what they are shoveling. Detroit is a mess because pretty much everything and everybody was unionized. There was even a union for crossing guards. Now, the city looks like Berlin in 1945 and it has no one but itself to blame for that. The demands of union labor caused a long time fire engine manufacturer to go belly up forever after 170 years of business. Who won in that situation? No one. Everyone lost their jobs.
New York wanted to put a defender of the 2nd amendment out of business. Now that defender is moving to Texas. I'm sure that hundreds of people are going to say "Thank you New York for putting me on the unemployment line."
Hollywood has been more subtle about the relocation, but a lot of movie and TV work is now done in places like Austin and Atlanta.
So, to the person that said that Texas is full of Trumptards, if you live in a blue state look for your taxes to go up and up and up as fewer people in the tax pool means fewer people have to pay more to keep city and state services going. Congradulations



Offline Lois

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Reply #5 on: January 17, 2021, 07:34:52 AM
If industry is miving south, then those are blue states in the making.