Recap of last day of bankruptcy testimony

The judge’s question at the end is a VERY bad sign for NRA’s filing. When a judge specifically asks people to address a particular question, it is the strongest possible sign that he thinks this is the key issue in front of him. What he wants debated is, given that the purpose of Chapter 11 (reorganization) bankruptcy is to keep a company from falling into Chapter 7 (liquidation) bankruptcy, does a court have jurisdiction where the sole purpose of the case is to avoid a state’s attempt to dissolve the corporation, via a dissolution that will require a lawsuit and a state court’s determination that the dissolution is in the public interest, and escaping the dissolution is the entire purpose, and not a collateral one, of the bankruptcy?

This is a very precise phrasing of NRA’s situation, in terms of dismissal for bad faith, that is ulterior motive, filing. The judge sees the issue precisely, and if you look at it with that precision, the only answer is: no, the bankruptcy court does not have jurisdiction, and must dismiss the Chapter 11 case.

That will be a disaster for NRA’s hopes. This weekend’s board meeting is just spinning the wheels, approving a plan that will never be accepted by the court because the case will already have been dismissed. That will leave NRA a New York corporation, and leave the NY Attorney General free to dissolve it.

Her dissolution suit has been strengthened by the bankruptcy court revelations. Just the lad day of testimony saw Wayne LaPierre claiming that he’d begun cleaning everything up in 2017, but forced to admit that he’d been given an incredibly lucrative “golden parachute” agreement in mid-2018 (it would have given him many millions had the board ever stopped electing him) that was signed by an outgoing president and Carolyn Meadows, now NRA president and head of the board’s Special Litigation Committee. The signing of the contract implicates NRA’s current board leadership, and also LaPierre himself, and shows his supposed 2017 reforms are. sham. He himself is free to loot despite them. On the same day those board officers signed another golden parachute for Woody Phillips, the NRA treasurer who had to “take the Fifth” dozens of times in his testimony. Others who got such agreements, LaPierre testified he had no idea of the contracts, showing that even if he were honest, in practice others are free to loot NRA at will without his being able to discover it.

The board itself is implicated: all this went on undetected on its watch, and when detected by the media the board chose to endorse the corruption; its current president even signed off on some of it! Its previous president, who tried to investigate things, the board chose to purge. The board is surely being misinformed. The attorneys at the meeting certainly won’t tell the board about the judge’s question and what it means for the case, about LaPierre’s damaging testimony, or how his claims of reform and a new direction have been destroyed in court. But the board cannot escape responsibility: its job is to be informed, the buck stops there. Pleading misinformation doesn’t hold water when board members never dared to ask questions.

The NRA will be thrown back to the NY Attorney General, who now has been handed even more ammunition, more than enough to kill the organization. no, it’s not so much a killing as an assisted suicide.

The names of those responsible will live in shame in the shooting community. Their corruption, or weakness, killed a great organization that had endured for 150 years.

12 thoughts on “Recap of last day of bankruptcy testimony

  1. This is one step removed from the judge saying, “Give me one good reason why I shouldn’t dismiss this case right now.”

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  2. Thank you for keeping us informed of the ongoing case of the NRA. I think that the letters stand for Not Relevant Anymore. It is sad to know what is about to happen, but never give up hope, until the end comes.

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  3. So LaPierre’s vampire vendors & 76-rubber-stamp board of self-dealing clowns may have sealed NRA’s fate. The corruption’s bad enough. These guys are corrupt and *stupid*. Two attorney board members, including corporate law professor Joe Olson, warned LaPierre 31 years ago to get out of NY. He didn’t listen. But he did throw those members off the board.

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  4. A member for several years, I quit when we learned of LaPierre’s salary, his wardrobe allowance, private jet travel, first-class accommodations, the millions paid his pals’ law firm. I said “no mas” after the constant emails re: the latest “crisis” demanding even more money. Not to mention LaPierre’s bashing of Col. North. Who, it appears was trying to do the right thing.

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    1. Keyword, *appears*. My take: Ackerman-McQueen was NRA’s big vampire vendor for 40 years, key to the 1997 “Winning Team” coup that bounced dozens of dissident directors, consolidated the LaPierre Junta, paved the way to an 24-year “Winning Team”/Vendor feeding frenzy that bled billions of loyal member dollars. Col North was “NRA President”, which is supposed to be an unpaid position representing NRA’s membership & rightful mission, this while AcMc paid superpatriot North over $1m a year, a huge conflict of interest whether disclosed to membership or not (it wasn’t; Iran-Contra deja vu?). So whose Pres was he? Who did he rep, NRA & its true mission, or AcMc & himself? AcMc’s motion paints a pic of Saint Angus McQueen vs evil pocket-lining LaPierre & his bloodsucking lawyer Brewer who ~”stole our business”, as if AcMc had hereditary rights. But how did LaPierre hook up with Brewer in the first place? Given Brewer was Angus McQueen’s son in law, one thinks St Angus brought him in to deepen AcMc’s bite. But it turns out there really is no honor among thieves, especially stupid thieves. Brewer squeezed AcMc out of the nest and sucked so much blood there was little left for other vampires. When AcMc’s gig was threatened, so was North’s. So, North to the rescue, squirting crocodile tears about LaPierre’s dipping. And don’t forget North’s Patron St AcMc is effectively if not actually working with the NYAG, pushing NRA out of b/k and into her loving arms. It’s like a bad movie. War of the Vampires meets House of Cards. Something like that. The 1997 coup’s self-styled “Winning Team” may have actually managed to end the NRA. Oh, the irony. If only it were a movie…

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  5. What if anything can all the NRA life members do, can we do a class action lawsuit to take control of the NRA? We need to pressure each and every board member to step down just like the NRA rallies us to force our politicians to do our bidding. Name & Shame the NRA Board. Save what is all good in the NRA. Can’t we tear LaPierre out of his Cash Castle ?

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    1. The NRA is representative of what’s wrong with America on the whole; sending money to special interest groups and expecting them to do your dirty work for you. But you fail to realize they are all thieves, you naively believe them to be honest, and as such, when fleeced, can’t believe you were taken by con artists. Shame on you for your laziness and ignorance, and now it’s time to pay for your blindness..
      I used to be a custom gunmaker and gun shop owner, who fortunately woke up to this nonsense in the late 1980’s and swore never again to send the NRA another penny. Too bad it took me so many years (and dollars) to wake up, and for some of you, you’re still living in the darkness of ignorance.

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  6. I’m a Life Member and I’m disgusted by what the leadership has done to our Organization. They’ve done more damage to our cause than the Antis could.

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  7. Trump told the nra to leave New York and its lawfare years ago. But the lib dem ag may have a good case. La Peyou has been looting the members for years. Don’t let the nra die. Kill it and start over again. In Texas….

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      1. Trump isn’t perfect, but he was by far the best we had, and LaPierre had Trump’s ear until he blew it. If LaPierre’s vampire crew hadn’t been focused on bleeding NRA white and getting it in “existential” trouble, they would’ve had more influence on President Trump, Rs would still have the house & senate, and Resident Xiden wouldn’t be in the White House today.

        2019 is a red herring. Corporate law professor Joe Olson and other NRA board members warned LaPierre *in 1990* to get out of NY. Over 3 decades ago. LaPierre did nothing… Well, nothing besides tossing them off the board that is.

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