Timing in the NRA debacle

We were starting to create a detailed timeline of events, and something jumped out at us. April and May, 2018, saw a number of events happen, events indicating that the high and mighty were foreseeing a dangerous future, one that they wanted to be protected against, financially. On May 5, 2018, Wayne LaPierre got a

The human side of NRA’s problems: the board

The board has a problem that is similar to LaPierre’s. It, too, is overwhelmed. It is a mass of 76 directors, almost none of which (other than a few retired military) have any experience in administering anything, let alone a $350 million corporation. Most are elected based on their skill at activism or in shooting.

The human side of the NRA issue

It’s easy to draw up an organization chart, but organizations are run by humans, and the human side often explains far more than a chart. NRA’s executive leadership, The EVP. At the top, as Executive Vice President, is Wayne LaPierre. He’s been EVP for so long that only a few directors can remember an NRA

Summary of NRA’s position

For some reason, NRA’s attorney would not or could not clearly state his position, but I think I understand it. Bottom line is, the entire purpose of the bankruptcy is to escape the NY Attorney General’s suit, the suit that the leadership has claimed is just an empty political ploy. They know it is not,

Afternoon arguments

The attorney observer was back, and says, Louis Strubeck spoke for the Unsecured Creditors Committee, and spoke very well. He opposed the motion to dismiss, pointing out that the NY Attorney General’s dissolution suit involves looking backward to past misconduct, while a bankruptcy chapter 11 involves looking forward, to how the debtor can be changed

Closing arguments in bankruptcy case

So far, the arguments have been pushing the motion to dismiss for bad faith filing. This is where NRA’s case is weakest, and the point that is most dangerous to it. If the case is dismissed, NRA will be left in New York, and it can be made to eat LaPierre’s premature announcement that the

You know you are in trouble when

This is your former treasurer, testifying in court on a video deposition, with transcript appearing below him as the judge watches.

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

Day ten of bankruptcy hearing

More from the observing attorney, who notes judge asked an interesting question at the very end. Greg Plotts, of Aaronson          NRA’s outside auditor. This witness was poor, hesitant and defensive.          Yael Fuchs, for NY AG          You management letter doesn’t identify noncompliance with conflict of interest? No. Or excess benefits? No.          Spray asked you to give

Commentary from a businessman on NRA’s Chapter 11

https://taitnra.substack.com/p/keeping-the-cfo-in-the-dark-thoughts Frank Tait, who has experience with a Chapter 11 restructuring, and says that the treasurer/CFO must be heavily involved, from the beginning of planning onward. The evidence in the bankruptcy case is that NRA’s treasurer was frozen out and didn’t even know about the bankruptcy until after it was filed. Soon after that, he