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 changedContinue reading “Afternoon arguments”

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 giveContinue reading “Day ten of bankruptcy hearing”

Commentary from a businessman on NRA’s Chapter 11 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, heContinue reading “Commentary from a businessman on NRA’s Chapter 11”


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