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.Continue reading “The human side of NRA’s problems: the board”

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 NRAContinue reading “The human side of the NRA issue”

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”

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 11Continue reading “Recap of last day of bankruptcy testimony”

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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