This is going to be one heck of an interesting case. There are already so many glaring issues (or should I say "targets"?): venue, good faith filing, disclosures, the automatic stay the trustee question, fiduciary duties to pursue claims against insiders, executory employment contracts, the fate of Wayne LaPierre, and the generally overlooked governance provisions of the Bankruptcy Code. I'll take quick aim at these all below.
That is an early paragraph. Link below which is free.
https://www.creditslips.org/creditsl...ankruptcy.html
Been searching around and can't find a report on what happened with the first hearing before the bankruptcy judge in Dallas. Anyone read or hear anything about that?
"Rich," the Old Man said dreamily, "is a little whiskey to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells." Robert Ruark
The tenor of the article does not bode well for the NRA trying to use TX as an escape valve re the NYS issues re bankruptcy.
The author of the article is certainly respected in the field.
https://www.law.georgetown.edu/faculty/adam-j-levitin/
I am not your attorney. I am not giving legal advice. Any and all opinions expressed are personal and my own and are not those of any employer-past, present or future.
Judge rejects NRA bid to end or move New York lawsuit seeking its closure
https://www.reuters.com/article/us-u...-idUSKBN29Q2ID
#RESIST
That is a ruling of the New York state judge who is likely politically motivated to see that progress. That's not the determination by a federal bankruptcy judge. I am no bankruptcy lawyer, but I have handled lawsuits that ended up in bankruptcy court. To my understanding, the bankruptcy court can issue a stay of those New York proceedings, including requiring those issues to be litigated in the bankruptcy court in Texas, should he choose to do so. The bankruptcy court could also hold in contempt any party, and its attorney, for violating a bankruptcy stay. I think this would include New Yawk's attorney general. --Which is why the NRA's lawyers filed that bankruptcy in Texas in the first place.
"Rich," the Old Man said dreamily, "is a little whiskey to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells." Robert Ruark
Disgruntled NRA Donors Push to Oust LaPierre
"The NRA filed for bankruptcy in January in a bid to relocate from New York—which is trying to dissolve the group—to Texas. Officials say that the NRA is financially solvent and the court filings are meant to ease the move. The bankruptcy, however, is not without risks. The court could appoint a trustee with the power to displace the current board and leadership of the NRA, including longtime CEO Wayne LaPierre. The court-appointed official would enjoy broad power during bankruptcy proceedings. He would be required to act in the best interests of the group's creditors and could pursue claims that NRA leaders misused millions of dollars of the group's money on their own personal expenses."
https://freebeacon.com/guns/disgrunt...oust-lapierre/
If WLP doesn't get gone one way or another, and soon, the organization is doomed. I had considered upping to benefactor a while back, but years of dissapointment held me back. Im giving to SAF and GOA now