NRA moving to Texas
- Thread starter ladder13
- Start date
If worse comes too worse I figure I can always start paying yearly dues. I'm planning on staying a member forever. I wish there was someway too make the free loading non member gun owners join and pay their fair share. Larry
It's messy, and I think the NRA should have seen this coming a long time ago. 1871 and 2021 are very different eras in New York politics and I was actually surprised that various recent AGs of New York didn't come after the NRAs charter long ago. Reincorporating in Virginia should have happened when the NRA moved there. Now, of course, they'd be crazy to incorporate there. Texas is a great choice for a lot of reasons but any State between Texas and Florida would likely have been a good choice, too.
NRA statement:
I'd wager that the restructuring will include transfering the membership "assets" to the new Texas entity.
I don't know what the organization might have done that looked sufficiently "bad" that the NY AG thought she could close the NRA down. Lots of companies pay top executives large salaries and lots of companies waste money on many things that are not an Attorney General's business. But a bankruptcy restructuring will almost certainly alleviate the pressure from that AG and Texas will welcome the NRA with open arms.
Maybe not the City of Austin but that place is decidedly weird, anyway. I hope they open an office right here; I'll volunteer to assist in any way that I can. That would give me great joy, actually!
NRA statement:
I'd wager that the restructuring will include transfering the membership "assets" to the new Texas entity.
I don't know what the organization might have done that looked sufficiently "bad" that the NY AG thought she could close the NRA down. Lots of companies pay top executives large salaries and lots of companies waste money on many things that are not an Attorney General's business. But a bankruptcy restructuring will almost certainly alleviate the pressure from that AG and Texas will welcome the NRA with open arms.
Maybe not the City of Austin but that place is decidedly weird, anyway. I hope they open an office right here; I'll volunteer to assist in any way that I can. That would give me great joy, actually!
I wouldn't move there in the first place. It's a beautiful state, but I (and most members here) wouldn't feel welcome there.
(And no disrespect intended to Forum members who live there. My state of Maryland isn't much better...)
They can spin it any way they want, but they won't get the result that they were looking for.
The NY AG stated that she wanted to dissolve the NRA and seize their assets because she think LaPierre spends too much on clothes.
She didn't say it in those words, but that's what she wants.
NY AGs have a long history of going after people and companies they don't like and trying to wring money out of them. Many companies pay fines of millions of dollars to settle cases even though they did nothing wrong. An acquaintance paid a million dollar fine rather than go to court to fight a false allegation.
The NY AG stated that she wanted to dissolve the NRA and seize their assets because she think LaPierre spends too much on clothes.
She didn't say it in those words, but that's what she wants.
NY AGs have a long history of going after people and companies they don't like and trying to wring money out of them. Many companies pay fines of millions of dollars to settle cases even though they did nothing wrong. An acquaintance paid a million dollar fine rather than go to court to fight a false allegation.
CAJUNLAWYER
Member
None. That is not what the 11 is about. State of =incorporation is done for a myriad of reasons, tax friendly, business friendly laws etc. If the NRA was a new organization incorporating for the first time, they would pick a friendly state. Think Texas. Back when they incorporated New York was a good state to incorporate-probably better than Virginia otherwise the NRA would have chartered there since it was their principal place of business. Bottom line a Chapter 11 is a way to invoke the protection of the bankruptcy court to allow restructuring in order to maintain the organization and protect creditors (i.e. the creditors as a whole would be in a better position with a restructuring than they would be in a liquidation-they will take a haircut either way). To the extent that end is feasible under the proposed plan, the court WILL approve unless a creditor can make a well founded argument that it is purely a fraud which is pretty tough to do in most well thought pre planed 11's. Bankruptcy favors the fresh start of the debtor and as long as a rational basis underlies the actions of the debtor they will be allowed. This is pretty generalized and exceptions are fact driven but I think y'all get the drift.
Pardon for the brevity and over simplification here, but the forum just doesn't have the bandwidth nor do I have the time to lay it out in detail
Appears from the news articles that this was filed in Dallas which means the Northern District of Texas which means that if he is still on the bench the Judge will be the honorable Harland D "Cooter" Hale who graduated from LSU law school with my little brother. I've met him at CLE's at LSU and he is smart as a whip. Unfortunately the case is not yet up on Pacer so I can't review it.
So there ya go
.
Last edited:
PPS1980
Member
Well-stated. I have been an NRA Life Member, and donor, for decades, and have paid for gift Life Memberships for both of my sons. I have preached the value of the NRA to more gun owners than I can count over the years. I am a member of many organizations; my NRA membership card is one of the few I carry with me at all times.
That doesn't mean I blindy approve of everything the NRA does, or every aspect of NRA operations. I hope the Board takes this opportunity to make some much-needed reforms.
OP
He'll when I left NY I didn't even think of stopping before getting to VA much less live anywhere before it.
None. That is not what the 11 is about. State of =incorporation is done for a myriad of reasons, tax friendly, business friendly laws etc. If the NRA was a new organization incorporating for the first time, they would pick a friendly state. Think Texas. Back when they incorporated New York was a good state to incorporate-probably better than Virginia otherwise the NRA would have chartered there since it was their principal place of business. Bottom line a Chapter 11 is a way to invoke the protection of the bankruptcy court to allow restructuring in order to maintain the organization and protect creditors (i.e. the creditors as a whole would be in a better position with a restructuring than they would be in a liquidation-they will take a haircut either way). To the extent that end is feasible under the proposed plan, the court WILL approve unless a creditor can make a well founded argument that it is purely a fraud which is pretty tough to do in most well thought pre planed 11's. Bankruptcy favors the fresh start of the debtor and as long as a rational basis underlies the actions of the debtor they will be allowed. This is pretty generalized and exceptions are fact driven but I think y'all get the drift.
Pardon for the brevity and over simplification here, but the forum just doesn't have the bandwidth nor do I have the time to lay it out in detail
Appears from the news articles that this was filed in Dallas which means the Northern District of Texas which means that if he is still on the bench the Judge will be the honorable Harland D "Cooter" Hale who graduated from LSU law school with my little brother. I've met him at CLE's at LSU and he is smart as a whip. Unfortunately the case is not yet up on Pacer so I can't review it.
So there ya go
.
My main concern is where does the NRA Foundation stand in all of this. The Foundation a 501c has historically been the back bone of funding many youth shooting sports through grants. The Foundation funneled money to NRA proper in the form of loans that to my knowledge were never paid back. I believe that the total right now is at least $5 million that is owed to the Foundation. My fear is what will become of that obligation with the chapter 11? With the pandemic not allowing the traditional NRA Foundation banquets as fundraisers that would be quite a blow and it stinks because it takes dollars directly away from developing and training the kids.
HorizontalMike
US Veteran
PAY ATTENTION!
IMO, and only mine, any attempt to short-change/eliminate the above, will quickly put the NRA in a pauper's grave. BTW, I have a multi-year membership with the NRA, but continue to put MY OWN rights/future into my own hands. All old horses die, regardless of how well/nice/revered/praised they are. Wake up folks and pay attention! NO politics, just pay attention!
IMO, and only mine, any attempt to short-change/eliminate the above, will quickly put the NRA in a pauper's grave. BTW, I have a multi-year membership with the NRA, but continue to put MY OWN rights/future into my own hands. All old horses die, regardless of how well/nice/revered/praised they are. Wake up folks and pay attention! NO politics, just pay attention!
Here's a potential wrench in the works:
"A major donor to the National Rifle Association is poised to challenge key aspects of the gun group's bankruptcy filing, in an attempt to hold executives accountable for allegedly having defrauded their members of millions of dollars to support their own lavish lifestyles..."
Major NRA donor to challenge gun group's bankruptcy over alleged fraud | NRA | The Guardian
"A major donor to the National Rifle Association is poised to challenge key aspects of the gun group's bankruptcy filing, in an attempt to hold executives accountable for allegedly having defrauded their members of millions of dollars to support their own lavish lifestyles..."
Major NRA donor to challenge gun group's bankruptcy over alleged fraud | NRA | The Guardian
LVSteve
Member
Maintaining the HQ in VA makes sense. Not far to go to grab our congress-critters to give them our unbiased opinions.
CAJUNLAWYER
Member
Based on the information contained in the story, the donor has a TOUGH row to hoe. The NY attorney General has an even tougher one. 2021 from what little I've seen looks to be more of the same.
I sold three guns last year. I ain't selling any more-that's for damn sure
OP
Bankrupt and financially solvent? Can someone explain that?
venomballistics
Member
In regard to my own web presence, I have been culling data and contacts from the major players since 2017.
Some might have accused me of being a charter member of the order of the tinfoil fedora for it, but whadayanoe ... look where we are today.
Thing is, I have to wonder why so many have waited for the 11th hour to take measures. AR15 ( dot.=)com seems to have had a plan B while others have been less fortunate. But the NRA kinda worries me that they'd have cut it so close initiating acts of self preservation.
Some might have accused me of being a charter member of the order of the tinfoil fedora for it, but whadayanoe ... look where we are today.
Thing is, I have to wonder why so many have waited for the 11th hour to take measures. AR15 ( dot.=)com seems to have had a plan B while others have been less fortunate. But the NRA kinda worries me that they'd have cut it so close initiating acts of self preservation.
Last edited by a moderator:
LVSteve
Member
Made possible by the unholy alliance of lawyers and accountants. Watcha gonna do?
venomballistics
Member
Might follow with they big three auto makers flying private jets to DC to ask congress for a bailout.
It does not have to make sense to us .... just to a judge.
Not being able to pay creditors "today" does not mean "broke". You could survive the pandemic but be unemployed and owe $50K in rent, utilities, car payments, etc. You get a job for $100K annual. But ALL of the bills are due NOW. So you're solvent but can't pay your bills so you file for bankruptcy protection.
That's simplistic but the best I can do. Read Cajun Lawyer's comments.
There were two bankruptcies filed. The first has got to be in the Southern District of New York because a NY company is not going to be permitted to file for Chapter 11 protection in the Northern District of Texas. However, the NRA already had some kind of an entity here in Dallas and it, too, filed for Chapter 11 protection, although I think that's just to be hand in hand with the mother company; I don't think the Texas company owned much yet.
