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NRA Bankruptcy Fate

NRA Bankruptcy Fate

(Keith Homan / Shutterstock photo)

Closing arguments were recently made in Wayne LaPierre’s case to pursue Chapter 11 bankruptcy reorganization in Texas. I say Wayne’s case because he has the most to lose from the upcoming decision by federal judge Harlan D. Hale. The NRA itself, and its membership, are essentially passengers in the backseat of a vehicle that’s barely hanging on to the road. One that could just as easily crash in the next turn as pull through.

This case was filed from the beginning because of the NRA’s leadership asserting the claim that the state of New York will pass unfair judgement in their civil suit against them. So, they seek to reorganize in another state, Texas, to continue operations. The NRA presented evidence that they are financially solvent in their current state.

The NRA presented the judge with all of its evidence showing the current financial state of the organization as well as submitted a restructuring plan that would be overseen by a Chief Restructuring Officer (CRO) of their choosing. Having gone through the 63-page document, the summation is very straight forward. No changes to the organization except those proposed by the CRO. In essence, the NRA is fine, and while some mistakes were made the past it is still doing its best to represent its members.

On the other side of the courtroom were attorneys representing the state of New York, Ackerman McQueen, and the U.S. Bankruptcy Trustee. Their closing arguments showcased a litany of testimony and facts that very much countered those aforementioned statements. Out of control spending and acting outside of their authority were the main points leveled at the current leadership. Needless to say, all of the information presented would go well beyond the scope of this article.

So that leads us to what are the possible outcomes that can be handed down by the judge. The one in which is obviously most desired by the NRA would be to accept their plan and continue with the current restructuring operation. The next is that the judge will appoint a U.S. Bankruptcy Trustee to oversee the reorganization according to code, or lastly dismiss the case and return all oversight and authority back to the New York civil court overseeing the current lawsuit against the NRA. The latter two courses of action would hinder, or remove, any chance for the NRA to determine its own future. If the oppositions arguments are to be believed, then the NRA has several serious problems that require immediate action.

This story is merely an update as a full analysis and breakdown of specific evidence presented will be soon forthcoming. A decision from the Hon. Harlin D. (Cooter) Hale is expected in a week’s time. While this certain will not be the end of the story it will definitely determine how much of a fight will be waged in courtrooms regarding the oldest civil rights organization in the country and the future of support fighting for the Second Amendment.

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