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National Rifle Association - Bankrupt


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National Rifle Association says it has filed bankruptcy petitions in U.S. court

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WASHINGTON — The National Rifle Association on Friday said in a statement that it has filed bankruptcy petitions in U.S. court as part of a restructuring plan.

 

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Shame.

That's the S.African "shame" by the way. It can be used in many ways.

To express sympathy, to pretend to express sympathy, or to express derision. It's a very versatile word.

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Cripes, how shitty does someone have to manage a 501(c)3 nonprofit that has millions of Americans throwing their money at them, to drive it into bankruptcy?

There are pottery studios out there that aren't nonprofit, they have to scrounge for customers, and they manage to stay in business and stay profitable for decades.

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1 hour ago, Shortforbob said:

Or some Overseas donors to hide.

We don't talk about all those foreign donors to Obama, it was simply a website misconfig.

 

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I knew they were in financial trouble when they couldn't afford the words to the first part of the 2A on their wall.

And I hope Wayne has enough fancy things to last him a while.

 

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I was gonna say.... "Morally, or financially?".... But I got beat like a dead horse.

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5 hours ago, El Borracho said:

Nobody could have guessed that organizing your business, or presidency, around duping a bunch of clueless fuckwits could end in disaster and disgrace?

It's worked for hundreds of years, what could possibly go wrong?

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The NRA issued a statement saying that they are are not insolvent and in fact are in their best financial situation ever. If that is the case, shouldn't the judge deny bankruptcy?

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It’s a ploy... they are trying to escape NY AG & reincorporate down in Texas. NY has announced that the “non-profits” assets will remain in NY until the investigation is completed.

The lavish lifestyle of principles in the organization, notably Wayne LePeu, and unsupportable largess recently divulged in tax filings, leave a pretty good road map to investigate and rectify this fraud committed on supporters and the country.

Perhaps Trump can have a consultant gig advising this criminal organizing how to manipulate the courts and bankruptcy law to their advantage. It seems it’s his area of expertise and he’s gonna need a job.

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26 minutes ago, phillysailor said:

It’s a ploy... they are trying to escape NY AG & reincorporate down in Texas. NY has announced that the “non-profits” assets will remain in NY until the investigation is completed.

The lavish lifestyle of principles in the organization, notably Wayne LePeu, and unsupportable largess recently divulged in tax filings, leave a pretty good road map to investigate and rectify this fraud committed on supporters and the country.

Perhaps Trump can have a consultant gig advising this criminal organizing how to manipulate the courts and bankruptcy law to their advantage. It seems it’s his area of expertise and he’s gonna need a job.

I hear Rudy is available. 

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On 1/15/2021 at 4:01 PM, Mike G said:

With the schools closed their fundraising has been off.

Fucked up thing to say, but it's true.

Is this really a major hit to their fundraising? I've seen some of those school gun raffles, it seems they couldn't have been more than a tiny part of their whole fundraising pie.

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6 minutes ago, mikewof said:

You apparently don't understand how a 501(c)3 or 501(c)4 works ...

They are not a 501 (yet) They would re-form as a 501 in Tx

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24 minutes ago, longy said:

They are not a 501 (yet) They would re-form as a 501 in Tx

They are a 501(c)4. Did that change in bankruptcy?

A long time ago, back there were mostly an outdoor sports advocacy group, they were going to headquarter in Colorado Springs, iirc. But the point with their 501(c)4 status, is that they don't get to hide records during the BK process.

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1 hour ago, mikewof said:

You apparently don't understand how a 501(c)3 or 501(c)4 works ...

Apparently not, how very remiss of me, perhaps you'd like to explain. 

In a different thread.:rolleyes:

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4 hours ago, Shortforbob said:

Apparently not, how very remiss of me, perhaps you'd like to explain. 

In a different thread.:rolleyes:

Thus the nonsense you write should remain unaddressed? No problem.

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5 hours ago, mikewof said:

Is this really a major hit to their fundraising? I've seen some of those school gun raffles, it seems they couldn't have been more than a tiny part of their whole fundraising pie.

Wow, either use purple font or admit that went 17 miles over your head.

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5 hours ago, mikewof said:

. But the point with their 501(c)4 status, is that they don't get to hide records during the BK process.

Far as I know all bankruptcies are public. Anyone with a pacer account can see all filings.  

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2 hours ago, MR.CLEAN said:

Far as I know all bankruptcies are public. Anyone with a pacer account can see all filings.  

Yup. And with a 501(c)4, they have a special IRS obligation that even 501(c)3s don't have about any of the people involved in the company receiving special benefits from the revenue.

The idea of the NRA filing BK to "hide overseas donors" wouldn't work too well, as far as I know, from my limited experience with 501(c)4s.

Of course, the NRA's official designation per the IRS is a type of social organization, probably why they had to split off the 501(c)3, that designation can't engage in excessive lobbying. The 501(c)4 can lobby, but that revenue that goes to lobbying is subject to tax.

For all the complaints about the IRS, I think their rules with the 501(c) 3,4,5 and 6s is equitable.

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Corinthians 15:3-7, revisited ...

Note: the following altered excerpt from Bible could hurt your religious feeling. Don't read it if you have any.

 

[3] For I handed on to you as of first importance what I in turn had received: that LaPierre died for our sins in accordance with the scriptures, [4] and that he was buried, and that he was raised on the third day in accordance with the scriptures, [5] and that he appeared to Texas, then to the fourtynine. [6] Then he appeared at a fundraiser to more than five hundred brothers and sisters at one time, most of whom are still alive, though some have died of COVID19. [7] Then he appeared to Donald, then to all the faithful.

 

LaPierre's NRA are trying to strenghten their cult while at the same time evading the law. What a group of honourable people they are.

Then again, should these crooks be allowed to bear guns?

 

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2 hours ago, Bus Driver said:

Doesn't matter what point Mike G was making.

The other Mikey's point is far more important.  Just ask him.

It also seems not to matter than nobody in this thread even noticed when JBSF neatly encapsulated the problem with both the NRA and the Civilian Marksmanship Program, by excluding people of color, because they seem to view them as criminals rather than Americans.

But do jump on Mike's "I'm serious" school shooting joke and see a whole lot of no progress made for lack of actual thought.

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16 minutes ago, VhmSays said:

Why?

No idea, I guess it doesn't matter.

I would like to see the CMP start working with inner city students. When I was in high school we had a JROTC shooting range in the basement. Any student could buy a handful of .22 ammo for $1, plink away at the targets and feel good about some progress on the range.

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13 hours ago, mikewof said:

Yup. And with a 501(c)4, they have a special IRS obligation that even 501(c)3s don't have about any of the people involved in the company receiving special benefits from the revenue.

 

Can you explain this statement? I am not a bk lawyer but I review bk docs frequently and am not aware of the “special IRS obligation”. 

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1 hour ago, MR.CLEAN said:

Can you explain this statement? I am not a bk lawyer but I review bk docs frequently and am not aware of the “special IRS obligation”. 

My understanding is that a 501(c)3 can't get involved with a lot of lobbying, but a 501(c)4 can, as long as they make clear to the stakeholders where they're spending the money, and that nobody is getting wealthy off of it. Also, the revenue that the 501(c)4 spends on lobbying can potentially be taxed.

I know a tiny bit about 501(c)3s, even less about 501(c)4s, and even less than that about 501(c)5s and 501(c)6s, so this may be wrong.

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