Mid 3,073 Posted January 15 Share Posted January 15 National Rifle Association says it has filed bankruptcy petitions in U.S. court Quote 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. https://financialpost.com/pmn/business-pmn/national-rifle-association-says-it-has-filed-bankruptcy-petitions-in-u-s-court Quote Link to post Share on other sites
Mike G 1,364 Posted January 15 Share Posted January 15 Beat me by a minute. I sure hope they can keep fighting for *checks notes* gun manufacturers. 2 Quote Link to post Share on other sites
Zonker 2,850 Posted January 15 Share Posted January 15 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. 1 Quote Link to post Share on other sites
mikewof 1,002 Posted January 15 Share Posted January 15 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. Quote Link to post Share on other sites
Bus Driver 4,405 Posted January 15 Share Posted January 15 Some of the responses are interesting - Quote Link to post Share on other sites
TheDragon 574 Posted January 15 Share Posted January 15 Might have some legal problems to avoid 1 Quote Link to post Share on other sites
Shortforbob 2,237 Posted January 15 Share Posted January 15 Or some Overseas donors to hide. 1 Quote Link to post Share on other sites
Navig8tor 1,251 Posted January 15 Share Posted January 15 Funny Donnie loses, issues a call to arms and the NRA goes bankrupt, it’s so unfair, too early for thoughts and prayers? 1 Quote Link to post Share on other sites
Mike G 1,364 Posted January 15 Share Posted January 15 With the schools closed their fundraising has been off. Fucked up thing to say, but it's true. 3 Quote Link to post Share on other sites
bpm57 47 Posted January 16 Share Posted January 16 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. Quote Link to post Share on other sites
Sol Rosenberg 6,533 Posted January 16 Share Posted January 16 Twitters and Parlers. Quote Link to post Share on other sites
Navig8tor 1,251 Posted January 16 Share Posted January 16 Let’s talk about Russian money direct to Donnie’s campaign via the NRA, or not. Quote Link to post Share on other sites
El Borracho 1,859 Posted January 16 Share Posted January 16 Nobody could have guessed that organizing your business, or presidency, around duping a bunch of clueless fuckwits could end in disaster and disgrace? Quote Link to post Share on other sites
Mike G 1,364 Posted January 16 Share Posted January 16 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. Quote Link to post Share on other sites
kent_island_sailor 3,688 Posted January 16 Share Posted January 16 THOUGHTS AND PRAYERS Quote Link to post Share on other sites
b green 30 Posted January 16 Share Posted January 16 They are following Trump's business plan.... Quote Link to post Share on other sites
woodtick 14 Posted January 16 Share Posted January 16 Cold dead hands. Quote Link to post Share on other sites
Steve 80 Posted January 16 Share Posted January 16 They have been morally bankrupt for years. 1 Quote Link to post Share on other sites
Mrleft8 2,416 Posted January 16 Share Posted January 16 I was gonna say.... "Morally, or financially?".... But I got beat like a dead horse. 1 Quote Link to post Share on other sites
Ishmael 6,413 Posted January 16 Share Posted January 16 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? Quote Link to post Share on other sites
Fleetwood 174 Posted January 16 Share Posted January 16 "nobody ever went broke underestimating the intelligence of the American people" Maybe it's not true? 1 Quote Link to post Share on other sites
Sol Rosenberg 6,533 Posted January 16 Share Posted January 16 Womp womp. Quote Link to post Share on other sites
Remodel 511 Posted January 16 Share Posted January 16 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? 3 Quote Link to post Share on other sites
phillysailor 2,512 Posted January 16 Share Posted January 16 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. Quote Link to post Share on other sites
Innocent Bystander 958 Posted January 16 Share Posted January 16 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. 1 Quote Link to post Share on other sites
Nice! 746 Posted January 18 Share Posted January 18 Any creditors can pry their money back from the NRA's cold, dead, bank account. Quote Link to post Share on other sites
mikewof 1,002 Posted January 18 Share Posted January 18 On 1/15/2021 at 3:12 PM, Shortforbob said: Or some Overseas donors to hide. You apparently don't understand how a 501(c)3 or 501(c)4 works ... Quote Link to post Share on other sites
mikewof 1,002 Posted January 18 Share Posted January 18 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. Quote Link to post Share on other sites
longy 537 Posted January 18 Share Posted January 18 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 Quote Link to post Share on other sites
Olsonist 1,982 Posted January 18 Share Posted January 18 6 minutes ago, longy said: They are not a 501 (yet) They would re-form as a 501 in Tx Sorry, but the NRA is 501c4 and the NRA Foundation is 501c3. https://projects.propublica.org/nonprofits/organizations/530116130 https://www.nrafoundation.org/grants/501-c-3-purpose-eligibility-requirements/ Quote Link to post Share on other sites
mikewof 1,002 Posted January 18 Share Posted January 18 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. Quote Link to post Share on other sites
Shortforbob 2,237 Posted January 18 Share Posted January 18 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. Quote Link to post Share on other sites
mikewof 1,002 Posted January 19 Share Posted January 19 4 hours ago, Shortforbob said: Apparently not, how very remiss of me, perhaps you'd like to explain. In a different thread. Thus the nonsense you write should remain unaddressed? No problem. Quote Link to post Share on other sites
roundthebuoys 691 Posted January 19 Share Posted January 19 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. 2 Quote Link to post Share on other sites
MR.CLEAN 3,853 Posted January 19 Share Posted January 19 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. Quote Link to post Share on other sites
longy 537 Posted January 19 Share Posted January 19 6 hours ago, longy said: They are not a 501 (yet) They would re-form as a 501 in Tx OOps My bad. Don't know where I got that concept. Quote Link to post Share on other sites
Chris in Santa Cruz, CA 509 Posted January 19 Share Posted January 19 its cool when the morally bankrupt become fiscally bankrupt, got a nice karmic ring to it 1 Quote Link to post Share on other sites
mikewof 1,002 Posted January 19 Share Posted January 19 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. Quote Link to post Share on other sites
mikewof 1,002 Posted January 19 Share Posted January 19 2 hours ago, roundthebuoys said: Wow, either use purple font or admit that went 17 miles over your head. Have you been paying attention? This isn't a purple font kind of thing, it's real ... https://www.dailykos.com/stories/2019/11/4/1897100/-The-NRA-uses-high-school-gyms-to-raffle-off-guns-in-fundraisers https://www.washingtonpost.com/investigations/the-nra-foundation-is-raising-money-by-auctioning-off-guns-in-schools--to-the-dismay-of-some-parents/2019/11/04/1edfa13a-d704-11e9-ab26-e6dbebac45d3_story.html https://www.nrafamily.org/articles/2019/8/19/3-sweet-gun-gear-giveaways-to-enter-now Quote Link to post Share on other sites
VhmSays 327 Posted January 19 Share Posted January 19 7 hours ago, mikewof said: Have you been paying attention? This isn't a purple font kind of thing, it's real ... https://www.dailykos.com/stories/2019/11/4/1897100/-The-NRA-uses-high-school-gyms-to-raffle-off-guns-in-fundraisers https://www.washingtonpost.com/investigations/the-nra-foundation-is-raising-money-by-auctioning-off-guns-in-schools--to-the-dismay-of-some-parents/2019/11/04/1edfa13a-d704-11e9-ab26-e6dbebac45d3_story.html https://www.nrafamily.org/articles/2019/8/19/3-sweet-gun-gear-giveaways-to-enter-now Yup, way over your head. Quote Link to post Share on other sites
Grog 540 Posted January 19 Share Posted January 19 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? 2 Quote Link to post Share on other sites
Frogman56 89 Posted January 19 Share Posted January 19 Noice Grog.....keep at it Quote Link to post Share on other sites
Bus Driver 4,405 Posted January 19 Share Posted January 19 3 hours ago, VhmSays said: Yup, way over your head. Doesn't matter what point Mike G was making. The other Mikey's point is far more important. Just ask him. 1 Quote Link to post Share on other sites
mikewof 1,002 Posted January 19 Share Posted January 19 5 hours ago, VhmSays said: Yup, way over your head. Golly, you mean people have used guns to shoot people in schools? Do tell. Quote Link to post Share on other sites
mikewof 1,002 Posted January 19 Share Posted January 19 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. Quote Link to post Share on other sites
VhmSays 327 Posted January 19 Share Posted January 19 7 minutes ago, mikewof said: Golly, you mean people have used guns to shoot people in schools? Do tell. Nope that wasn't it. Quote Link to post Share on other sites
mikewof 1,002 Posted January 19 Share Posted January 19 5 minutes ago, VhmSays said: Nope that wasn't it. Then perhaps you should speak for Mike. Quote Link to post Share on other sites
VhmSays 327 Posted January 19 Share Posted January 19 Just now, mikewof said: Then perhaps you should speak for Mike. Why? Quote Link to post Share on other sites
mikewof 1,002 Posted January 19 Share Posted January 19 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. Quote Link to post Share on other sites
MR.CLEAN 3,853 Posted January 19 Share Posted January 19 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”. Quote Link to post Share on other sites
mikewof 1,002 Posted January 19 Share Posted January 19 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. Quote Link to post Share on other sites
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