Major NRA donor to challenge gun group's bankruptcy over alleged fraud

[friendly_iconoclast]

https://www.theguardian.com/us-news/2021/jan/16/nra-donor-bankruptcy-dave-dellaquila-wayne-lapierre

Complaint could stop top NRA executives from discharging a substantial portion of the organisation’s debts

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.

Dave Dell’Aquila, a former tech company boss who has donated more than $100,000 to the NRA, told the Guardian on Saturday he was preparing to lodge a complaint in US bankruptcy court in Dallas, Texas. If successful, it could stop top NRA executives discharging a substantial portion of the organisation’s debts.

It could also stop Wayne LaPierre, the NRA’s controversial longtime chief executive, avoiding ongoing lawsuits that allege he defrauded the pro-gun group’s members to pay for luxury travel to the Bahamas and Europe and high-end Zegna suits.

LaPierre has denied the allegations of financial impropriety, insisting in a letter to NRA members that the group is “well-governed, financially solvent and committed to good governance”.

[Thomas Hurt]

1. Naw, let LaPierre stay and finish the NRA off for good....

[keithbvadu2]

2. The NRA used to be for sportsmen, hunters and gun safety.

The NRA used to be for sportsmen, hunters and gun safety.

Now it has become an industry owned shill for the sale of more guns and the enrichment of its leaders.

[keithbvadu2]

3. NRAsolicitations

NRAsolicitations
comment from a blog (DU I think)

I had a coworker who was a big time gun owner who kept a gun in every room in the house just in case someone broke in (lots of problems with that idea, may be worth a blog article someday, but that’s what he did). He even went so far as to start buying more guns for each room after a school shooting, like home invasion and mass shooting are correlated somehow. He had let his NRA membership lapse and refused to renew it because he got tired of nonstop requests for donations. To him all the membership did was give the NRA to badger him for more money with phone calls, and direct mailings. If the
organization is as strapped for cash as it appears, those solicitations may have gone way over the top and people are simply tired of being badgered for money and are choosing to let their membership to lapse.

[ProfessorGAC]

4. Excuse Me?

LaPierre says they were "financially solvent" but are going to bankruptcy court?
Clearly he lied about that, so why would anybody trust him about anything else?

[Tommymac]

5. They have to declare bankruptcy to move to Texas.

Guess they need to do this to establish a new non-profit corporation in another state.

I don't think it is all about the money. But then again I am not an accountant or lawyer so just MHO.

[Progressive Jones]

6. Just another scam. Like people who don't pay taxes for years, then

get relieved of half of what they owe through "tax resolution firms"...

[ProfessorGAC]

7. If There Is Financial Solvency...

...good luck finding a judge allowing reorganization.
I'm not an accountant either, but BKO is covered in depth in business law class of MBA school. And, I did that.
I also was the involved in due diligence efforts when my company was acquiring operating assets of 2 companies required by chapter 11 decisions to shed the nonprofitable division. Given the difference in scale, our company could run that place profitably.
So, I'm not a BK lawyers of CPA, but I do know the fundamentals. And, financially solvent organizations don't get to duck debt just so they can move.