More NRA shenanigans.

[Mike38]

Check out this video. I know some here do not care for this "Guns & Gadgets" You Tube channel, but I have grown to like the guy.

https://youtu.be/NYKMy3uoSmE

Some of the highlights:

The NRA has a statue of Charlton Heston, cost, $80,000.00
The NRA has a hand painting of Charlton Heston, cost, $15,000.00
The NRA has a pre paid private jet on stand by, $20,000.00
The NRA listed in the bankruptcy papers stating their assets are greater than the liabilities. (How can you file bankruptcy like that?)
The lawyer for the NRA bankruptcy case charged the NRA $12,000,000.00 (twelve million dollars) for 90 days worth of work.

If this is all true, shenanigans might be an understatement.
If not true, please point it out.

[Double Naught Spy]

But Charleton Heston was the Chuck Norris of the NRA!

Come on Mike. You don't make that kind of money like the NRA does and then file for bankruptcy due to proper financial management.

Remember, if you are not part of the NRA, you are part of the problem.

[Aguila Blanca]

The usual definition of bankruptcy is when your liabilities exceed your assets. If Mr. Guns & Gadgets' figures are correct, the NRA has assets valued at roughly twice the amount of the liabilities. And, right after they filed, Wayne LaPierre sent out an e-mail blast to the membership saying that the organization's finances have never been stronger.

In other words -- the bankruptcy is nothing but a legal ploy to try to escape from the lawsuit in New York. And the NRA filed in a federal court in Texas (where they aren't chartered and where they don't maintain an office) on the [spurious, IMHO] grounds that they have some sort of minor affiliate organization in Texas -- an affiliate organization that they only created a few months ago.

I haven't yet seen anything to confirm that the court in Texas has even agreed to accept the case. If they haven't, they might rule that the NRA doesn't have any standing to file for bankruptcy in Texas.

[littlebikerider]

If their financial situation is that strong, why don't we see more action on their core mission of creating more shooting programs and opportunities; or on the legislative side of supporting 2A advancement? Speaking as an Illinoisan, they are completely out of the picture here. I wonder how many other states equally appreciate their strong financial situation?

I don't mean to just be a negative nancy, are they doing things on these fronts lately that I have missed?

[Mike38]

littlebikerider wrote:
I don't mean to just be a negative nancy, are they doing things on these fronts lately that I have missed?

I'm also from Illinois, and I don't see anything from the NRA except begging for funds.

The shooting club I belong to dropped NRA affiliation this year. They became affiliated to see about some help logistically and financially with ventilation for the indoor range. All they gave was the run around for 2 years. That, and the latest bankruptcy drama of the NRA, and the club quit them.

The reality of individual members and clubs quitting the NRA must not have hit them in the pocket book yet. Soon their bank account will be drained, and no one on the BOD will be smart enough to understand why.

[4V50 Gary]

I'll give them two-fiddy for the bronze statute of Chuck. Is he dressed as Moses, Ben Hur, the Marine major (55 days in Peking), Planet of the Apes rags or what?

$20k for a standby jet? What a waste.

[zxcvbob]

The NRA called me a day or two ago asking for a rather large donation. I don't remember the amount she suggested but I think it was over $400. (I just let my membership lapse 2 months ago) I listened to the spiel, then told the nice lady that the NRA has just filed for bankruptcy so why should I send them more money to mismanage? I just increased my donation to the SAF because they are actually working to protect my rights, and if the NRA comes out of bankruptcy under new management, I might consider joining again. Then I thanked her for calling. If they call again I might tell them to put me on the do not call list.

[Carl the Floor Walker]

I would not worry about all this. The way things are going with the hatred of the NRA from the Anti crowd, the NRA will be dissolved soon just like all gun rights. Give it just a few more years and the NRA will be just a long forgotten memory. Heck, I doubt they would even be given a fair trial which many obviously feel they do not need anyway.

[Double Naught Spy]

The thing is, the antis did not do this to the NRA. The NRA did this to the NRA.

[Carl the Floor Walker]

I am not a bankruptcy lawyer nor a art expert. But it seems some here have quite a bit of knowledge. Just a couple of questions. Who is the artist that did the Bronze statute? What is it's worth? Does the NRA have the rights to the statute? For instance, I know that folks that donate a Million dollars to the NRA will receive as a gift a Charles Heston statue.
I am guessing a replica. I do know the NRA donated a statute of Heston to the Western museum some years ago where you see other western statutes like the artist Remington etc.
What is the cost of the Oil painting? If it were to go to Sotherby's etc, would would you say would be the value on a sale? What painting? Heston owned painting from a well know artist worth millions. So not sure what painting they are talking about.
What is the cost of a lawyer representing a major large organization like the NRA? What are the details? What does the Jet Cost value to the NRA for what they do and rewards that are derived from it. I am just taking a guess here, but I would think many organization/Corporations have similar cost.
You say the NRA has done this to themselves? So they are guilty without trial? I see a lot of experts making all kinds of claims without any facts.
I for one hope they do get a fair trial and facts for or against are proven. I have seen enough of CNN to understand that facts have a way of getting in the way the same as truth does. Their rhetoric is suppose to be taking at face value, and end of story.
Regardless, when the NRA is dissolved, I would bet, the Anti's will be celebrating their most major battle in their fight against the 2nd amendment in history.

[Mainah]

We live in a time defined by skyrocketing gun and ammo sales, shortages, and pending gun control legislation from a Democrat in the White House and with support of his party that controls Congress.

The NRA should be flush now and busy converting all those new gun owners into members. Wayne isn't up to it.

[buck460XVR]

Originally Posted by Double Naught Spy

Come on Mike. You don't make that kind of money like the NRA does and then file for bankruptcy due to proper financial management.

....with the right lawyers and accountants, many businesses consider bankruptcy a smart financial business plan. Management skims the cream off the top and pays for everything personnel under the table or by loophole. They make sure they get paid first and bills and creditors get paid last if at all. The NRA is just another example of those in charge thinking they are entitled and the whole purpose of the organization is their affluence. Sad part is, with the history of the NRA, many folks are still strong supporters of it, regardless of how crooked it is being run now.

[Double Naught Spy]

....with the right lawyers and accountants, many businesses consider bankruptcy a smart financial business plan. Management skims the cream off the top and pays for everything personnel under the table or by loophole. They make sure they get paid first and bills and creditors get paid last if at all. The NRA is just another example of those in charge thinking they are entitled and the whole purpose of the organization is their affluence. Sad part is, with the history of the NRA, many folks are still strong supporters of it, regardless of how crooked it is being run now.

Yep, and the members (in this case) or stockholders for whom the company was working are the ones who end up with the short end of the stick. No doubt that is where the $12,000,000 in lawyer fees over 90 days came in. It was all of the mismanaged funds before that which got them to this point, however.

[Joe_Pike]

Wayne should quit and run for a seat in Congress...way more money to be made there.

[Aguila Blanca]

Originally Posted by Carl the Floor Walker

I am not a bankruptcy lawyer nor a art expert. But it seems some here have quite a bit of knowledge. Just a couple of questions. Who is the artist that did the Bronze statute? What is it's worth? Does the NRA have the rights to the statute?

Who made the statute doesn't matter, and whether the NRA bought it or received it as a gift doesn't matter. The statue was listed in the list of the NRA's assets. If it's an NRA asset, that means they own it. If they gave a value in a current court filing, the value they listed should be a fairly recent, appraised value -- so that's what it's worth. If they didn't own it, they would not have listed it as an asset.

What is the cost of the Oil painting? If it were to go to Sotherby's etc, would would you say would be the value on a sale? What painting?

They are talking about a painting of Charleton Heston, not a painting from Heston's art collection. Like the statue, the value discussed in the video and article is the value the NRA declared in their court filing of assets. That should be a fairly recent, appraised value -- so that's what it it's value is, and if Sotheby's were to put it up for auction that's what they would list as the "expected" sale price.

Of course, auctions are auctions. Periodically we see stories about some obscure item that was expected to sell for a few hundred or a few thousand dollars at auction and it ended up selling for many times the expected amount -- or not selling at all.

[shurshot]

"The thing is, the antis did not do this to the NRA. The NRA did this to the NRA."

I agree 100% Double Naught Spy! Well said Sir!!!!

[Carl the Floor Walker]

Posted on CNN.

"The NRA, a get rich quick scheme for its executives that pushed positions wildly out of step with gun owners, is collapsing, just as Congress readies to vote on a comprehensive background checks proposal with 90% public support," Chris Murphy, the Democratic senator from Connecticut, said on Twitter Friday. "It's happening."

Chris Murphy is one happy fellow form Connecticut. It seems time to open the Champagne. The NRA is DEAD!

[HWS]

Does any one know what type of bankruptcy the NRA is filing? Is it a Chapter 9 or Chapter 11?

[zxcvbob]

Did the NRA actually purchase those artworks, or were they donated?

[thallub]

"No doubt that is where the $12,000,000 in lawyer fees over 90 days came in."

That amounts to over $130,000 every day, paid by NRA members.

Been a NRA Life Member since 1960. The NRA will receive another donation after the BOD and WLP are gone.

[Carl the Floor Walker]

Originally Posted by thallub

"No doubt that is where the $12,000,000 in lawyer fees over 90 days came in."

That amounts to over $130,000 every day, paid by NRA members.

Been a NRA Life Member since 1960. The NRA will receive another donation after the BOD and WLP are gone.

You point out some numbers and say they are not justifiable (if that amount is indeed correct) Just curious, how much does a Prestigious Law firm charge for High Influential clients? I mean we are not talking about looking through the yellow pages and calling Lowell the Hammer Stanley.
Can you give more information please?
Also, since the NRA represents gun owners in Courts across the US, can you please provide the cost of those or some samples from recent case's and their cost?
I do not know, but think that the cost of a LAW firm with specialty lawyers and a staff of accountants etc. would most likely be more than just say $300.00 per hour.

[Mike38]

You point out some numbers and say they are not justifiable (if that amount is indeed correct) Just curious, how much does a Prestigious Law firm charge for High Influential clients?

$130,000 per day is $16,250 per hour. I don't care how prestigious the law firm is or how influential the client.

[Doc Intrepid]

They filed Chapter 11 for re-structuring.

"The NRA, which said it was not financially broke, filed for protection under Chapter 11 in U.S. Bankruptcy Court in Dallas."

https://www.cnbc.com/2021/01/15/nra-...-in-texas.html

I hold Wayne LaPierre accountable for this entire collapse, as well as the board members that refused to prevent his extravagance or take meaningful action against him.

[rc]

Not sure why lifetime memberships come with mailings asking for more dues?

[Double Naught Spy]

Not sure why lifetime memberships come with mailings asking for more dues?

Your lifetime membership also included signing up for a lifetime of financial solicitation.