There are two major things of note in the National Rifle Association’s Chapter 11 bankruptcy petition. First, there is the resolution passed at the January 7, 2021 Board of Director’s meeting in Dallas giving Wayne LaPierre the authority to “reorganize or restructure the affairs of the Association.”
The second item of note contained in the bankruptcy petition is the list of unsecured creditors. At the top of that list is Ackerman McQueen with a disputed claim of $1,273,800.12. Also disputed are claims from Tony Makris’ Under Wild Skies and the Ack Mac subsidiary Mercury Group. The rest of the unsecured creditors are an assortment ranging from Google to UPS. Most seem to be related to fund raising or advertising.
What is most interesting in that list is what is not there. There is no mention of any legal bills due to William Brewer III’s firm Brewer, Attorneys and Counselors. This could mean that he is a secured creditor or that any monies due him have already been paid.
It seems obvious that this move has been in the works for many months. Sea Girt LLC was established in November 2020 according to the filing with the Texas Secretary of State’s office. Moreover, the litigation committee was set up in September and probably had been discussed many months in advance of that.
According to the letter from Wayne LaPierre, this move will not impact members as the NRA is simply leaving a toxic state for one that is welcoming.
NRA supporters will continue to enjoy all their full member benefits – from new members to Life Members to Benefactor Members. We will continue to publish and deliver your magazines. We will continue to train Americans and teach them firearm safety. We will continue to teach hunter safety. But most importantly, we will continue to fight for your freedom and the freedom of all Americans – as we have for all these years. In fact, we are expanding our national platform.
The plan aims to streamline costs and expenses, proceed with pending litigation in a coordinated and structured manner, and realize many financial and strategic advantages.
You know that our opponents will try to seize upon this news and distort the truth. Don’t believe what you read from our enemies. The NRA is not “bankrupt” or “going out of business.” The NRA is not insolvent. We are as financially strong as we have been in years. (emphasis his)
While I think it is good that the NRA ditches New York, I really wish that they had listened to Professor Joe Olson when, as a board member and expert in corporate law, he urged them to do it in 1991. Think of all the monies that would have been saved in litigation expenses that could have been used to promote the Second Amendment.