A Special Meeting of the NRA Board of Directors has been scheduled for Dallas, TX for March 28th. As the Complementary Spouse pointed out to me, it is exactly 14 days after the previously scheduled meeting and is the length of time that the CDC formerly recommended for quarantine after COVID exposure. While I doubt that was the actual reason for the original cancellation, they are sticking with appearances.
March 18, 2021
OFFICIAL NOTICE: SPECIAL MEETING OF THE BOARD OF DIRECTORS
TO: Board of Directors and Executive Council
The NRA President has requested a special meeting of the Board of Directors to take place on Sunday, March 28, 2021, at 10:00 a.m. in Dallas, Texas. The purpose of the meeting is to provide a legal briefing to the Board regarding the NRA’s plan of reorganization and other pending matters.
The NRA Board of Directors and Executive Council will meet at the Sheraton Dallas Hotel, 400 North Olive Street, Dallas, Texas 75201, (214) 922-8000. The date, time and location of all meetings are on the attached schedule of meetings and meals.
Please notice the change in wording from the first Special Meeting notice:
The sole purpose of the meeting is to provide a briefing to the Board regarding the NRA’s reorganization plan and the legal matters overseen by the Special Litigation Committee, and to take any necessary action directly related to those matters.
Any mention of the Special Litigation Committee is deleted. Moreover, it does not have a mention of “any necessary action.”
Speculation is that an 1129 Reorganization Plan will be presented to the Board. These reorganization plans be presented by the debtor (NRA), the unsecured creditors committee, or a trustee if one is appointed. However, the bankruptcy judge, as I understand it, cannot present a reorganization plan and must only rule on the merits of those presented.
By presenting an 1129 reorganization plan, it is speculated that Brewer, Attorneys and Counselors, will have their fingers all over it and will use it to keep themselves attached to the NRA like barnacles on a rock. A friend pointed out to me today that in the course of proceedings that the bankruptcy judge could not only disallow Brewer to serve as a special counsel but cut off all payments to him given his role in draining the NRA’s finances through legal billings. We can only hope!