by The attorneys for the National Rifle Association filed this reorganization plan with the US Bankruptcy Court for the Northern District of Texas on Sunday. I assume that it was approved by the NRA Board on Saturday. I say assumed as no word has come out of those meetings on whether it was passed, what the vote was, or anything else.
I have listened to some of the closing arguments in the case today. I missed the NY Attorney General’s closing argument but I have read that they pushed for dismissal. I did parts of the arguments of the attorney for Judge Phillip Journey and other board members as well as that by Lisa Lambert who is the US Trustee. Both argued for the appointment of an examiner with special powers. Ms. Lambert was especially forceful that the examiner have the power and the money needed to do the job. They both argued against the Chief Restructuring Officer.
I have only briefly scanned through the reorganization plan. However, from what I’ve seen it just moves the NRA to Texas, leaves the existing board in place, and says members now will be members in the Reorganized NRA.
If you do have the time to read through this and see something, please add you observations in the comments.
NRA Reorganization Plan by jpr9954 on Scribd
There are several blanks where there should be more information, and the final page has “/s/ draft” instead of the electronic signature of the NRA’s bankruptcy counsel.
Par for the course, I think.
You are correct. More importantly, the appendix with the revised bylaws is missing and is not in the court documents that I have found.
Also, the Disclosure Statement has yet to be filed (despite references in the plan to it).
Someone dropped the ball.
I would be happy to provide the same quality of legal service to the NRA as it receives right now for half the price!
I hope it doesn’t fly… An examiner with power needs to be brought in, otherwise this will be same-o, same-o just in a different state.
Looks like it goes to lengths to protect Golden parachutes and indemnification for officers.