Just a few minutes ago, Judge Harlin Hale issued his decision in the NRA bankruptcy case. In what can only be considered a blow for the NRA, he dismissed the case.
The question the Court is faced with is whether the existential threat facing the NRA is the
type of threat that the Bankruptcy Code is meant to protect against. The Court believes it is not.
For the reasons stated herein, the Court finds there is cause to dismiss this bankruptcy case as not
having been filed in good faith both because it was filed to gain an unfair litigation advantage and
because it was filed to avoid a state regulatory scheme. The Court further finds the appointment
of a trustee or examiner would, at this time, not be in the best interests of creditors and the estate.
I will say I expected him to take the middle ground of either an examiner with enhanced powers or a trustee.
More later after I have had time to read the full decision.