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Bloomberg Quicktake: Now published this video item, entitled “Texas Judge Tosses Out NRA’s Bankruptcy Filing Putting Gun Group in Peril” – below is their description.
The National Rifle Association’s bankruptcy filing was rejected by a Texas judge, leaving it vulnerable to a New York attorney general who is seeking to dissolve the powerful gun group.
After a weekslong trial, U.S. Bankruptcy Judge Harlin “Cooter” Hale on Tuesday dismissed the Chapter 11 case and halted a proposal to reincorporate the New York-based association in Texas. New York officials claimed the filing was a bad-faith effort to use the protections of bankruptcy to avoid its lawsuit.
The decision means that New York Attorney General Letitia James should have an easier time seizing the NRA’s assets if she wins her court case. James claims that NRA head Wayne LaPierre and others so badly mismanaged the group that it should be shut down.
The NRA’s case foundered in part because the gun lobby acknowledged that it wasn’t having financial difficulty. The judge wrote that he agreed with the New York attorney general that “the NRA is using this bankruptcy case to address a regulatory enforcement problem, not a financial one.”
James, a Democrat, rejected the NRA’s claim that she targeted the organization for “nefarious” political purposes, including her stance on stricter gun control.
“Despite the personal attacks, this has nothing to do with the Second Amendment,” she said on a call with reporters. “This is about accountability.”
The NRA remains committed to its members and its plan for the future, LaPierre said in a statement, following the ruling. He said the group was disappointed in some aspects of the decision.
“We remain an independent organization that can chart its own course, even as we remain in New York to confront our adversaries,” LaPierre said. “The NRA will keep fighting, as we’ve done for 150 years.”Bloomberg Quicktake: Now YouTube Channel
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