NRA boss says he didn't tell group leaders before bankruptcy

Wednesday, April 7, 2021 | Jake Bleiberg, Associated Press

Wayne LaPierre
FILE- In this April 26, 2019, file photo NRA executive vice president and CEO Wayne LaPierre attends the National Rifle Association annual convention in Indianapolis. LaPierre, the embattled leader of the National Rifle Association, said Wednesday, April 7, 2021, that he put the powerful gun-rights group into bankruptcy without first informing most of its board members and top officials. (AP Photo/Evan Vucci, File)

DALLAS (AP) — Wayne LaPierre, the embattled leader of the National Rifle Association, said Wednesday that he put the powerful gun-rights group into bankruptcy without first informing most of its board members and top officials.

LaPierre took the witness stand in the NRA's high-stakes bankruptcy trial over whether it should be allowed to incorporate in Texas instead of New York, where a state lawsuit is trying to put the group out of business.

LaPierre testified that he consulted with the NRA board's three-member special litigation committee before filing for Chapter 11 bankruptcy in January. But the notoriously secretive executive acknowledged he did not inform most of the 76-member board and the NRA's other top leaders.

LaPierre did not explain the secretiveness and a lawyer for the state of New York did not ask about it during his initial questions. He did, however, prompt LaPierre to explain the bankruptcy.

“We filed this bankruptcy to look for a fair legal playing field where NRA could prosper and grow in a fair legal environment,” LaPierre said, “as opposed to what we believed had become a toxic, politicized, weaponized government in New York state.”

The testimony came on the third day of the trial, which is being held virtually before a federal court in Dallas.

The NRA's lawyers have framed the bankruptcy as a legitimate effort to move to a more friendly political environment and avoid a legal death blow; New York's attorneys have argued it's an effort by LaPierre and other executives to duck accountability for using the nation’s most politically influential gun-rights group as a piggy bank.

As the hearing on New York's request that the case be thrown out resumed Wednesday morning, Judge Harlin Hale called it "the most important motion I’ve ever heard as a judge.”

The NRA declared bankruptcy five months after New York Attorney General Letitia James sued seeking the group’s dissolution. The Democratic official alleged top NRA executives illegally diverted tens of millions of dollars for lavish personal trips, no-show contracts for associates and other questionable expenditures. The bankruptcy process freezes pending litigation.

Among the allegations is that LaPierre sailed in the Bahamas on the yacht of Hollywood producer David McKenzie, whose company has done business with the NRA. But LaPierre did not pay for the trips nor mention them on financial disclosures as required by NRA policy, according to the suit.

LaPierre acknowledge in a deposition that he used McKenzie's yacht in the summers following a 2012 school shooting in Connecticut and a 2018 massacre in Florida, and on other occasions. He said he didn't think the trips had to be disclosed because his family was on the yacht as a “security retreat.”

The New York state lawyer asked LaPierre if McKenzie, who he said also goes by Stanton, was a friend.

“In my work, if I’m the quarterback, he’s one of the people on the field that can hit, is block and tackling, can help us win this and further the interest of the NRA," LaPierre replied.

New York, the NRA and the organization’s largest creditor — its former advertising agency, Ackerman McQueen — have sparred in court over the legitimacy of the bankruptcy and LaPierre's role. But they appear to largely agree that the group is financially sound.

The NRA's bankruptcy filing listed between $100 million and $500 million in assets and placed its liabilities in the same range. Though headquartered in Virginia, the group was chartered as a nonprofit in New York in 1871 and is incorporated there.

On the witness stand, LaPierre was questioned persistently about his handling of NRA tax documents and other records. At one point, the New York lawyer asked him if he attended a mandatory “compliance session” for NRA leaders on the group’s rules and regulations.

“I may have been out of town. I just know I didn’t attend it. I read the material,” LaPierre said. “Looking back on it I wish I had attended it.”


Associated Press writer Lisa Marie Pane in Boise, Idaho, contributed reporting

Featured Article: Asset Allocation Models, Which is Right For You?

7 Electric Vehicle (EV) Stocks That Are Ready to Rebound

The electric vehicle (EV) sector was nearly as frothy as the “pandemic stocks” in 2020. It wasn’t that the EV sector was dormant during the Trump administration.

But, as the saying goes, elections have consequences. And Wall Street understands they can make money in any administration. And as a bet that Joe Biden would win the presidency, electric vehicle stocks soared.

For starters, the Biden administration has already said it will prioritize climate change like no administration ever has. And one way they are going to do that is to incentivize the production and purchase of electric vehicles.

And to take advantage of this shift towards electric vehicle stocks, many private companies raced to get in on the action. The preferred way for many of these companies to go public was via a Special Purpose Acquisition Company (SPAC). A SPAC is basically a shortcut to the traditional IPO process.

However, what goes up frequently goes down and since late February, EV stocks have been getting battered. But this is creating an opportunity because the electric vehicle is still supposed to see exceptional growth over the next five years.

To help you take advantage of this we’ve created this special presentation that includes seven stocks that appear to be ready to take the next leg up.

View the "7 Electric Vehicle (EV) Stocks That Are Ready to Rebound ".

MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security. Learn more.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.