National Rifle Association leader Wayne LaPierre acknowledged in court Wednesday that he did not inform most of the NRA’s board before he pushed the gun organization into bankruptcy protection in January. LaPierre also conceded he should have disclosed his several free trips on a 108-foot luxury yacht owned by David McKenzie, a Hollywood producer closely tied to four vendors the NRA paid $100 million in recent years, according to The Wall Street Journal.

The NRA is facing off in bankruptcy court against New York Attorney General Letitia James and the gun group’s largest creditor, estranged longtime advertising firm Ackerman McQueen. James filed a broad lawsuit against the NRA last summer, seeking its dissolution over alleged self-dealing by LaPierre and other top NRA executives, plus other financial malfeasance. New York and Ackerman McQueen are trying to block the NRA’s Chapter 11 filing.

The New York attorney general and the NRA both basically seem to agree that the NRA is financially solvent, and that it has filed for bankruptcy — pausing the New York lawsuit and other litigation — to avoid scrutiny from New York authorities. Whether the NRA can cloak itself in …read more

Source:: The Week – Business


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