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N.R.A. Leadership and Bankruptcy Assailed by U.S. Trustee In a rare move, the trustee, part of the Justice Department, called for the dismissal of the N.R.A.’s bankruptcy filing or the appointment of an outside monitor. The National Rifle Association, facing legal challenges in New York, declared bankruptcy in January and is seeking to reincorporate in Texas.Credit...Jim Lo Scalzo/EPA, via Shutterstock May 3, 2021 The National Rifle Association’s hopes of end-running a legal challenge in New York were dealt a serious blow on Monday when a Justice Department official rebuked its leadership...

On the same day it filed for Chapter 11 bankruptcy protection, the National Rifle Association bragged that it was on solid financial footing. “In fact, this move comes at a time when the NRA is in its strongest financial condition in years,” the powerful gun lobbying group said in an online Q&A after it filed its court petition on Jan. 15. So if everything's fine from a financial standpoint, why is the organization in bankruptcy? Experts and watchdogs are pointing to ulterior motives that extend beyond the purposes of the U.S. bankruptcy code, which is designed for debtors that have f...

Donald Trump May Struggle to Pay Back His Empire's Spiraling Debt On 1/27/21 at 4:46 AM EST Experts say that former U.S. President Donald Trump may find it difficult to pay back the mountain of debt his empire owes over the next four years, with revenues of some of his key businesses plunging amid the coronavirus pandemic and his reputation bruised by two impeachments. Financial statements released on January 20, the day Trump left office, show that he owes hundreds of millions of dollars of debt, and most of it needs to be paid back by 2025. Experts have told Newsweek that the pandemic has ...

President Trump faces an increasingly challenging financial future after he leaves the White House on Wednesday.

But Orr doesn’t have that long. “Time is slipping away,” he told the Free Press on Friday. “I only have 15 months.” Although Chapter 9 is different from Chapter 11, the rare nature of Chapter 9 introduces uncertainty about how the basic procedural elements of the case will unfold. There are early indications that Orr will follow a path similar to the one his now adviser, Jones Day, charted with Chrysler. In 2009, General Motors and Chrysler slipped through bankruptcy in a matter of weeks by using novel legal arguments and identifying loopholes to reduce or eliminate some of the lab...