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To embed, copy and paste the code into your website or blog: Judge Harlin D. Hale of the United State Bankruptcy Court for the Northern District of Texas dismissed the chapter 11 bankruptcy case filed by the National Rifle Association (the “NRA”) for cause, finding that the case was not filed in good faith. 1 In its 38-page opinion issued in connection with multiple motions to dismiss and a motion to appoint an examiner (and after 12 days of trial testimony from 23 witnesses) the Court found that there was cause to dismiss the case because “the NRA’s bankruptcy petition was not filed in good faith but instead was filed as an effort to gain an unfair litigation advantage” in a dissolution action brought by the State of New York “and as an effort to avoid a regulatory scheme.” ....
Thursday, January 21, 2021 The January 15, 2021 bankruptcy petition filed by the National Rifle Association of America (NRA) in the Northern District of Texas poses important tests of the rules for determining proper venue in a bankruptcy case and the standard for determining whether a bankruptcy petition has been filed in good faith. By filing in Texas, the NRA, a New York entity with its principal place of business in Virginia, is relying on the fact that its subsidiary Sea Girt LLC was formed under Texas’ limited liability company law. Typically, a company may file for bankruptcy in any venue that would be available to any one of its affiliates, and the NRA is relying on its Sea Girt affiliate’s presence in Texas in this case. But the complicating factor for the NRA’s choice of venue is that Sea Girt does not appear to have been formed until November 24, 2020 ....