And just to add to the fun...
Wait. How does the FBI have a list of who the NRA members are? - The Gun Feed
How'd the FBI get a list of NRA members?
https://www.creditslips.org/creditslips/2021/01/nra-bankruptcy.html
"Automatic Stay? Another issue is whether the bankruptcy filing will in any way stop the NY AG's action to dissolve the NRA. At the very least, the automatic stay should not. There is an exception in section 362(b)(4) from the stay for regulatory actions that are not seeking money from the debtor, and the NYAG suit seems squarely in that exception. It's possible that the NRA will seek a supplementary injunction from the bankruptcy court, however.
Trustee or Conversion. While I would expect a venue motion or a motion to dismiss the case, I would also expect a motion for appointment of a trustee or conversion to chapter 7 (which would trigger a trustee). The NRA seems like a classic case for this-there are credible allegations of serious financial impropriety involving the current management (namely executive VP Wayne LaPierre). That both fits into the "fraud, dishonesty, incompetence, or gross mismanagement" route for a trustee's appointment, or into the "best interests of the creditors" route. Two key things if a trustee is appointed. First, the trustee will hold the NRA's attorney-client privilege, not Mr. LaPierre. Mr. LaPierre will not be able to claim privilege for any conversations he had with the NRA's attorneys. Second, a trustee has every incentive to pursue all of the NRA bankruptcy estate's claims, including against Mr. LaPierre. That brings us to the next topic, the debtor in possession's fiduciary duties.
Fiduciary duties. The NRA as debtor in possession is a fiduciary for all of its creditors. That means, among other things, that if the NRA has potential claims against Mr. LaPierre or others, including fraudulent transfer claims, it must pursue them. Mr. LaPierre as EVP cannot decide whether to litigate against himself. If he's too conflicted, that will mean that the court will either have to appoint a trustee or let a creditors' committee pursue the claims."
