NHRA roles for bankruptcy

[KRatcliff]

Originally Posted by Julie Jordan

The museum is a separate tax-exempt organization.

NHRA’s tax returns are public. The returns include a balance sheet which shows no long-term debt, i.e. mortgages. The organization owns real property, pays property taxes like the rest of us.

I know you are not suggesting that they are filing bankruptcy or even considering it, but I have a general question for you in this regards. You have researched that they have no long term debt, mortgages, etc. My question is why would bankruptcy even be on the table at all?

Unless somehow a company, individual, or organization would have liabilities or obligations exceeding assets or capital to cover then nothing should force (no pun intended) them to choose bankruptcy as an option.

[CMcAllister]

Originally Posted by Billy Nees

If the NHRA isn't racing then why hasn't the B.O.D. taken voluntary lay-offs along with pay reductions?

Now THAT'S some crazy talk.

[Billy Nees]

Originally Posted by CMcAllister

Now THAT'S some crazy talk.

Ya know, I've always said, "I'm crazy, not stupid".

[Frank Castros]

If the NHRA were to file for bankruptcy would you guys think that was a good or bad thing.

[Rusty Davenport]

Bankruptcy may seem like a sign of trouble, but it is only to some extent in most cases. Bankruptcy is very often a " financial maneuver" in order to regroup and move forward again. Most people even come back stronger than before with a legal regrouping of their finances. Bankruptcy judges and lawyers can make it very comfortable for their clients in most cases. In fact nowadays it carries no shame like it once did, it's considered a way of business.