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Old 08-02-2020, 02:24 AM   #1
GTX JOHN
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Default Re: NHRA roles for bankruptcy

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Originally Posted by jmcarter View Post
Thanks Julie! Hope the races can swing west again this year and Jared can make it back out. Meanwhile you know your old car is in very good hands. Would love to run Vegas this year myself. Bet the Irvings have a race car or three I could run LOL.
We would love to have you come out our friend and race with
use absolutely any time you like!

There is a rumor that there will be THREE Divisionals at LVMS
AND some other surprises (Stay Tuned!).

Be Well Jim.
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Old 08-04-2020, 05:41 PM   #2
KRatcliff
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Default Re: NHRA roles for bankruptcy

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Originally Posted by Julie Jordan View Post
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.
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Old 08-04-2020, 06:48 PM   #3
Julie Jordan
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Default Re: NHRA roles for bankruptcy

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Originally Posted by KRatcliff View Post
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.
Kyle, you could have assets that are worth more than your liabilities but still can file bankruptcy, especially if the assets are hard to sell, would take a lot of time, etc. For example, you could have a building but little cash to operate with, have creditors and employees breathing down your back. In conditions like we are experiencing now, cash is necessary to get businesses through this pandemic downturn and closures. Bankruptcy basically provides debtors with significant power to rearrange their business affairs while giving creditors a clear plan as to how they will get paid. If there are lawsuit issues oftentimes the defendant will file bankruptcy, get that debt in the entire scheme of the finances.
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Old 08-03-2020, 01:21 PM   #4
CMcAllister
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Default Re: NHRA roles for bankruptcy

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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.
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Old 08-03-2020, 05:14 PM   #5
Billy Nees
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Default Re: NHRA roles for bankruptcy

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Now THAT'S some crazy talk.
Ya know, I've always said, "I'm crazy, not stupid".
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Old 08-03-2020, 05:21 PM   #6
Frank Castros
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Question Re: NHRA roles for bankruptcy

If the NHRA were to file for bankruptcy would you guys think that was a good or bad thing.
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Old 08-04-2020, 05:08 PM   #7
Rusty Davenport
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Default Re: NHRA roles for bankruptcy

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.
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Old 08-04-2020, 05:38 PM   #8
Mike Jones
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Default Re: NHRA roles for bankruptcy

In the early 1980`s, I first heard of a bankruptcy "strategy". The story went like this: max out your lines of credit, whatever anybody would give you, take it. There never was any intention of paying the bills.They payed back pennies on the dollar, if at all. Terrible deal for honest vendors. Not saying NHRA would do anything like that, but many people did.
MJ
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