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08-01-2020, 07:46 AM | #1 |
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NHRA roles for bankruptcy
Just got a text. From a fellow racer
NHRA. Files for bankruptcy Is it true. Can’t share text
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james perrone 1290 STK Last edited by James Perrone; 08-01-2020 at 07:49 AM. |
08-01-2020, 08:19 AM | #2 |
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Re: NHRA roles for bankruptcy
If they found that article off of FB than that article stated:
If NHRA was to file for bankruptcy, such n such would happen. IF being the main word.
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"Pistol" Pete Dutko |
08-01-2020, 09:16 AM | #3 |
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Re: NHRA roles for bankruptcy
Thanks Pete. Fake News. As usual
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james perrone 1290 STK |
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08-01-2020, 09:30 AM | #4 |
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Re: NHRA roles for bankruptcy
Out of Curiosity, how does a nonprofit file for bankruptcy? Wouldn't they just close.
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08-01-2020, 10:30 AM | #5 | |
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Re: NHRA roles for bankruptcy
Quote:
The only outstanding debts that I could think of would be the B.O.D.s salaries, property taxes and insurance. If the NHRA isn't racing then why hasn't the B.O.D. taken voluntary lay-offs along with pay reductions?
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Billy Nees 1188 STK, SS Make tech "TECH" again! |
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08-01-2020, 10:47 AM | #6 |
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Re: NHRA roles for bankruptcy
Putting out a fuzzy statement can be a precursor of things to come. And NHRA was/is still interested in buying Maple Grove. Without a sanctioning body, Stock Eliminator has a new mystique when all the cars line up on a back road and race. Can a wheelstanding SE car still wheelie on a low/no prep crowned asphalt road? Will 2021 be the new 1950's-60's?
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08-01-2020, 11:08 AM | #7 | |
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Re: NHRA roles for bankruptcy
Quote:
Excess funds would not go to members. Per by-laws and state law the funds would have to go to another tax-exempt organization. Bankruptcy isn’t always liquidation/closure. There are reorganizational bankruptcies, which allow an organization to restructure debt under bankruptcy protection.
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Julie Jordan 7549 STK |
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08-01-2020, 02:19 PM | #8 |
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Re: NHRA roles for bankruptcy
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08-03-2020, 01:21 PM | #9 |
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Re: NHRA roles for bankruptcy
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