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Old 08-01-2020, 06:46 AM   #1
James Perrone
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Default 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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Last edited by James Perrone; 08-01-2020 at 06:49 AM.
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Old 08-01-2020, 07:19 AM   #2
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Default 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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Old 08-01-2020, 08:16 AM   #3
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Default Re: NHRA roles for bankruptcy

Quote:
Originally Posted by Pistol Pete View Post
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.
Thanks Pete. Fake News. As usual
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Old 08-01-2020, 08:30 AM   #4
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Default Re: NHRA roles for bankruptcy

Out of Curiosity, how does a nonprofit file for bankruptcy? Wouldn't they just close.
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Old 08-01-2020, 09:30 AM   #5
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Default Re: NHRA roles for bankruptcy

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Out of Curiosity, how does a nonprofit file for bankruptcy? Wouldn't they just close.
They would have to liquidate all of their holdings and pay outstanding debts. The rest of the monies would be distributed among the shareholders (members).
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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Old 08-01-2020, 09:47 AM   #6
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Default 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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Old 08-01-2020, 10:01 AM   #7
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Default Re: NHRA roles for bankruptcy

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Can a wheelstanding SE car still wheelie on a low/no prep crowned asphalt road? Will 2021 be the new 1950's-60's?
Don't tease! I'm ready!
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Old 08-01-2020, 10:08 AM   #8
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Default Re: NHRA roles for bankruptcy

Quote:
Originally Posted by Billy Nees View Post
They would have to liquidate all of their holdings and pay outstanding debts. The rest of the monies would be distributed among the shareholders (members).
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?

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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Old 08-01-2020, 01:19 PM   #9
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Default Re: NHRA roles for bankruptcy

Quote:
Originally Posted by Billy Nees View Post
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?
Does NHRA actually pay any property taxes?
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Old 08-01-2020, 02:01 PM   #10
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Default Re: NHRA roles for bankruptcy

Perhaps Julie can answer but the property they own in Pomona (i.e. Museum) would be more valuable than others such as Atlanta, Indy and Gainesville but who knows what their debt is. Possibly just all the equipment they own (or lease)? And don’t they still have revenue in the form of membership dues and sanctioning fees from all the tracks? Think their largest liabilities would be BOD salaries and buyouts. Don’t think they will declare Chapter 11 or any other kind of bankruptcy but if they did tracks could still gain sanction via IHRA or ??. If they did the greatest loss would be for all of their great employees. The associations would thrive unless their respective members acted contrary to the best interest of the group. There’s a whole lot of class (and comp) cars that are not going away anytime soon. COVID will not kill Drag Racing, we’re the only ones who can do that.
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