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tgriffith · 06-05-2007, 10:13 AM

As stated before in another topic,,,,,What bothers me ( and I hope the SEC) is that the sale of property of a non profit org to public held company for what I think is too reasonable............I know very little about commercial real estate and tax law...,,,BUT,,,,I would think this sale should be ethically questioned by someone ,,,,somewhere.....

I would think that in the sale of assets of a "non profit org' that an independent appraisal be done of the property and business consideration and then a price set,,,Nhra is going to be left spineless other than the cash it generates from the sale,,,(from what I read)...You mark this down,,,,,,sometime in the, not so distant future,,,Nhra will decide they cant function any longer and will sale the remaining license aggreement,,,,sportsman ,,etc............to this new company for pennies on the dollar , just to clear up debts ,,,,,thus the final transaction from Non profit to profit company completed,,without a dime paid to the IRS

,,,a companys REAL WORTH is what they own,,,,not business they do ,,,but real property,,,such as real estate and cash in banks

without real estate, in time of financial hardships, NHra will not be able to borrow any money down the road if needed......thus,,Nhra is actually a paper company,,,or a junk bond,,IMO

from what I have seen ,,the ones making the decision to sale is also the ones going to be running the new company....and I would bet a dollar to a doughnut,,,with some excellent new perks,,,,(stock,,,paychecks,,whatever)....

Boys,,it flat out reecks of foul stinch,,,,,,,,,,,come on,,,,,,I start a non profit company,,,build it to be worth millions,,,,,and then sell it to some buddies, for a fraction of probably what its worth, and then become president of this new "profit company",,,cashing in on items I was prohibited from touching while it was a "non profit"............

Personally , I could care less about Nhra`s business .....what what I do care about is this tax shelter and the personal gain of certain individuals that so many racers have taken decades to build.........

LNORTON,,,you said you were an accounting major,,,,,is this transaction legal???? ethical????,,,,,can membership stop this sale???? If no one owns a "non profit",,who has the "say so",,,I mean, with new laws that are in effect that does make it illegal for officers to be "stupid" with other peoples money (remember nhra doesnt belong to them),,,,,if this sale evidentually causes the callapse of the Nhra as we know it,,,,do they go to jail??? some serious questions......

06-05-2007, 10:13 AM	#4
tgriffith Member Join Date: May 2002 Posts: 187 Likes: 0 Liked 0 Times in 0 Posts	As stated before in another topic,,,,,What bothers me ( and I hope the SEC) is that the sale of property of a non profit org to public held company for what I think is too reasonable............I know very little about commercial real estate and tax law...,,,BUT,,,,I would think this sale should be ethically questioned by someone ,,,,somewhere..... I would think that in the sale of assets of a "non profit org' that an independent appraisal be done of the property and business consideration and then a price set,,,Nhra is going to be left spineless other than the cash it generates from the sale,,,(from what I read)...You mark this down,,,,,,sometime in the, not so distant future,,,Nhra will decide they cant function any longer and will sale the remaining license aggreement,,,,sportsman ,,etc............to this new company for pennies on the dollar , just to clear up debts ,,,,,thus the final transaction from Non profit to profit company completed,,without a dime paid to the IRS ,,,a companys REAL WORTH is what they own,,,,not business they do ,,,but real property,,,such as real estate and cash in banks without real estate, in time of financial hardships, NHra will not be able to borrow any money down the road if needed......thus,,Nhra is actually a paper company,,,or a junk bond,,IMO from what I have seen ,,the ones making the decision to sale is also the ones going to be running the new company....and I would bet a dollar to a doughnut,,,with some excellent new perks,,,,(stock,,,paychecks,,whatever).... Boys,,it flat out reecks of foul stinch,,,,,,,,,,,come on,,,,,,I start a non profit company,,,build it to be worth millions,,,,,and then sell it to some buddies, for a fraction of probably what its worth, and then become president of this new "profit company",,,cashing in on items I was prohibited from touching while it was a "non profit"............ Personally , I could care less about Nhra`s business .....what what I do care about is this tax shelter and the personal gain of certain individuals that so many racers have taken decades to build......... LNORTON,,,you said you were an accounting major,,,,,is this transaction legal???? ethical????,,,,,can membership stop this sale???? If no one owns a "non profit",,who has the "say so",,,I mean, with new laws that are in effect that does make it illegal for officers to be "stupid" with other peoples money (remember nhra doesnt belong to them),,,,,if this sale evidentually causes the callapse of the Nhra as we know it,,,,do they go to jail??? some serious questions......