There don’t seem to good odds of a director explaining to the court how re-electing corrupt officers (after their corruption has been public knowledge for years), not even asking them if the charges were true, not investigating, purging directors who did ask, etc., was action in “good faith,” reasonably believed to be in NRA’s best interests, that fairly entitles them to reimbursement by the corporation to which they owed a fiduciary duty. “Why didn’t you even question LaPierre?” “why did you shout down Journey?” can’t be answered with “if I did, the Nominating Committee wouldn’t re-nominate me” or “Marion Hammer would get nasty to me.” But without those answers, that $5 million fund cannot be used to indemnify anyone. [More]
This could turn into a real can of legal worms.
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