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U.S. Senate Majority Leader Chuck Schumer on Sunday called on the Justice Department to investigate the National Rifle Association for bankruptcy fraud, saying the financially stable gun-rights group abused the system when it sought bankruptcy protection in the wake of a New York lawsuit seeking to put it out of business, the Associated Press reported. A judge rejected the NRA’s bankruptcy case in May, ruling the nonprofit organization had not acted in good faith. NRA leaders made clear that the organization was “in its strongest financial condition in years” and was seeking bankruptcy protection so it could changes its state of incorporation from New York to gun-friendly Texas. Schumer said that the NRA’s continued heavy spending on advertising criticizing proposed gun control measures and the nomination of gun control lobbyist David Chipman to run the Bureau of Alcohol, Tobacco Firearms and Explosives are further evidence that its bankruptcy filing was inspired by legal, not financial, concerns. “They recently told the judicial branch of government that they are bankrupt after the lawsuit by Tish James, and at the same time they’re saying they’re bankrupt, they’re spending millions of dollars on ads to stop universal background checks,” Schumer said, referencing New York Attorney General Letitia James. “That demands an investigation by the Justice Department.” The Justice Department declined comment.

Hilco Global announced on Tuesday that it has entered into a definitive agreement to acquire the New York based firm Getzler Henrich & Associates LLC, according to a press release. Getzler Henrich is a 53-year-old nationally recognized turnaround and restructuring advisory firm that focuses on providing operational and financial solutions to middle-market businesses and their stakeholders. The acquisition of Getzler Henrich further expands the Hilco Global professional services platform. "Getzler Henrich's corporate turnaround and restructuring expertise, and strong financial advisory and performance improvement capabilities will integrate well with Hilco's existing valuation, consulting and corporate finance advisory services, and provide access to new sources of capital, resulting in an unparalleled array of business solutions," according to the press release.

U.S. District Judge Laura Taylor Swain has set a schedule for considering establishing a committee to represent retail holders of Puerto Rico bonds, The Bond Buyer reported. Judge Swain on June 30 approved a motion by a retail bondholder to consider the committee, which would provide legal representation of retail bondholders in the bankruptcy. New York attorney and Puerto Rico bondholder Peter Hein had made earlier motions to establish a retail bondholders committee but Swain had struck them down in April 2019.