As its financial resources dwindle, radical advocacy group and organized crime syndicate ACORN may have to file for bankruptcy protection before Christmas, ACORN insiders say.
"They may have to file for bankruptcy if they don't have several big pending grants approved or get emergency loans," a highly placed ACORN source told me over the weekend. This information bolsters Rep. Darrell Issa's (R-Calif.) claim last week that ACORN is in turmoil amidst internal power struggles and on the verge of bankruptcy.
Given that ACORN is a network of hundreds of affiliated nonprofits, it's not exactly clear how a bankruptcy filing would work, but the idea is under serious consideration by ACORN's leadership. It was discussed at length at the group's most recent national board meeting last month.
ACORN and affiliates currently owe all levels of government more than $2.3 million in long overdue back taxes.
For more:
