From BizPac: Gun grabbers aiming at one of the most fundamental American freedoms are hitting one of the most American of stores.
And if a judge rules in favor of New York City-based Trinity Wall Street Church, consumers may no longer be able to purchase firearms and ammunition at Wal-Mart.
The decision could have far-reaching implications, changing the way publicly traded companies do business in the country, according to Fox Business Network reporter Adam Shapiro.
“The church sued Wal-Mart when they refused to place a proposal on the shareholder ballot at the annual company meeting,” Shapiro said Thursday in an appearance on “Fox and Friends.” “That proposal could be interpreted to force Wal-Mart’s board of directors to suspend the sale of guns and ammunition.”
One of Manhattan’s largest landowners, Trinity estimates the value of its assets at over $2 billion, which includes a relatively small investment of $300,000 in Wal-Mart stock, according to Forbes.
Trinity wants to require Wal-Mart’s board to approve the sale of “products that especially endanger public safety and well-being, risk impairing the company’s reputation, or offend the family and community values integral to the company’s brand,” according to a document filed with the SEC.
High-capacity assault rifles are one of the products Trinity has in mind.
Walmart counters that the original ruling could force public companies to have a shareholder vote to make decisions on ordinary business matters, such as what products a retailer sells — a decision normally made at the operational level.
The church won an earlier decision on the case and Wal-Mart appealed – Shapiro said the court could rule on that appeal as early as today.
—Courtesy of BizPac Review