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.
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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.
“People who support gun rights say the first court ruling allows political activists to push whatever agenda they wish at the corporate level, instead of through state and federal law,” he said.
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Tom@bizpacreview.com
The longest-tenured writer at BizPac Review, Tom grew up in Maryland before moving to Central Florida as a young teen. It is in the Sunshine State that he honed both his passion for politics and his writing skills.
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