The National Rifle Association has filed for bankruptcy as part of their restructuring plan to move out of New York.
“To facilitate its strategic plan and restructuring, the NRA and one of its subsidiaries filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. Chapter 11 proceedings are routinely utilized by businesses, nonprofits and organizations of all kinds to streamline legal and financial affairs,” NRA CEO and executive vice president Wayne LaPierre announced in a press release.
LaPiere said they are “DUMPING New York’ to restructure as a Texas nonprofit to exit what he calls “a corrupt political and regulatory environment in New York.”
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The move to Texas would make the organization stronger. “We are as financially strong as we have been in years,” LaPierre said.
Last year, New York Attorney General Letitia James filed a lawsuit seeking to dissolve the NRA, amid an investigation it redirected $64 million away from its charitable mission for personal gain by top leaders.
“The NRA’s influence has been so powerful that the organization went unchecked for decades while top executives funneled millions into their own pockets,” James said at the time. “The NRA is fraught with fraud and abuse, which is why, today, we seek to dissolve the NRA, because no organization is above the law,” she added.
