The NRA Files For Bankruptcy

The NRA Files For Bankruptcy

Topline

The National Rifle Association has filed for bankruptcy, it announced in a news release Friday, as the pro-gun rights organization says it plans to “restructure” and move away from New York.

NRA Convention

A visitor to the at the National Rifle Association Annual Meeting walks past signage for the event … [+] in Indianapolis, Saturday, April 27, 2019. (AP Photo/Michael Conroy)


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Key Facts

The NRA said it plans to now operate as a non-profit based out of Texas, citing what it calls “the toxic political environment of New York.”

The association officially said it was “dumping” New York in its news release, but that’s only after continued pressure from the state and investigations into its conduct.

In August, 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 claims it’s in its “strongest financial condition in years.”

It listed assets and liabilities each up to $500 million as part of its Chapter 11 bankruptcy petition, according to Bloomberg.

The NRA said there will be no immediate changes to its “operations or workforce.”

Crucial Quote

“Obviously, an important part of this plan is ‘dumping New York,’” CEO Wayne LaPierre said. “The NRA is pursuing reincorporating in a state that values the contributions of the NRA, celebrates our law-abiding members, and will join us as a partner in upholding constitutional freedom. This is a transformational moment in the history of the

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