The NRA Just Filed For Chapter 11 Bankruptcy Protection
The bankruptcy filing is part of the organization's restructuring plan that would move it to Texas. The news comes only six months after New York state's attorney general filed a lawsuit against the NRA alleging that the organization had misappropriated funds.
The NRA plans to restructure as a nonprofit in Texas so that it can leave “a corrupt political and regulatory environment in New York,” where it is currently registered. The group made clear that they are not financially broke, reporting assets between $100-500 million and liabilities within the same range. The claim is that this was a strategic move.
“The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas,” wrote NRA CEO and executive vice president Wayne LaPierre on Friday. He added that “no major changes are expected to the NRA’s operations or workforce.”
“We are as financially strong as we have been in years,” he added. The NRA headquarters in Fairfax, Virginia will not be moved. The NRA plans to emerge from bankruptcy in six months and “propose a plan providing payment in full of all valid creditors’ claims.”
“The NRA will move quickly through the restructuring process. Its day-to-day operations, training programs, and Second Amendment advocacy will continue as usual, which means the NRA will continue to rely on the service of its valued vendors.”
New York Attorney General Letitia James stated that his office will review the filing, but “will not allow the NRA to use this or any other tactic to evade accountability and my office’s oversight.” She continued stating that “the NRA’s claimed financial status has finally met its moral status: bankrupt.”