WASHINGTON – The National Rifle Association on Friday filed for bankruptcy protection as part of a restructuring plan aimed at moving the influential gun rights group to Texas.
The filing comes six months after New York state’s attorney general filed a lawsuit seeking to dissolve the NRA for allegedly misappropriating funds.
The advocacy group said that it would restructure as a Texas nonprofit to exit from what it described as „a corrupt political and regulatory environment in New York,“ where it is currently registered
The NRA, which said it was not financially broke, filed for protection under Chapter 11 in U.S. Bankruptcy Court in Dallas.
In its filing, the group said it has assets of between $100 million and $500 million, and liabilities in the same dollar range.
The NRA’s largest unsecured creditor was its former ad agency Ackerman McQueen, which is owed $1.27 million, according to the filing. The gun group and the ad company have filed contentious lawsuits against one another.
„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 in a statement Friday announing the filing.
He added that „no major changes are expected to the NRA’s operations or workforce.“
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