Great Britain

NRA files for bankruptcy, moving from New York to Texas

The National Rifle Association has filed for bankruptcy and announced it is moving its operations from New York to Texas.

The gun rights advocacy group listed assets and liabilities of $500 million in its Chapter 11 filing in Texas, according to reports.

Now the organisation, which has been chartered in New York since 1871, says it plans on restructuring as a Texas non-profit.

“Today, the NRA announced a restructuring plan that positions us for the long-term and ensures our continued success as the nation’s leading advocate for constitutional freedom – free from the toxic political environment of New York,” said NRA executive vice-president Wayne LaPierre.

“The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas.”

Mr LaPierre insisted that the NRA was “as financially strong as we have been in years,” and said there was no plan to move headquarters from Fairfax, Virginia, to Texas.

Last year New York attorney general Letitia James announced the state would try and dissolve the NRA and alleged that the leadership had used $64 million of the group’s money for personal expenditure.

“The NRA’s influence has been so powerful that the organization went unchecked for decades while top executives funneled millions into their own pockets,” said Ms James said last August. 

"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."

NRA president Carolyn Meadows attacked the lawsuit at the time, calling it “a baseless, premeditated attack on our organisation and the Second Amendment freedoms it fights to defend.”

Chapter 11 bankruptcy is generally filed by corporations to give them more time to reorganise their debts and assets.

Football news:

Cavani has returned to training and is likely to play against Crystal Palace
Fabio Capello, Juventus played Rugby against the Port. Only Ronaldo and Chiesa can make a difference in this squad
Neymar: I posted how I was recovering from my injury, and I didn't get any messages saying, Wow, what a professional. No
Ole Gunnar Solscher: The work of the judges is very difficult and without additional pressure. We have to make their decisions
Joan Laporta: I'm sure Messi won't stay at Barca if I don't win the election. He gives the club 30% of revenue
Trent had idolized Gerrard since he was a kid, and he was in a fairy tale: he got Steven's care and the captain's armband. The story of a great relationship
Hazard's recovery from the injury is delayed. He probably won't play against Atletico on March 7