NRA files for bankruptcy, seeking to escape NY lawsuit

NRA files for bankruptcy, seeking to escape NY lawsuit

A Chapter 11 bankruptcy petition, which was filed at the Dallas division of the United States Bankruptcy Court for the Northern District of Texas, allows organizations to continue operating while repaying creditors at reduced rates and over much longer periods.

In its bankruptcy filing, the NRA listed between $100 million (€82.8 million) and $500 million in assets and a similar amount in liabilities.

The powerful USA gun lobby National Rifle Association (NRA) filed for bankruptcy on Friday and said that it was moving to Texas from NY.

"The move will enable long-term, sustainable growth and ensure the NRA's continued success as the nation's leading advocate for constitutional freedom - free from the toxic political environment of NY", the gun advocacy group said in a statement Friday.

The National Rifle Association thought they would be able to get away with a sneaky announcement on Friday since the country was still so focused on the fallout from last week's insurrection at the Capitol.

"The NRA's claimed financial status has finally met its moral status: bankrupt", James said.

The State of NY brought financial fraud and misconduct charges against the guns-rights group in August of previous year, with the aim of dissolving the organization. "Under this plan, we seek protection from NY officials who illegally abused and weaponized the powers they wield against the NRA and its members". Amid its struggles to stay afloat, it was even suggested that Donald Trump, Jr., take over for NRA CEO and Executive Vice President Wayne LaPierre.

The lawsuit, filed in August, accuses LaPierre of using a "poison pill contract" to ensure he would receive an income for life from the NRA worth more than $17 million.

Adam Skaggs, chief counsel at the Giffords Law Center to Prevent Gun Violence, called the bankruptcy filing "a transparent attempt to evade (James') campaign to hold the NRA and its corrupt leaders accountable".

In her lawsuit, Ms James had said the NRA's incorporation as a non-profit in NY gave her authority to dissolve it.

The group said it would continue to defend its members' constitutional rights under the Second Amendment, which guarantees the right to keep and bear arms.

Today, the @NRA filed for bankruptcy and is fleeing for Texas.

In response to James' lawsuit, the NRA countersued with claims her actions were motivated by hostility toward its political advocacy, including comments she made while running for attorney general in 2018 that the NRA is a "terrorist organization". In the letter, LaPierre cast the bankruptcy filing as a way to "streamline legal and financial affairs".

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