The National Rifle Association filed for Chapter 11 bankruptcy on Friday as part of a restructuring plan.
In a bid to leave “a corrupt political and regulatory environment in New York,” where Attorney General Letitia James filed a lawsuit to dissolve the NRA, the gun rights group aims to restructure as a Texas nonprofit organization.
“This strategic plan represents a pathway to opportunity, growth and progress,” NRA CEO Wayne LaPierre said in a statement. “Obviously, an important part of this plan is ‘dumping New York.’ 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 NRA.”
James, a Democrat, filed her lawsuit last year, charging the NRA with several “fraud and abuse” violations, after which President Trump said the group should move to Texas. “I think the NRA should move to Texas and lead a very good and beautiful life, and I’ve told them that for a long time,” Trump said in August.
Texas is home to more than 400,000 NRA members and is the host of this year’s annual meeting, which will take place in Houston.
“The @NRA‘s claimed financial status has finally met its moral status: bankrupt. While we review its bankruptcy filing, we will not allow the @NRA to use this or any other tactic to evade accountability and my office’s oversight,” James tweeted on Friday shortly after the bankruptcy announcement.
The NRA was founded in 1871 and is one of the country’s largest and oldest advocacy organizations. About 5 million people are registered with the group.
