The National Rifle Association announced on Friday that it has filed for bankruptcy as part of a restructuring plan that will see the gun rights organization move to Texas after the state of New York sought its dissolution.
The gun-rights advocacy group said 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 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, adding that the move will have “no major changes are expected to the NRA’s operations or workforce.”
In his statement Friday, LaPierre said that the NRA is not insolvent and the move to Texas would make the organization stronger. “We are as financially strong as we have been in years,” he said.
New York Attorney General Letitia James said in August when she announced the lawsuit aimed at dissolving the NRA: “The NRA’s influence has been so powerful that the organization went unchecked for decades while top executives funneled millions into their own pockets. 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,” she added.