NRA files for bankruptcy protection, moving to Texas
ALBANY, N.Y. – The National Rifle Association said Friday it will file for bankruptcy protection and is “dumping” its headquarters in New York, where it has been embroiled in legal fights with state officials, and moving to Texas.
A lawsuit filed by Attorney General Letitia James in August aims to shut down the venerable gun-rights group.
“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,” NRA Executive Vice President Wayne LaPierre said in a statement.
“The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas.”
Since the NRA is incorporated in New York, James has the ability to investigate its activities. The state’s lawsuit accuses LaPierre and other leaders of wasting millions of dollars on tropical trips, lavish meals and private jets.
New York Gov. Andrew Cuomo has also been a critic of the organization and led an effort to pass some of the strongest gun laws in the nation in 2013 after the school shooting in neighboring Newtown, Conn.
“I’m tired of hearing politicians say ... on almost a weekly basis, we’ll remember them in our thoughts and prayers,” Cuomo said in 2018. “If the NRA goes away, I’ll remember the NRA in my thoughts and prayers – how about that?”
The NRA agreed in November to pay a $2.5 million penalty and be banned from selling insurance products in New York after state regulators found the organization violated the law with the program.
James said NRA’s announcement to file for Chapter 11 protection in Texas would not derail the state investigation.
“The NRA’s claimed financial status has finally met its moral status: bankrupt,” James said in a statement Friday.
“While we review this filing, we will not allow the NRA to use this or any other tactic to evade accountability and my office’s oversight.”
In the state’s lawsuit, James contends that wasteful spending by NRA leaders led the organization from having a $27.8 million surplus in 2015 to a $36.3 million deficit in 2018.
The NRA has blasted the claims, and LaPierre didn’t mince words about its treatment in New York, calling the state’s claims a “gross overreach.”