The NRA Has Filed For Bankruptcy
The National Rifle Association has filed for bankruptcy in United States court in the Northern District of Texas, and announces they will be relocating from New York to Texas. When in Texas, the group will restructure as a Texas non-profit.
This move follows the filing of a lawsuit against the NRA from the Attorney General of New York, Letitia James, that accuses the group of violating New York state law. Part of the lawsuit is the group's loss of $64 million over a three year period, which the lawsuit suggests is the responsibility of four of the NRA's leaders, including NRA CEO Wayne LaPierre.
It appears the main goal of the lawsuit against the NRA is to dissolve the group.
The lawsuit from the New York Attorney General is a civil suit, but after it's filing, the US House Ways and Means Committee called on the IRS to investigate the status as a non-profit the NRA currently uses.
In the Chapter 11 bankruptcy filing, the NRA claimed to have assets and liabilities of $100-$500. They also indicated that they had formed a committee to find a location to bring their organization to.