Sunday, February 25, 2024

Smoking a Gun: The National Rifle Association of the United States files for bankruptcy | News on the coronavirus pandemic

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The National Rifle Association says it is filing for Chapter 11 bankruptcy and is considering incorporating in Texas.

The National Rifle Association of America filed for Chapter 11 bankruptcy on Friday with plans to regroup in Texas, citing opposition in New York.

The group intends to restructure and reincorporate, according to a statement posted on its website. The gun rights group said the filing would help it “get out of what it believes to be a corrupt political and regulatory environment in New York,” the statement said.

“This move will enable long-term, sustainable growth and ensure the continued success of the NRA as the country’s leading advocate for constitutional freedom – without New York’s toxic political environment,” the NRA said.

Chapter 11 bankruptcy allows entities to continue operating while working on a creditors repayment plan. The petition listed assets and liabilities of up to $ 500 million each.

The organization has been plagued by complaints of lavish spending and internal battles as it fought a lawsuit brought by New York Attorney General Letitia James to dissolve the New York-based organization. She accused NRA chief Wayne LaPierre and three others of robbing him. Washington DC Attorney General Karl Racine has filed a separate lawsuit against the NRA’s charitable arm, accusing it of embezzling donor funds.

The NRA counter-sued James in federal court, accusing him of violating his First Amendment rights. The organization also accused her of militarizing her regulatory and legal power under the pretext of protecting residents of the state.

For years, the NRA has received millions of dollars a year from the NRA Foundation, whose donors receive a tax deduction. But the Covid-19 pandemic has disrupted local fundraisers which have been so successful.

“The plan can be summed up quite simply: we are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas,” LaPierre, NRA chief executive, wrote in a letter to the organization’s website, citing “Costly, distracting and unprincipled attacks” by politicians.


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