Axios
NRA declares bankruptcy and says it will be taken up again in Texas
The National Rifle Association said Friday it has filed Chapter 11 bankruptcy and will try to take up again in Texas and call New York, where it is currently registered, a ‘toxic political environment’. The big picture: the move comes months after New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, claiming that the group committed fraud through about three years of donations from $ 64 charities. million to support the reckless expenses of its managers. : Sign up for the most influential newsletter in America for FREE. * The NRA then sued James in federal court, accusing her of violating the right to freedom of speech. * Karl Racine, attorney general of Washington, DC, filed a separate lawsuit in August against the gun lobby and its founding “for misusing charitable funds to support wasteful spending by the NRA and its executives.” What they say: ‘Today, the NRA has announced a restructuring plan that will position us in the long run and ensure our continued success as the country’s leading advocate for constitutional freedom – free from the toxic political environment of New York,’ the NRA’s Wayne LaPierre said in a letter to members and supporters Friday. “The plan can be summed up simply: we are dumping New York, and we are striving to re-incorporate the NRA into Texas,” LaPierre added. “Under the plan, the NRA will continue what we have always done – against guns, anti-self-defense and anti-hunting activities, and the promotion of constitutional advocacy that helps law-abiding Americans.” “Our work will continue as usual. No major changes are expected to the NRA’s operations or staff members.” LaPierre also claimed on Friday that the NRA is ‘financially as strong as in years’, despite the organization firing or dozens of employees, who canceled its national meeting and canceled salaries due to the coronavirus pandemic per AP last year. * An NRA spokesman said in May that we, like “all other businesses and non-profit organizations, are being forced to make difficult choices in this new economic environment,” according to AP. * In its bankruptcy petition filed in Texas, the NRA listed assets and liabilities of as much as $ 500 million each, Bloomberg reports. Going deeper: the dwindling political influence of the NRA Editor: This story has been updated with additional details. Get smarter, faster with the news that CEOs, entrepreneurs and top politicians read. Sign up here for Axios newsletters.