The company filed for bankruptcy protection in a Texas court on Friday.
The National Rifle Association has announced that it intends to restructure as a non-profit enterprise based in Texas, and has applied for Chapter 11 bankruptcy protection.
“The move will enable long-term, sustainable growth and ensure the NRA’s continued success as the country’s leading advocate for constitutional freedom – free from the toxic political environment of New York,” the Advocacy Group said in a statement on Friday.
The NRA added that it was recorded in New York for about 150 years.
“This strategic plan is a path to opportunity, growth and progress,” NRA chief executive Wayne LaPierre said in a statement. ‘It’s clear that an important part of this plan is’ New York crashes’. The NRA strives to reintegrate into a state that appreciates the contributions of the NRA, celebrates our law-abiding members and will partner with us to uphold constitutional freedom. ‘
LaPierre called the decision Friday a “transformative moment in the history of the NRA.”
The move follows after the NRA was sued by the New York Attorney General in August in an attempt to dissolve the group.
James accused the NRA of a series of “illegal actions” according to a press release at the time describing the case, including “[the] diverting millions of dollars away from the charity mission of the organization for personal use by senior leadership, awarding contracts for the financial gain of closest partners and family, and seemingly handing out lucrative non-show contracts to former employees to buy their silence and sustained loyalty. ‘
The NRA filed a counterclaim and politically motivated the initial lawsuit.
James responded in a statement on the bankruptcy news on Friday, saying: “The NRA’s alleged financial status has finally reached its moral status: bankruptcy.”
“While reviewing this submission, we will not allow the NRA to use this or any other tactic to evade liability and my office’s oversight,” James added.