01/15/2021

National Rifle Association Files for Bankruptcy

The organization will reincorporate in Texas

The filing comes six months after New York state’s attorney general filed a lawsuit seeking to dissolve the NRA for allegedly misappropriating funds.

The advocacy group said that it would restructure as a Texas nonprofit to exit from what it described as “a corrupt political and regulatory environment in New York,” where it is currently registered

The NRA, which said it was not financially broke, filed for protection under Chapter 11 in U.S. Bankruptcy Court in Dallas. In its filing, the group said it has assets of between $100 million and $500 million, and liabilities in the same dollar range.

Please select this link to read the complete article from CNBC.