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N.R.A. Declares Bankruptcy and Seeks to Exit New York

Added 01-15-21 05:40:04pm EST - “The group, which said it planned to reincorporate in Texas, is currently being investigated by New York's attorney general, who is seeking to dissolve it.” - Nytimes.com

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Posted By TheNewsCommenter: From Nytimes.com: “N.R.A. Declares Bankruptcy and Seeks to Exit New York”. Below is an excerpt from the article.

The group, which said it planned to reincorporate in Texas, is currently being investigated by New York’s attorney general, who is seeking to dissolve it.

Seeking an end-run around an investigation by the New York attorney general, the National Rifle Association said Friday that it was declaring bankruptcy and would reincorporate in Texas. The gun group was set up in New York after the Civil War.

The plan raised immediate questions from Letitia James, the New York attorney general and a Democrat, who is seeking to use her regulatory authority to dissolve the N.R.A. She has been conducting an investigation into corruption at the gun group since 2019 that has led to infighting and discontent, as well as some departures from the group’s board.

“The N.R.A.’s claimed financial status has finally met its moral status: bankrupt,” Ms. James said in a statement Friday. “While we review this filing, we will not allow the N.R.A. to use this or any other tactic to evade accountability and my office’s oversight.”

Typically, non-profit groups that are chartered in New York and under investigation are prohibited from relocating during an inquiry; in recent years, the attorney general’s office prevented the Trump Foundation from closing before it had reached the conclusion of an investigation into that organization.

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