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NRA Files for Bankruptcy, Plans to Ditch ‘Toxic' New York for Texas

Added 01-15-21 05:34:02pm EST - “The National Rifle Association depart from the "toxic" New York and head for Texas as part of a bankruptcy restructuring plan, CEO Wayne LaPierre? announced Friday.” - Mediaite.com

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Posted By TheNewsCommenter: From Mediaite.com: “NRA Announces Bankruptcy, Plans to Ditch 'Toxic' New York for Texas”. Below is an excerpt from the article.

The National Rifle Association is departing from the “toxic” New York and headed for Texas as part of a bankruptcy restructuring plan, CEO Wayne LaPierre announced Friday.

In an announcement published on the NRA’s website, LaPierre said it was moving to escape “a corrupt political and regulatory environment in New York,” where Democratic Attorney General Letitia James filed suit last year to dissolve the NRA over allegations that included the misappropriation of funding. She alleged, among other charges, that the group’s executives had diverted funding for their personal use, resulting in a loss of $64 million for the NRA.

James also charged the NRA with falsely claiming that its insurance program for gun collectors, dealers, and clubs came at the “lowest possible” cost, keeping up to 21.9 percent of the premiums they paid.

“We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas,” noting that the organization had filed for chapter 11 bankruptcy in Dallas in order to lay the groundwork for the move. “We are leaving the state of an attorney general who, just a few months ago, vowed to put us out of business through an abuse of legal and regulatory power.

LaPierre — who is also reportedly the subject of an IRS investigation for criminal tax fraud — additionally accused James and New York Gov. Andrew Cuomo (D) of “gross overreach” and said moving to Texas offered “protection from New York officials who illegally abused and weaponized the powers they wield against the NRA and its members.”

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