The National Rifle Association said Friday it has filed for voluntary bankruptcy as part of a restructuring plan.
Driving the news: The gun rights group said it would reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment." Last year, New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.
- In its bankruptcy petition filed in Texas, the NRA listed assets and liabilities of as much as $500 million each, Bloomberg reported.
What they're saying: "Today, the NRA announced a restructuring plan that positions us for the long-term and ensures our continued success as the nation’s leading advocate for constitutional freedom – free from the toxic political environment of New York," the NRA's Wayne LaPierre said in letter to members and supporters
- "The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas," LaPierre added.
- "Under the plan, the NRA will continue what we’ve always done – confronting anti-gun, anti-self-defense and anti-hunting activities and promoting constitutional advocacy that helps law-abiding Americans."
- "Our work will continue as it always has. No major changes are expected to the NRA’s operations or workforce. "
This is a breaking story. Check back for updates.