{"id":140337,"date":"2021-01-18T12:49:00","date_gmt":"2021-01-18T17:49:00","guid":{"rendered":"https:\/\/www.gunsamerica.com\/digest\/?p=140337"},"modified":"2021-01-18T12:49:00","modified_gmt":"2023-09-06T23:08:57","slug":"nra-files-bankruptcy-in-new-york-plans-to-move-to-texas","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/nra-files-bankruptcy-in-new-york-plans-to-move-to-texas\/","title":{"rendered":"NRA Files Bankruptcy in New York, Plans to Move to Texas"},"content":{"rendered":"\n
\"NRA
Wayne LaPierre is trying to file bankruptcy in New York to move the NRA to Texas.<\/em><\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

The National Rifle Association announced last week its intention to file voluntary chapter 11 bankruptcy to escape what it believes are politically motivated attacks by New York\u2019s attorney general.<\/p>\n\n\n\n

NRA executive vice president Wayne LaPierre said in a letter to board members that the Association is planning to move its charter to Texas.<\/p>\n\n\n\n

\u201cThe NRA announced it will reorganize the Association as a Texas nonprofit to abandon the corrupt political and regulatory environment in New York. This action will ensure our continued success as the nation\u2019s leading advocate for constitutional freedom,\u201d LaPierre said in the letter obtained by GunsAmerica.<\/p>\n\n\n\n

\u201cAs many of you have observed, New York is no longer a welcome home to our Association, as its leaders have demonstrated their hostility to the constitutional freedoms in which we believe. Our filing today allows us to wisely seek protection from New York officials who illegally weaponized the powers they wield against the NRA and its members,\u201d <\/strong>LaPierre continued (bold in original).<\/p>\n\n\n\n

SEE ALSO: Anti-Gunner Says NRA is Responsible for Capitol Occupation, Meanwhile Video of Alleged Antifa Members Surfaces<\/a><\/h2>\n\n\n\n

LaPierre insists that the move wasn\u2019t motivated by financial problems at the NRA.<\/p>\n\n\n\n

\u201cThe NRA is not financially insolvent. In fact, this move comes at a time when the NRA is in its strongest financial condition in years,\u201d he said.<\/p>\n\n\n\n

The NRA has struggled financially in recent years following alleged mismanagement of donor funds by LaPierre and other executives. New York Attorney General Letitia James filed a lawsuit alleging that mismanagement has cost the NRA $64 million over the last three years, and LaPierre admitted<\/a> that the scandal has cost the NRA about $100 million.<\/p>\n\n\n\n

In its bankruptcy filing with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, the NRA lists both assets and liabilities of $100 million to $500 million and more than 200 creditors, according to the Wall Street Journal<\/a>.<\/p>\n\n\n\n

SEE ALSO: NRA Admits Execs Misused Donor Dollars, Settles Carry Guard Lawsuit in New York for $2.5 Million<\/a><\/h2>\n\n\n\n

It\u2019s unclear whether the gambit will succeed. Courts will only accept bankruptcy plans if they are proposed in \u201cgood faith,\u201d according to the Federal Judiciary<\/a>. The NRA has not said how it plans to justify its chapter 11 filing even while insisting that the Association is on strong financial footing.<\/p>\n\n\n\n

James vowed on Twitter that the NRA would not be permitted \u201cto use this or any other tactic to evade accountability.\u201d<\/p>\n\n\n\n

\u201cThe @NRA’s claimed financial status has finally met its moral status: bankrupt,\u201d she said.<\/p>\n\n\n\n

The @NRA<\/a>‘s claimed financial status has finally met its moral status: bankrupt.

While we review its bankruptcy filing, we will not allow the @NRA<\/a> to use this or any other tactic to evade accountability and my office\u2019s oversight.<\/p>\u2014 NY AG James (@NewYorkStateAG) January 15, 2021<\/a><\/blockquote> \n\n\n\n

At the conclusion of his letter to board members, LaPierre reiterated that the NRA is \u201cfinancially strong and well-positioned on all fronts\u201d and encouraged members not to believe what they read in the media.<\/p>\n\n\n\n

\u201cDo not believe everything you hear in the media. We fully expect our adversaries to try to gain some sort of perceived advantage over the NRA by mischaracterizing this strategic plan. They will portray a so-called \u201cbankruptcy\u201d as a negative and, once again, predict our demise,\u201d he said. \u201cThe liberal media, anti-gun gadflies, and left-wing politicians will desperately try to advance another distorted truth about the NRA.\u201d<\/p>\n\n\n\n

While the bankruptcy case plays out, the NRA will continue its normal operations from its headquarters in Fairfax, Virginia.<\/p>\n\n\n\n

***Buy and Sell on GunsAmerica!<\/a>***<\/h2>\n","protected":false},"excerpt":{"rendered":"

The National Rifle Association announced last week its intention to file voluntary chapter 11 bankruptcy to escape what it believes are politically motivated attacks by New York\u2019s attorney general.<\/p>\n","protected":false},"author":54,"featured_media":132386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[7,111,593,240],"tags":[132,607,309],"featured":[],"hunt365":[],"class_list":{"0":"post-140337","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gunsamerica-authors","8":"category-industry-news","9":"category-jordan-michaels","10":"category-this-week","11":"tag-buzz","12":"tag-news","13":"tag-nra"},"yoast_head":"\nNRA Files Bankruptcy in New York, Plans to Move to Texas<\/title>\n<meta name=\"description\" content=\"The NNRA announced last week its intention to file voluntary chapter 11 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