National Rifle Association files for bankruptcy, seeking to escape New York lawsuit

[Elderberry]

Reuters by Jan Wolfe, Jonathan Stempel 1/15/2021

The National Rifle Association on Friday filed for bankruptcy, a sudden development that could help the gun rights group escape a lawsuit by New York’s attorney general seeking its dissolution.

The NRA filed for Chapter 11 protection in federal bankruptcy court in Dallas, and said it plans to reincorporate in Texas to escape “a corrupt political and regulatory environment” in New York, where it is now incorporated.

“Texas values the contributions of the NRA, celebrates our law-abiding members, and joins us as a partner in upholding constitutional freedom,” Chief Executive Wayne LaPierre said in a letter to members. “We seek protection from New York officials who illegally abused and weaponized the powers they wield against the NRA and its members.”

More: https://www.reuters.com/article/us-usa-guns/national-rifle-association-says-it-has-filed-for-bankruptcy-as-part-of-restructuring-idUSKBN29K2LV

[Wingnut]

A sound business decision.

[Elderberry]

The NRA moves to Texas, files for bankruptcy after legal trouble in New York

Dallas Morning News

https://www.dallasnews.com/news/politics/2021/01/15/the-nra-moves-to-texas-after-filing-for-bankruptcy-in-new-york/

Gov. Abbott immediately welcomed the gun rights organization with open arms, saying Texas “safeguards the 2nd Amendment.”

Executive Vice President Wayne LaPierre said the NRA is not going out of business, and it has filed voluntary chapter 11 petitions in the U.S. Bankruptcy Court for the North District of Texas, Dallas Division, in a letter to members and supporters.

“Texas values the contributions of the NRA, celebrates our law-abiding members, and joins us as a partner in upholding constitutional freedom,” LaPierre said.

The organization will be headquartered in Fairfax, Virginia for now. It has established a committee to look at opportunities to relocate some business operations to Texas, according to the press release.

President Donald Trump had previously encouraged the NRA to move to Texas.

“The NRA should move to Texas and lead a very good and beautiful life,” Trump said at the White House after news of the New York attorney general’s investigation. “Texas would be a great place and an appropriate place for the NRA. ... They’ve been absolutely decimated by the cost of that lawsuit, and it’s very sad.”

Texas Gov. Greg Abbott, a Republican, jumped on welcoming the gun rights organization to the Lone Star State with open arms.

“Welcome to Texas — a state that safeguards the 2nd Amendment,” he said in a tweet.