General
The US National Rifle Association declares bankruptcy, plans restructure as a Texas non-profit
The US National Rifle Association has announced it has filed for bankruptcy, seeking protection from creditors by restructuring as a Texas non-profit.
Key points:
- The NRA said it would restructure in Texas to exit “a corrupt political and regulatory environment in New York”
- New York State Attorney General Letitia James sued to dissolve the NRA in August
- The gun-rights group boasts about 5 million members
The announcement made on the NRA’s website comes months after New York’s attorney general sued the organisation over claims that top executives illegally diverted tens of millions of dollars for lavish personal trips, no-show contracts for associates and other questionable expenditures.
The NRA filed the Chapter 11 petitions in US Bankruptcy…
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