NRA Files for Bankruptcy Protection

[Gman]

https://www.wsj.com/articles/nationa...cy-11610746812

he National Rifle Association filed for bankruptcy protection and said it plans to restructure itself as a Texas nonprofit, the latest twist in its legal battle with New York Attorney General Letitia James.

The gun-rights group, which has been a New York-registered nonprofit since 1871, said it was taking the measures ?to exit what it believes is a corrupt political and regulatory environment in New York.?

The New York attorney general?s office, which oversees the state?s charities bureau, filed a lawsuit last August seeking to dissolve the NRA, alleging that insiders violated the state?s nonprofit laws by illegally diverting tens of millions of dollars from the group through excessive expenses and contracts that benefited relatives or close associates.

The NRA has denied the allegations.

The NRA filed a chapter 11 bankruptcy petition Friday in U.S. Bankruptcy Court for the Northern District of Texas, court documents show, listing both assets and liabilities of $100 million to $500 million.

The documents show the NRA?s board authorized the chapter 11 petition and reorganization at a meeting on Jan. 7. The NRA said it would seek court approval to reincorporate in Texas.

A spokesman for the New York attorney general?s office had no immediate comment.

The news I cared to read about the organization was not mentioned. Until Wayne is gone and the leadership is cleaned up, they're dead to me.