National Rifle Association Files For Bankruptcy, Relocating to Texas

When an organization files for chapter 11 bankruptcy, it stops all legal proceedings regarding collection or debt.

 

National rifle association
National Rifle Association Executive Vice President Wayne LaPierre speaks at the NRA Annual Meeting ...

The US National Rifle Association (NRA) said in a statement on Friday that the organization has filed for bankruptcy and is now moving to Texas, where it claims that it has more than 400,000 members. Currently, the NRA is based in New York, and Letitia James, the Attorney General, has filed a criminal lawsuit.

James is seeking to disband the association, alleging serious financial crimes by its top officials. When an organization files for chapter 11 bankruptcy, it stops all legal proceedings regarding collection or debt. Earlier in May, the organization laid off more than 5 million members as well as laid off many employees. Additionally, it halted the national convention and fundraising amid the pandemic outbreak across the country.

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Even though the American brought a record number of assault weapons, the lack of national conventions and pause in funding amid the presidential election year proved to be a huge setback for the NRA. The organization further added in the statement that it was moving to Texas that values the association’s countless contributions and said that the residents would join them in upholding the constitutional right.

In response, Greg Abbott, the Governor of Texas, took to Twitter and welcomed the NRA. He said, “welcome to Texas—a state that safeguards the 2nd Amendment.” However, Everytown for Gun Safety, an organization dedicated to reducing gun violence, described the NRA’s decision to relocate as an attempt to escape accountability.

In August, James filed a lawsuit alleging its four top officials of violating state and federal laws. According to the attorney general, as many $64 million in three years. At the time the president of the National Rifle Association categorically rejected the accusations and called the lawsuit a “baseless accusation” and an attack on the organization.

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Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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