What a downfall. The National Rifle Association has filed for bankruptcy. The NRA released a statement saying “The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas.” The Wall Street Journal writes that this is “the latest twist in its legal battle with New York Attorney General Letitia James.”
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 WSJ said that “court documents show, listing both assets and liabilities of $100 million to $500 million.”