National Rifle Association Files For Bankruptcy, Announces Plan To Move To Texas
NEW YORK (CBSNewYork/CBSDFW.COM) - The National Rifle Association filed a voluntary petition for chapter 11 bankruptcy in federal court in Dallas on Friday, Jan 15.
The gun rights group says it will move its headquarters from New York to Texas.
In a letter to members, NRA Executive Vice President and CEO Wayne LaPierre said, "Today, the NRA announced a restructuring plan that positions us for the long-term and ensures our continued success as the nation's leading advocate for constitutional freedom – free from the toxic political environment of New York. 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 gun rights organization said it would restructure as a nonprofit in Texas to exit what it called "a corrupt political and regulatory environment in New York."
Texas Gov. Greg Abbott tweeted out a link to the letter and said, "Welcome to Texas - a state that safeguards the 2nd Amendment."
"The plan allows us to protect the NRA and go forward with a renewed focus on Second Amendment advocacy," says NRA President Carolyn Meadows. "We will continue to honor the trust placed in us by employees, members and other stakeholders – following a blueprint that allows us to become the strongest NRA ever known."
The NRA listed between $100-500 million in liabilities in the filing.
New York State Attorney General Letitia James filed a lawsuit against the NRA in August.
The lawsuit claimed the group's top executives funneled millions of dollars into illegal expenses.
She released a statement Friday reading in part, "The NRA's claimed financial status has finally met its moral status: bankrupt."
She also says she will not allow the NRA to "evade accountability and my office's oversight."
MORE FROM CBS NEW YORK