NRA files for bankruptcy, says it will reincorporate in Texas

submitted by Nemacolin from (cnbc.com)

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[–]Nemacolin[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (5 children)

Anything to escape the law.

The National Rifle Association on Friday filed for bankruptcy protection as part of a restructuring plan aimed at moving the influential gun rights group to Texas.

The filing comes six months after New York state’s attorney general filed a lawsuit seeking to dissolve the NRA for allegedly misappropriating funds.

The advocacy group said that it would restructure as a Texas nonprofit to exit from what it described as “a corrupt political and regulatory environment in New York,” where it is currently registered

The NRA, which said it was not financially broke, filed for protection under Chapter 11 in U.S. Bankruptcy Court in Dallas.

In its filing, the group said it has assets of between $100 million and $500 million, and liabilities in the same dollar range.

The NRA’s largest unsecured creditor was its former ad agency Ackerman McQueen, which is owed $1.27 million, according to the filing. The gun group and the ad company have filed contentious lawsuits against one another.

“The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas,” wrote NRA CEO and executive vice president Wayne LaPierre in a statement Friday announing the filing.

He added that “no major changes are expected to the NRA’s operations or workforce.”

[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (4 children)

Well I'm an honest citizen in the traditional sense and I'll do anything to "Escape the oppressive laws" which have been enacted in my nation.

[–]Nemacolin[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

Well, in this case, they seem to be interested in escaping the laws against embezzling their member's contributions.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

I have not looked into the case at all but since they have a monopoly on gun rights advocation there is not much a member can do is there. Not unless they want to stand alone against the tide of firearms banning.

[–]Nemacolin[S] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (1 child)

I am not sure how involved you are in the Second Amendment community, but the NRA is no longer held in high regard. Nowadays, the GOA is where it is at. The NRA is understood to be a money-making racket.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I'm in australia and we have a national "shooters union" and the SSAA, sporting shooters of Oz association. Any altruistic institution goes corrupt over time though, the redcross is a prime example.