NRA Files for Bankruptcy

NRA files for bankruptcy, says it will reincorporate in Texas

The National Rifle Association said Friday that it has filed for bankruptcy in U.S. court as part of a larger restructuring plan aimed at moving to Texas.
The gun-rights advocacy group said 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.
Last year, New York Attorney General Letitia James announced that the state was seeking to dissolve the NRA in a lawsuit that accused the organization’s leadership of diverting millions for their own personal use, resulting in a $64 million loss to the organization.

WASHINGTON – The National Rifle Association said Friday that it has filed for bankruptcy in U.S. court as part of a larger restructuring plan aimed at moving to Texas after New York state had sought the organization’s dissolution for allegedly misappropriating funds.

The gun-rights advocacy group said 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 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, adding that the move will have “no major changes are expected to the NRA’s operations or workforce.”

In his statement Friday, LaPierre said that the NRA is not insolvent and the move to Texas would make the organization stronger. “We are as financially strong as we have been in years,” he said.

He added that the organization has no plans at this time to move the NRA headquarters from Fairfax, Virginia.

Last year, New York Attorney General Letitia James announced that the state was seeking to dissolve the NRA in a lawsuit that accused the organization’s leadership of diverting millions for their own personal use, resulting in a $64 million loss to the organization.

“The NRA’s influence has been so powerful that the organization went unchecked for decades while top executives funneled millions into their own pockets,” James said in August. “The NRA is fraught with fraud and abuse, which is why, today, we seek to dissolve the NRA, because no organization is above the law,” she added.

James is asking the court to dissolve the NRA and require each of the current and former executives named in the suit to pay full restitution.

NRA president Carolyn Meadows said in a statement at the time, that the suit is “a baseless, premeditated attack on our organization and the Second Amendment freedoms it fights to defend.”

The suit is another step in a long-running battle between New York and the gun-rights group, which has been chartered in the state since 1871.

Garryowen

As a Texan I welcome them and would love the opportunity for some input as to who they have running the show and which hills they plan to die on!

So, I'm curious...this "restitution" the demented attorney is speaking of...where is she thinking it would go? To the dues-paying NRA members and supporting donators, where the money would have actually came from...or is she implying the state of New York is due these funds? (is she implying the state of New York was funding, of all things...the NRA? and was "wronged") LOL

To clarify: This is all rhetorical, illustrative thinking...just in case.

They should of picked SD not sure how long Texas will remain red the way they are going.

Stop talkin like that and I mean right now Jerry.

If Trump had gotten a wall built to the south if he got re-elected, Savell, Sheepdog, Bullet Box, ETexas Trapper, Cedar Hacker, & I were going to build walls North, east, and especially to the west. These daggum California an Oregon immigrants are trying to ruin us.


Remember the Alamo!

Mark June was gonna bless it for us too!

They should move their headquarters also.

Sounds good to me.

Very bad timing if you ask me. IMO the NRA has needed restructuring for a long time. Way to many board member, paying large amounts of money to a large number of people at the top. Way to long in coming.

Anyone know what this is about?

Last year, New York Attorney General Letitia James announced that the state was seeking to dissolve the NRA in a lawsuit that accused the organization’s leadership of diverting millions for their own personal use, resulting in a $64 million loss to the organization.

Fake news media.I don't believe nothing I hear from them about 2A.

Do you know anything about Letitia James and the her anti NRA rhetoric?

IMO, it's about liberals trying to destroy the most powerful pro-gun lobby in America.

What do you think it's about?

Funny they never worry about where BLM money is going or who is taking it home with them or any other zillion 'group' ran by liberal democrats. Doesn't matter, with the new communist regime in charge they shouldn't have any problem doing away with NRA , conservatives or anyone who dares oppose the knowing all seeing all communist ran state we are to live in from now on.

Elections have consequence's and never let a good crisis (covid 19) go to waste!

The irony to me is that she is, by her statement, pretending to be concerned that the organization "lost" money, as if she is somehow doing them a favor...by dissolving them and disbanding them Wouldn't the appropriate legal action be to go after the "known" guilty parties, in order to cleanse the Good organization and stop their loss of funds?

I guess I don’t understand how a judge can disband an organization when haven’t been found guilty of a crime?

Nope. Seeing she's from NY I would assume she's no friend but that's quite the statement to make and I did hear there was issues last year with Leperrier

True

Hope I'm still a Life Member
I'll keep Supporting them!!!

When they move to Texas, how can Letitia James and New York disband them? Sounds like a smart move claiming bankruptcy if a lawsuit is coming.

I guess I don’t understand how a judge can disband an organization when haven’t been found guilty of a crime?

Same way you impeach a President with no evidence he did anything wrong.

Yep

Sad Deal

Sounds like the right move to me. Until the Libtards take Texas.

Probably more worried about those filing law suits about misuse of funds then New York right now. They won't have to pay in full and law suits can be delayed for quite some period of time. Filing in Texas will give them the chance to use a more friendly judge then in New York. You can file chapter 11 in any state regardless of where you are incorporated at. The down side of filing chapter 11 (reorg) is that all of your finances will be exposed as it is the judge that will determine who gets, paid, how much and when so the organization can continue on. Most chapter 11s succeed and don't go to chapter 7 (liquidation). Disclosure of finances could reveal improper use of funds or other practices not appropriate for a 501 c3 not for profit. So campaign funds etc. need to have been administered by the appropriate sections of the NRA or this could get real messy.

Bryce

Xactly

I'm embarrassed for the NRA. It's getting punked around by a government lawyer named Letitia.

Nice work, Wayne.

The NRA will be fine. I expect they will only grow larger with the assault on the 2A that is coming. They are going to be needed more now than ever!!!!!! Time to join!!!!!!

Years ago I had to hire a patent attorney in the Omaha area who went to battle for me against lawyers in NYC. It was Scott (Omaha) vs. three nitwits. His words, not mine. We (he) won! I still remember him telling me that there's no way any of the three NYC attorneys ever passed the bar exam. No way. They were clueless and hard to battle since they were so incompetent in Scott's assessment.

Ever try to argue with someone who doesn't know what they're talking about?

That's prolly the NY situation at this point.

We welcome the NRA to Texas!

This

I have faith that they are probably making the right chess move!

Yes, good move , the NRA and tens of thousands of other people and companies moving out of that cesspool called NYC. Just sold my mothers house in northern NY to a family from Queens. Thanks Andy.

Or not.

What would you care?

Everything I read about it said it was to get out of New York. So I would say your quote is spot on.

Nailed it

Join Now, if You're a Lifer and can give more. Go to the benefactor level

I tried the other day on line and could not get through.

I'd like to hear that answer. You've never done anything other than bash the NRA and have made it clear you are not a member and never will be. So why are you "embarrassed" for them?

I think you just couldn't resist taking another jab.

The NRA and GOA is all we got. The GOA can’t do it alone.

Let em die. The organization that helped write and supported the NFA, gun control act of '68, gun control act of '86, and the bumpstock ban needs to go away. They've done too much already to help politicians infringe on my God given 2a rights, I don't trust them.

Channeling Charlton Heston for answers.

Goose-what makes you think you have God given 2A rights?? That's ridiculous! Don't trust them?? Who do ya trust then to standup for your 2A rights?? I think you are really in the dark on this issue!!!

I have a God given right to protect myself from violence. Don't you? Do you think if government outlaws guns your rights go away, that you just have to give em up? I trust "the people" to stand up for out 2a rights, or at least I would if they'd quit voting for the lesser of two evils, for the lesser of the 2a violators. One side wants to take em away right now, the other side infringes a little at a time. They're still both headed towards the same goal. Vote for people that actually believe in the true original intent of the 2a, and you won't need an organization to convince those people to protect the 2a.

The ones that that are in the dark on this issue are the ones that think the very people that I fringed on their 2a rights to begin with will protect their 2a rights in the future.

Goose, Rights are what any government allows you to have without fear of retribution or incarceration. You can believe you have god given rights but if the government says no then they don't exist. That's what a tremendous number of servicemen fought and died for, they had to protect those rights. If you believe you have a right to protect yourself visit another country to see how well that works, try Great Briton first.

Just because a right is infringed upon does not mean that right doesn't exist. It just means that the folks being infringed upon are chumps who won't do anything about it.

If they had to wait until they were bankrupt to figure it out, its a bad sign to me.

Moving to Texas isn't going change the problems I've seen with the NRA. And they don't seem inclined to fix them.

I am a member of GOA.

I was a long time member of the NRA.

I care because one gun group doing bad work affects other gun groups doing good work. This is especially true when the NRA is the public face of 2A advocacy.

I'm going to rejoin the NRA today just to make you guys feel better. It's only $45. Plus, I can always use more junk mail to start fires in the fireplace.

It doesn’t really matter now. Gun owners lost their clout and will never get it back. It used to be politicians feared upsetting gun owners. Now they try to outdo each other who can bad mouth them the most. Although, I also belong to the GOA , they are a minor organization compared to the past NRA and I doubt most politicians even heard of them.

New York Gov. claiming corruption guess they would know

Yep, takes one to know one.

I can opt out of supporting the NRA's corruption and they'll crumble... Too bad you don't get that option with government.

Mike

I think the "Corruption" claim about NRA by New York politicians is pure politics and just that. La Pierre's salary is in line with other CEO's in the private sector and after looking at what several top executives of companies that are in the 1/2 billion range make, he's not out of line at all. It would be nice to imagine that someone at the top of NRA's guidance would work for free for us that don't work for free, but in the world of business you can only hope that you get what you pay for. Sure he makes a million a year with his complete package, but no one can deny that he's been very effective and if we let a New York politician divide us they will surely conquer and win. This looks like a purely "contrived" issue meant to divide us. Who else will do a better job, any real suggestions or just more complaints?

My thinking is the state of ny sued nra, I avoid having to pay you file bankruptcy, then move

Sorry to read that you can no longer protect the family with a bumpstock. Could be their demise.