by Michael Ginsburg, The Daily Caller:
The National Rifle Association (NRA) filed for bankruptcy and will be reincorporating in Texas, the group announced Friday.
NRA Executive Vice President Wayne LaPierre wrote in a letter posted on the non-profit’s website that the group would be “free from the toxic political environment of New York.” New York State Attorney General Letitia James is currently suing the NRA with the goal of dissolving the organization. New York’s lawsuit alleges that top executives, including LaPierre, stole millions of dollars from the gun rights group.
TRUTH LIVES on at https://sgtreport.tv/
At the time, NRA president Carolyn Meadows told the Daily Caller that the lawsuit was “a transparent attempt to score political points and attack the leading voice in opposition to the leftist agenda.”
LaPierre also said in the letter that the NRA’s move to file for Chapter 11 bankruptcy protections was merely employing a rule that is “often utilized by businesses, nonprofits and organizations of all kinds to streamline legal and financial affairs.”
Chapter 11 bankruptcy is commonly used to allow businesses and non-profits to reorganize their corporate structure while paying off debt, according to the United States government.
Texas Governor Greg Abbott welcomed the NRA in a tweet, stating that Texas “safeguards the 2nd Amendment.”