US National Rifle Association decides to file for bankruptcy


Sputnik Newspaper The Day
Saturday, January 16, 2021, p. 23

Washington. The American National Rifle Association (NRA) announced yesterday that it will file a bankruptcy filing as part of a strategy to move its headquarters from New York State to Texas. Following the announcement, New York Attorney General Letitia James argued that she will not allow the organization to file for bankruptcy to evade oversight by the authorities.

The NRA's plan, which includes using bankruptcy court protection, causes the association to leave New York and organize its legal affairs in an efficient location, the organization reported in a statement. The text adds that change comes at a time when the organization is in its strongest financial capacity in years.

The NRA and one of its subsidiaries voluntarily filed a Chapter 11 petition in bankruptcy court for the Northern District of Texas, which is a move frequently used by companies and organizations to streamline their legal and financial affairs, the statement says.

The organization said it will have a better opportunity for growth and progress in Texas, adding that the move was due to a "toxic political environment in New York."

While reviewing this statement, we will not allow the NRA to use this or any other tactic to evade responsibility and oversight of my office, James said. The prosecutor added that the NRA's declared financial status has finally reached its moral state: bankrupt. Last year, James filed a lawsuit to dissolve the NRA for alleged corruption in the organization.

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