The National Rifle Association announced last week its intention to file voluntary chapter 11 bankruptcy to escape what it believes are politically motivated attacks by New York’s attorney general.
NRA executive vice president Wayne LaPierre said in a letter to board members that the Association is planning to move its charter to Texas.
“The NRA announced it will reorganize the Association as a Texas nonprofit to abandon the corrupt political and regulatory environment in New York. This action will ensure our continued success as the nation’s leading advocate for constitutional freedom,” LaPierre said in the letter obtained by GunsAmerica.
“As many of you have observed, New York is no longer a welcome home to our Association, as its leaders have demonstrated their hostility to the constitutional freedoms in which we believe. Our filing today allows us to wisely seek protection from New York officials who illegally weaponized the powers they wield against the NRA and its members,” LaPierre continued (bold in original).
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LaPierre insists that the move wasn’t motivated by financial problems at the NRA.
“The NRA is not financially insolvent. In fact, this move comes at a time when the NRA is in its strongest financial condition in years,” he said.
The NRA has struggled financially in recent years following alleged mismanagement of donor funds by LaPierre and other executives. New York Attorney General Letitia James filed a lawsuit alleging that mismanagement has cost the NRA $64 million over the last three years, and LaPierre admitted that the scandal has cost the NRA about $100 million.
In its bankruptcy filing with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, the NRA lists both assets and liabilities of $100 million to $500 million and more than 200 creditors, according to the Wall Street Journal.
SEE ALSO: NRA Admits Execs Misused Donor Dollars, Settles Carry Guard Lawsuit in New York for $2.5 Million
It’s unclear whether the gambit will succeed. Courts will only accept bankruptcy plans if they are proposed in “good faith,” according to the Federal Judiciary. The NRA has not said how it plans to justify its chapter 11 filing even while insisting that the Association is on strong financial footing.
James vowed on Twitter that the NRA would not be permitted “to use this or any other tactic to evade accountability.”
“The @NRA’s claimed financial status has finally met its moral status: bankrupt,” she said.
The @NRA‘s claimed financial status has finally met its moral status: bankrupt.
— NY AG James (@NewYorkStateAG) January 15, 2021
While we review its bankruptcy filing, we will not allow the @NRA to use this or any other tactic to evade accountability and my office’s oversight.
At the conclusion of his letter to board members, LaPierre reiterated that the NRA is “financially strong and well-positioned on all fronts” and encouraged members not to believe what they read in the media.
“Do not believe everything you hear in the media. We fully expect our adversaries to try to gain some sort of perceived advantage over the NRA by mischaracterizing this strategic plan. They will portray a so-called “bankruptcy” as a negative and, once again, predict our demise,” he said. “The liberal media, anti-gun gadflies, and left-wing politicians will desperately try to advance another distorted truth about the NRA.”
While the bankruptcy case plays out, the NRA will continue its normal operations from its headquarters in Fairfax, Virginia.
Physics PE, I’m not going to let pass your lame attempt to blame the events of Jan. 6 on the “violent left.” Far from it, the treasonous thugs who attempted to subvert the democratic process are all too familiar to the middle and far right….as subsequent arrests have shown. Until we dig out the rot in our own ship, we can’t hope to sail blissfully into a 2nd Amendment ocean.
Get rid of”Wayne”,bring in Donald Trump JR he will fix the problem!
I wonder if AG James considered the “financial status” of NY will she was taping away? Will AG James hold the politicians accountable for the financial mismanagement of NY ? How has AG James handled the riots and bio-warfare damage done to the people of NY?
Wayne better think hard about this move. The crap he gets away with in New York will not be tolerated in Texas. Wayne is as corrupt or more corrupt than any politician in Washington and he will hve “the eyes of Texas” on him if he moves here.
Who are you, Tony? Are you really a Texan? ‘Cause you don’t sound like one. I was born & raised in Texas, and I say Wayne is welcome here. Do you believe what the New York trash talkers say, just because they say it? What if some libercrats made something up about you to smear your name? Anyone who believes what those selfish dictator wannabees say should move to New York and join them.
I am grateful there is an organization large and powerful enough to fight for my rights to own and CARRY a firearm. And no, I don’t believe anyone is perfect, or beyond temptation. But these men running this organization have put their reputations on the line for the sake of our freedoms. They’re the front men in this “battle of laws”, and if you think you can do better, then start your own organization; quit bad-mouthing the leaders of the NRA.
Thank you Eric, Yes I am a member of The N.R.A. and have been for years and have been a Gun Owner for many more. I live in the cold of Michigan and there are people here who think the way like ny does but thank God not many. But long before I became a member of the n.r.a. I watched and listened to the n.r.a. and just normal every day people. I’m a father of 3 2 girls and a son and I am proud of all 3. All 3 have gone though a Gun Safety Program and the 2 girls both have gone and got their CCW OR CPL permits and all because of The N.R.A. they are who put on the programs . In the 150 plus years of the n.a.r. They have Always done nothing but Teach and Preach GUN SAFETY a lot of Law Enforcement have all taken some type of class or program put on by the n.r.a. I am A Proud Supporter of THE SECOND AMENDMENT and a 110% Supporter and Need Be a Proud Defender of Both.I can only Hope & Pray That The N.R.A. can make it past all this crap in ny and Be Around To Teach Millions of Further young Americans Safe Handling and Safe Usage of a Firearm . I am 67 now and I own a few firearms Handguns and Long Guns and I’ve had my own Cancel Carry permit for many years. And I’m hoping when I die my guns can be passed on to my kids and my grandkids and I Hope our Fight to Keep The Second Amendment Well live on Many years long long after I’m dust. But as long as we Have People Like You the N.R.A. And Many Others Fighting For OUR SECOND AMENDMENT RIGHTS We can Overcome people such as the DemoRats Illegal President and The Wicked Witch Pelosi WE WELL WIN THIS FIGHT NOW AND YEARS TO COME…. Thanks Eric
Hobby? The Founders affirmed our Natural Right to a hobby?
This is a common state and federal tactic, drain the object of their attack dry financially using the unlimited resources of the government to hound them to death. I don’t know the legaleeze of all this, but it would seem the relocation of their charter from NY to TX would be simple thing if the NRA continues to pay or pay off its creditors, and why in the world is the NRA even in NY in the first place? NY has been anti-firearm since the Sullivan Law went into effect. The financial impropriety attack should be moot considering the NRA is subject to an independent audit on a regular basis and has been found in excellent shape. The recent LaPierre clothing brouhaha was over something that happened more than 20 years ago. Remember, the mainstream media is just as biased about the NRA and gleefully report any inconsistencies to inflame members for the main part, and make them look like the boogeyman for everyone else. Almost 40 million NICS check from 1/1/20 to 11/20, only 28 million in all of 2019, if those 40 million gun owners were NRA members, do you think we would be in this shape politically? What else are you going to join? The SAF, the CCRKBA, which must be an offshoot of SAF since they are in the same town. They are good to support too, but right now, all you have is the NRA as a well known nationwide voice. The NRA is the Jimmy Hoffa of the gun industry, make demands, don’t back down, don’t give in, but be willing to negotiate as long as you are setting the objective.
In regard to drafting firearms legislation, It’s real simple: “Shall not be infringed”.
This headline is very misleading. The NRA is not “moving” to Texas, they are moving the state where they are incorporated. Their headquarters are in Virginia and the NRA has stated they have no plans to move those headquarters.
While this article is “technically” correct, it is very misleading. The only thing moving to Texas is a legal status. Please correct your article as it misleads readers and implies more than what will actually occur.
Wayne LaPierre needs to step down immediately and they actually need to move to Texas. Virginia is very anti- 2nd Amendment and they will try the same thing NY has done. Move now and get out of the crap.
The NRA is filing for bankruptcy because they know who beat them before and who will beat them again. They know what kind of choke points to expect in the upcoming years.
I know that gun violence legislation is coming up in the next session of Congress. As a firearm enthusiast, I want our concerns to have a seat at the table when the next Assault Weapons Bill is hammered out. Do I want my side to be represented by a bunch of stubborn idealogues from the NRA who are too concerned about “muh freedoms” to compromise on even the most common-sense of safety and regulations [almost feels like a discussion on masks], like the financially and ethically bankrupt NRA, or do I want my side to be represented by a more reasonable faction within the hobby? If we fight history on this one, we will lose and not just on common-sense issues like so-called standard capacity magazines and arm braces and the gun show loophole; we could be looking at vast, overreaching confiscations, even to hunting firearms like .30-30s and pump shotguns. Let us look to the example of bump stocks; both sides came together and fell on the right side of history. It is only a shame that nearly 900 people had to die or get maimed for it to happen. Will history judge firearm enthusiasts in this new era as responsible citizens willing to compromise for the greater good and public safety; or as Insurrectionists, bitterly clinging to their weapons of war and waiting for their next chance to invade their own capitol? Friends, Wayne Lapierre and the NRA would lead the hobby in the wrong direction.
Ok blue dog you are clearly a democrat based on the past 2 posts I read. My guess is you also arent really a gun enthusiast and dont understand that the so called “common sense gun laws” are just a means to chip away at the constitution. Shall not be infringed means exactly that. Doesnt take common sense to know any laws the government adds is infringing and illegal. You give the democrats an inch they take a square mile. The Republicans are always the party giving in and negotiating. We saw just how violent and radical the left can be this year and it hopefully showed us all we need the 2 amendment more than ever. The 2nd amendment protects all the other amendments. So blue dog please keep your anti NRA and anti assault weapon and anti arm brace and anti bump stock opinions on the cnn forums. (Btw the only incident where a bump stock was used to kill resulted in killing 60 people and wounding 411. The other roughly 400 were injured from the chaos). If we wanna ban something to save lives start with vehicles traveling faster than 40mph. The constitution doesn’t protect cars. But its not really about saving lives, it’s about the left stripping the power from the people.
Compromise? Hell no.
We have been compromising for decades and have been uniformly screwed in the process. The pie keeps getting divided in half, again and again, with us retaining an ever more meager slice, and our enemies coming back for half of what we have left before the ink is dry on the last bill.
Compromise is supposed to mean each side gets something. What did we ever get other than screwed?
So again, HELL NO!
2A: absolute, nonnegotiable. Don’t like that? Tough shit.
If you have to specify your preferred pronouns, then you have drank the koolaide, deeply, and are part of the problem.
You lost me long before “our hobby.”
Back to the basement with you, Komrade.
“Within the hobby”? I’m afraid you are sorely misinformed. 2A is not about a hobby. You sir, are a dumba**!
I think that the recent and ongoing riots, including those that just happened last week, are clear indication that the violent left will continue to seek to impose their will on everyone else by using violence against anyone that dares to oppose them in any way, and even against anyone that failed to affirmatively support them. If this doesn’t cry out for why people need rifles with standard capacity magazines, then nothing will.
And yes, need has nothing to do with exercising a God given, constitutionally guaranteed, basic right.
So as others have said, Blue Dog should quit trolling 2A sights and forums, and go back to your PC safe space in mommy’s basement.
Blue Dog, please explain what the “gun show loophole” is since I always thought that all local, state and federal laws applied to any gun show. Also, please list any “gun control laws” that you will admit defy “common sense”?
As far as the “bump stocks” are concerned, both sides never “came together” and the Demshevicks refused to work with Trump on legislation after the Vegas shooting. The Demshevics did NOT want Trump to have any political success and instead under the urging of Trump the DOJ and BATFE came up with a ban that will cause future legal problems. The left and the right working in good faith together is very unlikely and stealing political power has replaced democracy and federal law agencies are left wing political operatives.
Nope. This guys a rat. Nice try but very sloppy. No way in hell you support anything 2nd. Try sounding smarter and not using trigger words you heard from Trevor Noah.