National Rifle Association Files for Bankruptcy

smell my finger

strive nonetheless towards beauty and truth,
Aug 8, 2001
98,199
N NJ
National Rifle Association Files for Bankruptcy
Gun-rights group plans to move to Texas amid legal battle with New York’s attorney general





The National Rifle Association filed for bankruptcy protection and said it plans to restructure itself as a Texas nonprofit, the latest twist in its legal battle with New York Attorney General Letitia James.

The gun-rights group, which has been a New York-registered nonprofit since 1871, said it was taking the measures “to exit what it believes is a corrupt political and regulatory environment in New York.”

The New York attorney general’s office, which oversees the state’s charities bureau, filed a lawsuit last August seeking to dissolve the NRA, alleging that insiders violated the state’s nonprofit laws by illegally diverting tens of millions of dollars from the group through excessive expenses and contracts that benefited relatives or close associates.

The NRA has denied the allegations.

The NRA filed a chapter 11 bankruptcy petition Friday in U.S. Bankruptcy Court for the Northern District of Texas, court documents show, listing both assets and liabilities of $100 million to $500 million.
The documents show the NRA’s board authorized the chapter 11 petition and reorganization at a meeting on Jan. 7. The NRA said it would seek court approval to reincorporate in Texas.

A spokesman for the New York attorney general’s office had no immediate comment.
 

Mammoth

I should be working.
OT Supporter
Jun 2, 2005
26,056
Michigan
Smart move on their part. They can reorganize their debts and keep creditors from attempting to collect. The court will places an automatic stay so their creditors can't collect and the NRA gets to works on a more favorable repayment plan. Additionally, they are not forced to sell off any assets. This ties the hands of their creditors and the over-regulated NY political environment and allows them to relocate to a more friendly political area.

They have millions of members. I don't see them going under. But I do want more details about the whole "diverting tens of millions of dollars from the group through excessive expenses and contracts that benefited relatives or close associates." The NRA has been pretty quiet on that front outside of denying the allegations.
 

Phx Cobra

Well-Known Member
Jul 18, 2006
57,404
AZ
NRA does nothing but steal money from unknowing old fools. They do not represent gun owners.
Plenty of other organizations such as Firearms Policy Coalition are fighting with less money and well thought out legal cases, and winning pretty much everything.
 

BeagleMe

Well-Known Member
Nov 4, 2009
1,071
Claremont, CA/Adelaide, SA
good_im_glad_donald_glover.gif
 

frostedfrank

Well-Known Member
Oct 2, 2003
7,413
Ottawa, Canada
I don't know about America but I work for a non-profit in Canada and you have to disclose much more information about your operations etc. Going to be harder for them to cheat the system like they seem to have been doing.
 

Das_Ubermensch

OT Supporter
Jan 11, 2004
14,671
Fuck you CITY
NYAG has a pretty airtight case on them. They've been under investigation for almost a decade. As an org they have the typical conservative mentality that they can cheat, steal, generally align with evil bad shit and stand behind political concepts like religion, patriotism, 2A, etc. And there were many pols, even in NY who looked the other way. Made excuses at every turn. NYAG has been waiting years for the opportunity to file the case.
 
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whatever

OT Supporter
Feb 18, 2004
213,772
I don't know about America but I work for a non-profit in Canada and you have to disclose much more information about your operations etc. Going to be harder for them to cheat the system like they seem to have been doing.

in america non profits are used as money laundering machines. its basically what the NRA is
 
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Reactions: frostedfrank

whatever

OT Supporter
Feb 18, 2004
213,772
NYAG has a pretty airtight case on them. They've been under investigation for almost a decade. As an org they have the typical conservative mentality that they can cheat, steal, generally align with evil bad shit and stand behind political concepts like religion, patriotism, 2A, etc. And there were many pols, even in NY who looked the other way. Made excuses at every turn. NYAG has been waiting years for the opportunity to file the case.

she is going to fuck them over the coals bigly. im happy for NYAG.
 

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