The NRA has filed a voluntary petition for chapter 11 bankruptcy in federal court in Texas on Friday.
Organization executive vice president and CEO Wayne LaPierre said “the NRA is pursuing reincorporating in a state that values the contributions of the NRA, celebrates our law-abiding members, and will join us as a partner in upholding constitutional freedom.”‘
He added “this is a transformational moment in the history of the NRA.”
In a letter to members, LaPierre said “our work will continue as it always has. No major changes are expected to the NRA’s operations or workforce.”
“The NRA is not ‘bankrupt’ or ‘going out of business,’” he added “The NRA is not insolvent. We are as financially strong as we have been in years.”
William A. Brewer III, an attorney for the NRA explained that the move is a precautionary one against NY AG Letitia James, who sued the organization in August, accusing them of diverting money illegally.
Brewer said of filing bankruptcy protection “under this plan, the Association wisely seeks protection from New York officials who it believes have illegally weaponized their powers against the NRA and its members.”