The NRA says it’s moving to Texas. Bankruptcy experts say it may be more of a legal move than a physical one – By Erin Douglas (Texas Tribune) / January 15 2021
The National Rifle Association filed Chapter 11 bankruptcy and may reincorporate in Texas. Experts say it’s fleeing a fraud case in New York.
The National Rifle Association filed Chapter 11 bankruptcy Friday and said it would eventually reincorporate in Texas — a move experts say is a legal maneuver to escape an aggressive lawsuit being pursued by the New York attorney general.
Officials in Texas — which is known as both a gun-friendly and debtor-friendly state — welcomed the NRA’s announcement Friday, embracing the NRA’s stance that it is fleeing a “toxic political environment” in New York.
In August, New York’s attorney general filed a lawsuit against the organization alleging decades of fraudulent use of the NRA’s funds by its executives. New York Attorney General Letitia James accused NRA leaders of knowingly signing off on fraudulent statements.
Texas Gov. Greg Abbott, in a tweet, celebrated the announcement: “Welcome to Texas — a state that safeguards the 2nd Amendment.” Other conservative Texas lawmakers also welcomed the news.
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