NRA declares bankruptcy, plans to incorporate in Texas

In this Friday, April 26, 2019 photo, National Rifle Association President Col. Oliver North speaks at the National Rifle Association Institute for Legislative Action Leadership Forum in Lucas Oil Stadium in Indianapolis. On Saturday, North announced that he will not serve a second term as the president of the NRA amid inner turmoil in the gun-rights group. (AP Photo/Michael Conroy)

AUSTIN, Texas (AP) — The National Rifle Association says the nation’s most powerful gun-rights organization has filed for bankruptcy protection and will seek to incorporate the nation’s most politically influential gun-rights group in Texas instead of New York.

The announcement Friday comes months after New York’s attorney general sued the NRA over claims that top executives illegally diverted tens of millions of dollars for lavish personal trips.

The coronavirus pandemic also forced the NRA last year to lay off dozens of employees, cancel its national convention and scuttle fundraising.

The NRA’s bankruptcy filing listed between $100 million and $500 million in assets and between $100 million and $500 million in liabilities.

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