NRA FILES FOR BANKRUPTCY PROTECTION

The National Rifle Association of America filed for Chapter 11 bankruptcy on Friday with plans to regroup in Texas, citing opposition in New york. The group intends to restructure and reincorporate, according to its website. The gun rights group said the filing will help it “exit what it believes is a corrupt political and regulatory environment in New york,” according to the statement. “The move will enable long-term, sustainable growth and ensure the Nra’s continued success as the nation’s leading advocate for constitutional freedom — free from the toxic political environment of New york,” the NRA said. The Chapter 11 petition listed assets and liabilities of as much as us$500 million each. The organization has fought a lawsuit by New york Attorney General Letitia James to dissolve the New york-based organization. She accused NRA leader Wayne Lapierre and three others of fleecing it. Washington d.c. filed a separate lawsuit against the Nra’s charitable arm, accusing it of misusing donor funds.