In a move that protects their financial assets and punishes the cancel-culture of New York State, the National Rifle Association (NRA) has announced it is moving its operations to Texas using the cover of Chapter 11 bankruptcy protections to disengage from the State of New York.
A spokesperson said, in announcing the organizations decision to leave New York, that the organization was “in its strongest financial condition in years.” The non-profit organization’s Chapter 11 filing listed between $100 million and $500 million in assets and between $100 million and $500 million in liabilities.
The zero assets to liabilities ratio fulfills the non-profit organizations requirements under it’s 501(c)(3) IRS non-profit tax exempt status. The NRA qualifies as a 501(c)(3) due to its educational, charitable, and public safety initiatives.
BREAKING NEWS: @NRA Dumps New York to Reincorporate in Texas, Announces New Strategic Plan
"This is a transformational moment in the history of the NRA," says NRA CEO & EVP Wayne LaPierre.
— NRA (@NRA) January 15, 2021
“Today, the NRA announced a restructuring plan that positions us for the long-term and ensures our continued success as the nation’s leading advocate for constitutional freedom – free from the toxic political environment of New York,” NRA CEO Wayne LaPierre said in a statement.
“The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas…This plan represents a pathway to opportunity, growth and progress.”
Texas Gov. Greg Abbott (R), welcomed the organization to his state tweeting. “Welcome to Texas – a state that safeguards the 2nd Amendment,” he wrote. Texas boasts as home to approximately 400,000 NRA members.
NRA may be moving to Texas.
From their letter:
“Texas values the contributions of the NRA, celebrates our law-abiding members, and joins us as a partner in upholding constitutional freedom.”
Welcome to Texas—a state that safeguards the 2nd Amendment https://t.co/CCoP5DmGMI
— Greg Abbott (@GregAbbott_TX) January 15, 2021
The NRA move comes after last Augusts lawsuit by New York Attorney General Letitia James (D), a product of an initiative financed heavily by George Soros, that alleged top NRA executives engaged in “diversion of millions of dollars away from the charitable mission of the organization for personal use by senior leadership, awarding contracts to the financial gain of close associates and family, and appearing to dole out lucrative no-show contracts to former employees in order to buy their silence and continued loyalty.”
Shortly after the NRA’s announcement that the organization was kicking New York to the curb, James tweeted that while her office reviews the organization’s bankruptcy filing, they “will not allow the @NRA to use this or any other tactic to evade accountability” or oversight.
President Elect Biden said on January 8, 2021, that he will “defeat” the NRA.
“As you may know, Chapter 11 proceedings are often utilized by businesses, nonprofits and organizations of all kinds to streamline legal and financial affairs,” LaPierre noted.
LaPierre added that “no major changes” would be forthcoming to the organization operations or workforce.