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The National Rifle Association has filed for bankruptcy protection due to a battle with the New York Attorney General.

The NRA has also announced that it will reincorporate in Texas.

According to CNBC:

WASHINGTON – The National Rifle Association said Friday that it has filed for bankruptcy in U.S. court as part of a larger restructuring plan aimed at moving to Texas after New York state had sought the organization’s dissolution for allegedly misappropriating funds.

The gun-rights advocacy group said it would restructure as a Texas nonprofit to exit from what it described as “a corrupt political and regulatory environment in New York,” where it is currently registered.

“The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas,” wrote NRA CEO and executive vice president Wayne LaPierre, adding that the move will have “no major changes are expected to the NRA’s operations or workforce.”

In his statement Friday, LaPierre said that the NRA is not insolvent and the move to Texas would make the organization stronger. “We are as financially strong as we have been in years,” he said.

The NRA’s headquarters will remain in Fairfax, Virginia.

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