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Why is NRA declared bankrupt?

On Friday 15 January, the National Rifle Association, a gun rights advocacy group based in the United States, filed for bankruptcy.

Update:
(FILES) In this file photo taken on March 3, 2016 Wayne LaPierre, Executive Vice President of the National Rifle Association (NRA), speaks during the annual Conservative Political Action Conference (CPAC) 2016 at National Harbor in Oxon Hill, Maryland, ou
SAUL LOEBAFP

The National Rifle Association Of America on Friday filed for bankruptcy, a sudden development that could help the gun rights group escape a lawsuit by New York's attorney general seeking its dissolution.

NRA files for bankruptcy

According to court documents, the NRA filed for Chapter 11 protection in federal bankruptcy court in Dallas, and said it plans to reincorporate in Texas - in what it is calling 'Project Freedom' - to escape "a corrupt political and regulatory environment" in New York, where it is now incorporated. It was founded in the state back in 1871.

New York state Attorney General Letitia James, however, said in a statement that she would not allow this attempt to evade her office's oversight.

“The NRA’s claimed financial status has finally met its moral status: bankrupt," James said in the statement. "While we review this filing, we will not allow the NRA to use this or any other tactic to evade accountability and my office’s oversight.”

Chris Murphy, the Democratic senator from Connecticut, took to Twitter after the news broke.

"The NRA, a get rich quick scheme for its executives that pushed positions wildly out of step with gun owners, is collapsing, just as Congress readies to vote on a comprehensive background checks proposal with 90% public support." Before adding, "It's happening."

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