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National Rifle Association Files for Bankruptcy and Plans to Move to Texas

  • Gun rights group plans to reincorporate in Lone Star state
  • New York’s attorney general says she won’t give up pursuit
Signage for the National Rifle Association
Signage for the National Rifle AssociationPhotographer: Aaron M. Sprecher/Bloomberg
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The National Rifle Association of America, the gun-rights group feared for its lobbying clout but now threatened with dissolution by the state of New York, filed Friday for Chapter 11 bankruptcy with plans to regroup in Texas.

Restructuring in federal court will help the NRA exit “a corrupt political and regulatory environment in New York,” according to a statement on its website. The NRA’s petition filed in Dallas listed assets and liabilities of as much as $500 million each.