NRA declares bankruptcy, plans to incorporate in Texas - POLITICO

The logo of the National Rifle Association is seen at an outdoor sports trade show.

AUSTIN, Texas — The National Rifle Association announced Friday it has filed for bankruptcy protection and will seek to incorporate the nation’s most politically influential gun-rights group in Texas instead of New York.

The NRA's bankruptcy filing listed between $100 million and $500 million in assets and between $100 million and $500 million in liabilities.

The NRA filed for Chapter 11 bankruptcy in federal court in Dallas and said it planned to incorporate in Texas, where records show it formed a limited liability corporation, Sea Girt LLC, in November 2020.

In its filing, the NRA said its longtime leader, Executive Vice President Wayne LaPierre, made the decision to file for bankruptcy protection in consultation with a “special litigation committee” comprising three NRA officials that was formed in September to oversee its legal strategies.

The NRA's largest creditor, owed $1.2 million, is Ackerman McQueen, which is the group's former advertising agency that was behind the now-shuttered NRA TV service.

The NRA sued the Oklahoma-based company in 2019, alleging it was being overbilled and said in Friday's bankruptcy filing that the debt it is owed is disputed

“No financial filing can ever shroud the moral bankruptcy of Wayne LaPierre and his wife and their lap dogs on the NRA board,” said Bill Powers, an Ackerman McQueen spokesperson and former public affairs director for the NRA