NRA files for bankruptcy, says it's moving from New York to Texas

The National Rifle Association on Friday announced that it would be "utilizing the protection of the bankruptcy court" as it pulls corporate stakes out of New York in favor of Texas, a move that comes after efforts by New York officials last year to dissolve the gun rights group.

In a press release, the NRA said it plans to "restructure [itself] as a Texas nonprofit to exit what it believes is a corrupt political and regulatory environment in New York."

"The move will enable long-term, sustainable growth and ensure the NRA’s continued success as the nation’s leading advocate for constitutional freedom – free from the toxic political environment of New York," the press release continued. 

Concurrently, the NRA has "filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division," the group said, adding: "Chapter 11 proceedings are routinely utilized by businesses, nonprofits and organizations of all kinds to streamline legal and financial affairs."

Last year the New York State Attorney General announced that the state was seeking to dissolve the NRA—long a target of progressives and gun control groups—over claims that the group had engaged in sustained financial fraud. 

At the time of that controversy, President Trump told media: "I think the NRA should move to Texas and lead a very good and beautiful life."