The National Rifle Association has filed a motion for bankruptcy. The embattled gun lobby group, besieged by allegations against its top leadership of years-long misuse of funds, after reportedly spending $30 million to help elect Donald Trump president in the 2016 election cycle, had also faced embarrassing reports of leadership with ties to Russia.
“The NRA listed assets and liabilities of as much as $500 million each, according to its bankruptcy petition,” Bloomberg reports, announcing the group filed for Chapter 11 bankruptcy protection in Texas.
In August New York Attorney General Letitia James announced a massive, devastating lawsuit against the National Rifle Association for fraud and self-dealing, and called for the gun group to be dissolved.
Bloomberg notes the NRA plans to “restructure and reincorporate in Texas.”
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