The National Rifle Association (NRA) filed for bankruptcy on Friday and plans to restructure as a Texas non-profit.
The New York attorney general's office sought to dissolve the NRA by filing a lawsuit against them in August, accusing the gun-rights group of misappropriating tens of millions of dollars to benefit relatives and close associates, a violation of non-profit laws.
The NRA denied those allegations, claiming New York Attorney General Letitia James' office is politically motivated.
The bankruptcy filing listed between $100 million and $500 million in assets and liabilities, with the group saying it wants to "exit what it believes is a corrupt political and regulatory environment in New York."
"This strategic plan represents a pathway to opportunity, growth and progress," said the NRA's chief executive Wayne LaPierre. "Obviously, an important part of this plan is ‘dumping New York.'"
According to court documents, the NRA board officially approved the chapter 11 petition on January 7th, along with their plans to relocate and reincorporate in Texas.