On the same day it filed for Chapter 11 bankruptcy protection, the National Rifle Association bragged that it was on solid financial footing. “In fact, this move comes at a time when the NRA is in its strongest financial condition in years,” the powerful gun lobbying group said in an online Q&A after it filed its court petition on Jan. 15. So if everything's fine from a financial standpoint, why is the organization in bankruptcy? Experts and watchdogs are pointing to ulterior motives that extend beyond the purposes of the U.S. bankruptcy code, which is designed for debtors that have fallen on hard times financially and need legal assistance to reduce their debts or pay back creditors over time. The NRA says it needs bankruptcy court to help it escape what it calls "a corrupt political and regulatory environment in New York,” whose attorney general is trying to shut down the organization following accusations of corruption. But filing for Chapter 11 may not be necessary f...
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