Here's troubling news for Lexington County gun owners.
The National Rifle Association has filed for Chapter 11 bankruptcy with plans to regroup in Texas.
The 2nd Amendment-rights group is threatened with dissolution by the state of New York.
The federal court filing will help the NRA escape “a corrupt political and regulatory environment in New York,” according to the NRA website. 
The NRA petition filed in Dallas listed assets and liabilities of as much as $500 million each.
NY  Attorney General Letitia James sued to dissolve the NRA and accused Wayne LaPierre, the NRA executive vice president, and 3 others of fleecing it.
Washington, DC, Attorney General Karl Racine has filed a separate lawsuit against the NRA’s charitable arm, accusing it of misusing donor funds.
Chapter 11 bankruptcy will allow the NRA to operate while repaying creditors and delays  lawsuits.
The NRA said on its web page that it is in “its strongest financial condition in years.” 
“We are dumping New York and pursuing plans to reincorporate in Texas,” LaPierre wrote on its website.
The NRA has received millions of dollars from its foundation whose donors get a tax deduction.
James suit alleges NRA executives diverted millions of dollars in donations to enrich themselves. She wants millions of dollars in restitution and penalties. 
The NRA has counter-sued in federal court, accusing her of violating its 1st Amendment rights and weaponizing her legal power.