National Rifle Association On Verge of Bankruptcy?

This weekend news broke that the National Rifle Association is in “deep financial trouble.” How can this possibly be? It has four million members and is one of the most influential Second Amendment rights groups in history!

Granted the story comes from the left-wing Rolling Stone magazine, but if it is even a little true, this is alarming.

But maybe this is just a politically motivated attack by the State of New York?

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From the magazine:

The National Rifle Association warns that it is in grave financial jeopardy, according to a recent court filing obtained by Rolling Stone, and that it could soon “be unable to exist… or pursue its advocacy mission.”

The reason, according to the NRA filing, is not its deep entanglement with alleged Russian agents like Maria Butina. Instead, the gun group has been suing New York Gov. Andrew Cuomo and the state’s financial regulators since May, claiming the NRA has been subject to a state-led “blacklisting campaign” that has inflicted “tens of millions of dollars in damages.”

In the new document — an amended complaint filed in U.S. District Court in late July — the NRA says it cannot access financial services essential to its operations and is facing “irrecoverable loss and irreparable harm.”

Specifically, the NRA warns that it has lost insurance coverage — endangering day-to-day operations. “Insurance coverage is necessary for the NRA to continue its existence,” the complaint reads. Without general liability coverage, it adds, the “NRA cannot maintain its physical premises, convene off-site meetings and events, operate educational programs … or hold rallies, conventions and assemblies.”

The complaint says the NRA’s video streaming service and magazines may soon shut down.

“The NRA’s inability to obtain insurance in connection with media liability raises risks that are especially acute; if insurers remain afraid to transact with the NRA, there is a substantial risk that NRATV will be forced to cease operating.” The group also warns it “could be forced to cease circulation of various print publications and magazines.”

The lawsuit says that the NRA’s finances are in catastrophic condition.

The whole thing stems from actions taken by New York financial regulators to hat the sale of the NRA’s insurance products. The insurance is called “Legal Guard” and helps holders pay for fees associated with their legal use of a firearm. But in May the left-wing state of New York decided that the policies were illegal under state law. Then assessed a seven million dollar fine against the NRA.

The NRA says this is all just a politicly motivated attack and aimed at destroying them. The group also alleges that New York illicitly went father than just the insurance policy attack and tried to force a wide range of financial services (such as banks) to sever ties with the gun rights group.

So, yeah, it looks like the New York has just waged war against the NRA. And that means New York is attacking YOU, America.

Follow Warner Todd Huston on Twitter @warnerthuston.

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