Gingrich Group Files For Bankruptcy
Well, this isn’t going to do his campaign any good (emphasis in original):
In another black eye for Newt Gingrich, the flagship of what’s known in Washington as “Newt, Inc.,” has filed for bankruptcy.
In a Chapter 7 filing in the U.S. Bankruptcy Court, Northern District of Georgia, The Gingrich Group LLC, doing business as the Center for Health Transformation, filed for bankruptcy Wednesday. (Chapter 7 is “the chapter of the Bankruptcy Code providing for ‘liquidation,’ that is, the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors,” as defined by the federal courts.)
The vast majority of Gingrich’s net worth is tied up in the Gingrich Group. Gingrich is worth overall between $7.1 million and $31 million, according to his financial disclosure. He lists a promissory note from Gingrich Group as being worth between $5 million and $25 million.
Gingrich was chairman of the group until May of last year, when he announced he was running for president. Since focusing his efforts on his presidential run, the “Gingrich Group” has struggled to raise money, leading to its eventual collapse.
Here’s an idea. Maybe Newt could quit playing Don Quixote and actually go back and run the company named after him? He has no realistic chance of winning the nomination (sorry, Newt fans, just being honest here), the only reason he’s staying in is in the hope of denying Mitt the nomination, likely out of pure spite and pique. That’s not statesmanlike, it’s not presidential, it’s not Reaganesque, and it’s apparently really harming his other businesses.