Another Black Eye for Newt Gingrich, "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.
The bankruptcy comes at a time when Gingrich's campaign is struggling to regain any momentum. He has only won two states during his run for president -- South Carolina and Georgia, his home state -- and he lags far behind front runner Mitt Romney in the delegate count, in third place with just 137 out of the 1,144 needed to become the nominee.
Read more -
http://firstread.msnbc.msn.com/_news/2012/04/05/11036798-gingrich-group-files-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.
The bankruptcy comes at a time when Gingrich's campaign is struggling to regain any momentum. He has only won two states during his run for president -- South Carolina and Georgia, his home state -- and he lags far behind front runner Mitt Romney in the delegate count, in third place with just 137 out of the 1,144 needed to become the nominee.
Read more -
http://firstread.msnbc.msn.com/_news/2012/04/05/11036798-gingrich-group-files-for-bankruptcy
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