Gingrich group files for bankruptcy


Oh noes! Newton Leroy Gingrich Inc. has gone all bankrupt on us! Damn you, Tiffany's! Damn you... everything else!

Via First Read:

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.

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.

Once Newtie ran for president, the money stopped flowing to the group.

And it has been a source of controversy, as questions were raised -- and other campaigns questioned - whether Gingrich acted as a lobbyist on behalf of the group in Georgia.

And just how, again, would Gingrich plan on managing the country's finances when he can't manage his own?

The bankruptcy filings: Part 1, Part 2.