Those diamonds don’t pay for themselves people! What are they going to do now?
(Reuters) – ATLANTA – When he entered the race for the Republican presidential nomination in May 2011, Newt Gingrich was the prosperous head of a small empire commonly known as Newt Inc, which included both for-profit consultancies and nonprofit foundations.
Altogether, these entwined ventures pulled in more than $110 million over the past decade. Now the vestiges of this empire are mired in debt, as is Gingrich’s campaign fund.
A bankruptcy proceeding under way in Atlanta will determine whether the one company still owned by Callista Gingrich, Gingrich Productions, will lose an expected payout that now constitutes the bulk of the Gingriches’ net worth.
The bankrupt corporation is the Center for Health Transformation, whose revenues came from the hefty dues paid by corporations for assistance in formulating and promoting certain healthcare policies.