THE LARGEST COLLECTION OF LEGAL JOBS ON EARTH
LawCrossing Legal Daily News Feature
Newt’s Gingrich Group LLC Files Chapter 7 Bankruptcy The Gingrich Group LLC, incorporated from The Center for Health Transformation launched by Gingrich in 2003, filed for Chapter 7 bankruptcy on Wednesday. The Gingrich Group reported an estimated debt between $1 million to $10 million in its filing before a U.S. Bankruptcy Court in Atlanta. There are more than 50 creditors including Moby Dick Airways Ltd, a private plane company. Gingrich’s presidential hopeful campaign itself owed $75,642 to Moby Dick as of February 29.
04/06/12
House. Passintino told the media, “Clearly when Newt left the room it became much more difficult for them
Strangely, or may be not so strangely, the Gingrich
to sell this collaborative project because he was the
Group LLC is fated to go bankrupt with its principal
glue … It took a year but ultimately it fell under its own
creditors being Gingrich himself, his wife, Callista, the
weight.”
video company Gingrich Productions, and Moby Dick among others. Also strangely, with a company which
The bankruptcy filing comes at a time when Gingrich’s
ran up such high debts, the assets of the company, as
campaign is heavily in need of funds and Newt has
filed, are only between $50,000 and $100,000.
already started cutting short his campaign staff. In fact, with the huge winning streak sported by Romney, the
This is in spite of evidence that the health care think
strategies of both Santorum and Newt are now to keep
tank had collected tens of millions of dollars in dues
Romney from getting the number of delegates required
from healthcare companies and was considered one of
for unchallenged nomination.
the most lucrative enterprises founded by Newt after stepping down from his position as speaker of the U.S.
Other large creditors of Gingrich LLC include AT&T,
House of Representatives.
Merck & Co and Aflac Inc.
Stefan Passantino, Gingrich’s lawyer said that the
The lawyers representing the Gingrich Group LLC have
candidate had divested all of his interests in the
declined to make any further comments beyond what is
Gingrich Group LLC as he prepared to run for the White
there in the filing.
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