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.
New Study of Young Adults Finds Link Between Casual Marijuana Use and Brain Abnormalities | Leah Barkoukis
Paying Attention Now? Gosnell Movie Campaign Reaches $1 Million After MSM Ignore Gruesome Abortion Story | Cortney O'Brien
Kansas Students and Parents Not Thrilled About Michelle Obama Speaking at High School Graduation Ceremony | Christine Rousselle