04/06/12
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.
Strangely, or may be not so strangely, the Gingrich Group LLC is fated to go bankrupt with its principal creditors being Gingrich himself, his wife, Callista, the video company Gingrich Productions, and Moby Dick among others. Also strangely, with a company which ran up such high debts, the assets of the company, as filed, are only between $50,000 and $100,000.
This is in spite of evidence that the health care think tank had collected tens of millions of dollars in dues from healthcare companies and was considered one of the most lucrative enterprises founded by Newt after stepping down from his position as speaker of the U.S. House of Representatives.
Stefan Passantino, Gingrich's lawyer said that the candidate had divested all of his interests in the Gingrich Group LLC as he prepared to run for the White House. Passintino told the media, “Clearly when Newt left the room it became much more difficult for them to sell this collaborative project because he was the glue … It took a year but ultimately it fell under its own weight.”
The bankruptcy filing comes at a time when Gingrich's campaign is heavily in need of funds and Newt has already started cutting short his campaign staff. In fact, with the huge winning streak sported by Romney, the strategies of both Santorum and Newt are now to keep Romney from getting the number of delegates required for unchallenged nomination.
Other large creditors of Gingrich LLC include AT&T, Merck & Co and Aflac Inc.
The lawyers representing the Gingrich Group LLC have declined to make any further comments beyond what is there in the filing.
Only LawCrossing consolidates every job it can find in the legal industry and puts all of the job listings it locates in one place.
Popular Questions
- Why LawCrossing's Marketing Problem is Good for You
- Why It is Important to See Every Job Site There is
- Private versus Public Job Boards
- Why You Need to Manage Your Job Search in One Place
- Who Else Wants Their Phone Ringing Off the Hook With Quality Job Interviews?
- Do Not Use Another Job Board Until You Read This
Do you want a better legal career?
Hi, I'm Harrison Barnes.
I'm serious about improving Lawyers' legal careers. My only question is, will it be yours?
