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NEWT, Inc. files Chapter 7
MSNBC ^ | 4/5/2012 | Domenico Montenaro

Posted on 04/05/2012 12:29:28 PM PDT by GlockThe Vote

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.

(Excerpt) Read more at firstread.msnbc.msn.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Government; News/Current Events
KEYWORDS: bankruptcy; byebyenewt; goawaynewt; gohomenewt; newt; newt2012; newt4bankruptcy; newt4romney; newtinc; notbankrupt; notflagship; toast
Not good!
1 posted on 04/05/2012 12:29:31 PM PDT by GlockThe Vote
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To: GlockThe Vote

Makes you wonder why this is happening NOW ???


2 posted on 04/05/2012 12:33:01 PM PDT by EagleUSA
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To: GlockThe Vote

Grim news for Speaker Newt Gingrich – his FORMER group

http://gretawire.foxnewsinsider.com/2012/04/05/grim-news-for-speaker-newt-gingrich-his-former-group/?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+foxnewsinsider%2Fgretawire+%28Gretawire%29

(excerpt)

Speaker Gingrich has not been running the health care group (note it says, ‘former’ which I assume means that he turned it over to someone else while he has been running for President.) Often when the person who starts a big project leaves, it can fail. But it still must come as a huge disappointment to him.


3 posted on 04/05/2012 12:33:21 PM PDT by sheikdetailfeather ("We Need To Teach The Establishment a Lesson" - Newt Gingrich)
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To: EagleUSA

What the heck kind of debts did he rack up?


4 posted on 04/05/2012 12:37:26 PM PDT by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: GlockThe Vote

Not inspiring confidence that he can balance our budget, pay off a $15 Trillion national debt and get the economy growing again.

Fork. Stick. Done.


5 posted on 04/05/2012 12:39:34 PM PDT by Choose Ye This Day (There's no shame in attacking a criminal's bean bag. -- Ron Swanson)
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To: GlockThe Vote

“What the heck kind of debts did he rack up?”

::::::::::::::

http://online.wsj.com/article/SB10001424052748703916004576271263380723514.html

Maybe some cluses beginning here....very strange.


6 posted on 04/05/2012 12:46:11 PM PDT by EagleUSA
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To: GlockThe Vote

Hopefully, there are no outstanding debts to Tiffany’s.


7 posted on 04/05/2012 12:47:04 PM PDT by Uncle Slayton
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To: Uncle Slayton

http://thecaucus.blogs.nytimes.com/2012/04/05/former-gingrich-consultancy-files-for-bankruptcy/

The Atlanta Business Chronicle quoted an aide to Mr. Gingrich, Stefan Passantino, as saying the bankruptcy filing took place after the candidate had divested himself from the center and its operations.


8 posted on 04/05/2012 12:48:31 PM PDT by sheikdetailfeather ("We Need To Teach The Establishment a Lesson" - Newt Gingrich)
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To: GlockThe Vote

All together now the Newt mantra: Newt is my guy. He is the only one that can save us all. He can do no wrong and this is just overblown or a nefarious conspiracy. This, like all the other things about him that
would disqualify anybody else a hundred times over from being taken seriously, means nothing. GO
NEWT!


9 posted on 04/05/2012 12:52:19 PM PDT by ltbigv
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To: Choose Ye This Day

You say that in response to an article from the MSM, even worse.... MSNBC!!!

Some of you people are dumber than a box of rocks. It is no wonder that we are about to lose our country.

I’ll wait for Newt to tell me what the real story is on this.

Stick a fork in yourself... it is you and people like you that are done.


10 posted on 04/05/2012 12:54:12 PM PDT by Gator113 (** President Newt Gingrich-"Our beloved republic deserves nothing less." ~Just livin' life, my way~)
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To: Gator113

Filing Chapter 7 is bad1 Chapter 11 is one thing, but Chapter 7 is ba bad bad bad.


11 posted on 04/05/2012 1:01:12 PM PDT by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: Gator113

See post 8 Gator. Newt is not involved with them now. Drudge is anxious to push Romney over the finish line so he bashes Newt and Santorum. The only place I got the truth was Greta VanSusteren.


12 posted on 04/05/2012 1:07:07 PM PDT by sheikdetailfeather ("We Need To Teach The Establishment a Lesson" - Newt Gingrich)
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To: GlockThe Vote
Corporate law is vast. They may be doing this to consolidate. Newt himself is in no trouble. He protected his personal interests accordingly. This is why anyone dealing with large consulting funds or incomes must absolutely, incorporate to protect themselves.

Besides that, Newt has several of these corporations under his name.

13 posted on 04/05/2012 1:09:06 PM PDT by PSYCHO-FREEP (If you come to a fork in the road, take it........)
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To: GlockThe Vote

Without Newt’s involvement I can see how this could happen to a company. Being dependent on clients from inside the beltway, I can see how the establishment Republicans (and Democrats) probably blacklisted this company. Smells like Romney.

Newt’s quote about the signers of the Declaration of Independence “risking their fortunes and sacred honor” comes to mind. This just goes to show that Newt has been all in since the get go. Go Newt!

And of course, it’s OK for Romney to make millions bankrupting companies through Baine Capital.


14 posted on 04/05/2012 1:09:25 PM PDT by Bizhvywt
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To: ltbigv

Because a person files bankruptcy or a former corporation does so. Millions of people file this. Someone in your own family probably has filed or you may even one day. It happens and even to good people. Thanks to GW Bush, the government goes way up in your business if you can’t make it so laugh-if you only had a clue.


15 posted on 04/05/2012 1:12:43 PM PDT by Christie at the beach (I like Newt and would love to see political dead bodies on the floor.)
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To: GlockThe Vote

News always sounds worse when it is delivered by the enemy... I’ll wait for Newt’s explanation.


16 posted on 04/05/2012 1:20:33 PM PDT by Gator113 (** President Newt Gingrich-"Our beloved republic deserves nothing less." ~Just livin' life, my way~)
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To: sheikdetailfeather

Gotcha...


17 posted on 04/05/2012 1:21:36 PM PDT by Gator113 (** President Newt Gingrich-"Our beloved republic deserves nothing less." ~Just livin' life, my way~)
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To: GlockThe Vote

Does this group have anything to do with his campaign?


18 posted on 04/05/2012 1:23:01 PM PDT by beaversmom
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To: GlockThe Vote

Here’s some from the first two pages of Google results. Don’t have time to go through all 796,000 results for romney bankruptcy bain...

Romney using ethics exception to limit disclosure of Bain holdings

Washington Post - 2 hours ago
Republican presidential front-runner Mitt Romney, whose wealth has become ... China and a California firm once owned by Bain that filed for bankruptcy years ...

Romney’s Bain Capital Made Billions While Bankrupting Nearly One-Quarter Of The Companies It Invested In

http://thinkprogress.org/economy/2012/01/09/400404/romney-bain-bankrupts-billions/

Romney’s Bain Capital ‘earned’ $342 million by bankrupting ...

www.infowars.com/romneys-bain-capital-earned-342-million-by-...
Jan 26, 2012 – By 1998, Mr. Romney and his restless colleagues at Bain began looking for ... their $342 million payday, Bain led Dade directly into bankruptcy: ...

Romney’s Bain Capital record shows mixed record on bankruptcies ...

www.washingtonpost.com/.../romneys-bain...bankruptcies/.../gIQAN...
Dec 14, 2011 – Mitt Romney’s wildly lucrative business career continues to draw fire from opponents who seek to paint him as a heartless financier.

How Romney’s Firm Drove Steel Plant Into Bankruptcy, But Still ...

thinkprogress.org/economy/2012/01/.../romney-bain-federal-bailout/
Jan 6, 2012 – A Missouri steel company in which former Massachusetts Gov. Mitt Romney’s (R) Bain Capital was the majority shareholder went bankrupt, laid ...

Romney’s Bain made millions as S.C. steelmaker went bankrupt ...

www.mcclatchydc.com/2012/.../romneys-bain-made-millions-as.html
Jan 14, 2012 – Bain Capital spent $24.5 million to acquire GS Industries in 1993, according to an investment prospectus for the company. By the end of that ...

American Airline Workers Blast Bain, Prepare for Bankruptcy Fight (UPDATED)

http://www.inthesetimes.com/working/entry/12643/mitt_romney_american_airlines_bankruptcy_bain_transport_workers_union_flori/

Special report: Romney’s steel skeleton in the Bain closet | Reuters

www.reuters.com/.../us-campaign-romney-bailout-...
Jan 6, 2012 – The steel company declared bankruptcy in 2001. Romney continued receiving dividends from Bain after his departure. He accumulated a ...

Romney’s Bain Had Loads of Profit, Bankruptcies - Wall Street ...

www.newser.com/.../romneys-bain-had-loads-of-profit-bankruptcies....
Jan 9, 2012 – Mitt Romney has touted his time at Bain Capital as proof that he’s the “turnaround artist” America needs, but an analysis of the companies he ...


19 posted on 04/05/2012 1:31:10 PM PDT by JediJones (The Divided States of Obama's Declaration of Dependence: Death, Taxes and the Pursuit of Crappiness)
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To: GlockThe Vote

“The health care think tank founded by Republican presidential candidate Newt Gingrich has filed for Chapter 7 bankruptcy.

The Center for Health Transformation (CHT), headed by chairman Nancy Desmond, filed for bankruptcy in Atlanta, according to the Atlanta Business Chronicle. Gingrich sold his share of the CHT and Gingrich Group to the CHT May 10, 2011, and relinquished any legal connection with them.

The center will go out of business in light of liabilities between $1 million and $10 million and between 50 and 99 creditors, according to the Associated Press. The group had assets of only up to $100,000, the AP reported.

CHT is described on its website as “a high-impact collaboration of private and public sector leaders committed to creating a 21st Century Intelligent Health System that saves lives and saves money for all Americans.”

Gingrich founded Gingrich Holdings with other partners, the umbrella under which CHT operated. The bankruptcy should show the public how vital Gingrich’s leadership was to the center, his legal counsel, Stefan Passantino, told ABC News.”...

http://news.yahoo.com/think-tank-founded-newt-gingrich-files-bankruptcy-185214035—abc-news-politics.html


20 posted on 04/05/2012 1:37:23 PM PDT by Cincinatus' Wife
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To: Christie at the beach
They only exploited it because this company was in Newt's name.

Romney has closed down so many companies in which he hides with Bain. It is going to come out about Romney.

21 posted on 04/05/2012 1:50:08 PM PDT by Christie at the beach (I like Newt and would love to see political dead bodies on the floor.)
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To: TexasFreeper2009

Is this the guy who inspires your confidence? Looks like the country will be safe in his hands.


22 posted on 04/05/2012 2:11:50 PM PDT by Dutchboy88
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To: GlockThe Vote

What the heck kind of debts did he rack up?

Diamonds, cruises and private jets.


23 posted on 04/05/2012 2:47:21 PM PDT by tennmountainman
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