Skip to comments.NEWT, Inc. files Chapter 7
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 ...
Makes you wonder why this is happening NOW ???
Grim news for Speaker Newt Gingrich his FORMER group
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.
What the heck kind of debts did he rack up?
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.
“What the heck kind of debts did he rack up?”
Maybe some cluses beginning here....very strange.
Hopefully, there are no outstanding debts to Tiffany’s.
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.
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
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.
Filing Chapter 7 is bad1 Chapter 11 is one thing, but Chapter 7 is ba bad bad bad.
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.
Besides that, Newt has several of these corporations under his name.
Without Newts 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.
Newts 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.
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.
News always sounds worse when it is delivered by the enemy... I’ll wait for Newt’s explanation.
Does this group have anything to do with his campaign?
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 ...
Romneys Bain Capital Made Billions While Bankrupting Nearly One-Quarter Of The Companies It Invested In
Romney’s Bain Capital ‘earned’ $342 million by bankrupting ...
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 ...
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 ...
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 ...
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)
Special report: Romney’s steel skeleton in the Bain closet | Reuters
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 ...
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 ...
“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.”...
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