NEWT, Inc. files Chapter 7

MSNBC ^ | 4/5/2012 | Domenico Montenaro

[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.

[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.

[Dutchboy88]

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

[tennmountainman]

What the heck kind of debts did he rack up?

Diamonds, cruises and private jets.