Shouldn’t prominent Republican figures know how to reign in spending?
Kinda-sorta still Republican Presidential candidate Newt Gingrich’s think tank, humbly titled “The Gingrich Group,” just filed for Chapter 7 bankruptcy protection in federal court in Atlanta.
The papers filed by the health care think tank reveal that The Gingrich Group owes almost 100 creditors somewhere between $1 and $10 million. With the group’s assets totaling less than $100,000, it’s easy to see why the former house speaker’s intellectual venture was in trouble.
The Gingrich Group website went down on Thursday, but cached content self-describes the think tank as “a high-impact collaboration of private and public sector leaders committed to creating a 21st century intelligent health system.”
Gingrich, who has all but conceded the 2012 GOP presidential nomination to Mitt Romney, left the think tank in May of 2011 to launch his campaign.
According to Stefan Passantino, a former attorney for The Gingrich Group, “The company was extraordinarily successful while [Gingrich] was involved. This in now way reflects on his ability to be a candidate or run a large organization. In fact, it shows just the opposite as [The Gingrich Group] performed well under his leadership.”
The think tank’s bankruptcy filings list Newt and Callista Gingrich as creditors of the organization. The two hold a promissory note from The Gingrich Group valued between $5 and $25 million.