Gingrich Group Files For Bankruptcy - MSNBC

[WillyT]

Gingrich group files for bankruptcy
By Domenico Montanaro, NBC Deputy Political Editor
4/5/12

<snip>

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.

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. Gingrich was chairman of the group until May of last year, when he announced he was running for president.

(Here are the bankruptcy filings - Part 1, Part 2.)

Part 1: http://msnbcmedia.msn.com/i/MSNBC/Sections/A_Politics/_Today_Stories_Teases/BankruptcyCourt2.pdf

Part 2: http://msnbcmedia.msn.com/i/MSNBC/Sections/A_Politics/_Today_Stories_Teases/BankruptcyCourt1.pdf

The news was first reported by the Atlanta Business Chronicle and confirmed by NBC News with the court in Atlanta and a federal court database search: http://www.bizjournals.com/atlanta/news/2012/04/05/newt-gingrich-think-tank-files.html

<snip>

More: http://firstread.msnbc.msn.com/_news/2012/04/05/11036798-gingrich-group-files-for-bankruptcy

[JNelson6563]

1. Hilarious!

Is it just me or are Republicans just really bad with money?

Julie

[Raven]

2. Wow. Some creditors must have been

moving in fast to force Newt to file at this time. This will hurt the credibility of the entire Repub party. Just remember, bankruptcy means that people who gave Newt's company their services will not be paid or will be paid 10 cents on the dollar. Newt joins the ranks of the Donald Trumps of this world. So now we have 2 Republican hotshots who have declared bankruptcy...nice.

[ellenfl]

4. and, of course, newt keeps his millions(?) . . . AND gets a bonus. eom

[asjr]

19. Probably maintains his account with Tiffany's.

[gratuitous]

3. Well, you know how unfair it would be . . .

It would be just, like, totally unfair for the lamestream media to draw any lines between candidate Gingrich and the bankruptcy filing of The Gingrich Group. So, don't do it!

[Rex]

5. And this is the guy Repukes want to lead the nation?

He cannot even keep his own house in order before the election!!! How sad, Newt is the Poster Boy for the GOP. On second thought, not sad - fuck you NEWT!!! Hope you end up eating out of a dumpster.

[jmowreader]

51. This is the radioactive fucker who THINKS the Republicans want him to lead the nation

In reality, any Republican with a memory longer than his dick knows Newt Gingrich was instrumental in creating a Democratic majority in both houses of Congress.

If Newt were to somehow buy enough delegates to win a presidential election, the Republicans would impeach him for being a worthless sack of shit, and he would lose in the Senate. Badly.

[Rex]

56. True, even his own party hates his guts.

nt.

[SomethingFishy]

6. Newt, looking for another handout.

I am so sick of these motherfuckers going on TV and calling Americans lazy, while living off of "donations" to their campaign. Yeah that campaigning is real hard work. Riding around on a tour bus, getting off every few hours to make a "speech". Poor Newt he must be really tired

[Initech]

7. This is an epic fail for Gingrich.

[mowsepotato]

55. HAHA

Hysterical!

[Major Hogwash]

8. Maybe Gingrich should just offer to run for office for 2 double cheese burgers.

Because according to that other thread, someone is going to get fucked.

I know I shouldn't tangle threads together, but I couldn't resist.

[hughee99]

9. It was probably hard for Gingrich to do the things that made money

(selling access to his connections) when he was off campaigning.

[wordpix]

10. Bingo - next repuke initiative is get rid of those pesky campaign rules

like not being allowed to live off of campaign donations, not being allowed to sell one's connections...

[Ganja Ninja]

11. Hurray for fiscal conservatism!

[myrna minx]

12. That's some remarkable personal responsibility. Huzzah. n/t

[deacon]

13. He needs to start charging more for autographs. n/t

[Gibby]

14. Moral Bankruptcy is a universal Republican trait

As any morally upright entity would agree.

[bullwinkle428]

15. The scam is OVAH!!!!!!!! End of the line, pal!

Couldn't happen to a nicer sociopath!

[dembotoz]

16. herman cain seemed to have a similar situation but managed to profit from it

from what i understand mr cain managed to increase his income rather nicely at the expense of others....

maybe gingrich actually thought he could win.....

[Beacool]

17. No, say it isn't so!!!

How is he going to afford Tiffany's? Callista might just leave him.

[Texas-Limerick]

37. She can't leave him..

Who else can attest to the fact that Newt stands ever vigilant, ever anticipant, ever ready to take that 3 AM call to duty and action, and make quick dispatch of his solution, without regard to his personal safety or reputation.

This true patriot has always striven to the highest expression of his patriotism and is in fact driven by his love of country and its ideals. The thrust of Newt Gingrich is short, quick, and efficient, allowing him to spread his infectious, enthusiastic message across this country, and if called, across the world.

[klook]

41. Very nicely written

I enjoy your prose style, Texas-Limerick, and look forward to more of your posts.

[Beacool]

46. Bwwwaaaa!!!

[bayareaboy]

18. Perhaps there is still some ... ...

Openings for Student Janitors down at the local School!

Better scrub them toilets a little better their Newt!

[trusty elf]

20. Awwwwwww

[IMG][/IMG]

[robbob]

21. He knows how to run a company...

...into the ground.

[KamaAina]

22. Looks like Newt's think tank is on E

[barbtries]

23. just who we want for president.

i wouldn't judge automatically because i have been through that wringer myself (personal not business, over 20 years ago), but his hubris is so out there, well i guess you could call my reaction schadenfreude.

[Bossy Monkey]

24. Is that anything like asking the government for protection? n/t

[pinboy3niner]

26. He wants a new contract with America, lol!

[Bossy Monkey]

33. Oh, it was in the old Contract; we just didn't read the fine print n/t

[Enrique]

25. does this mean Tiffany's won't get paid?

[Aerows]

27. I'm sure

He's sold off all of the assets and diverted them somewhere before he declared bankruptcy. He made sure he got all he could out of his creditors then burned the corporation.

He'll come out smelling like a rose, while his creditors will either be unpaid or paid pennies on the dollar.

[sendero]

29. Depending on details..

... that can be legal or not legal. I hope he didn't do anything rash

[Bossy Monkey]

34. Wouldn't it be funny if he put his assets in the name of the wrong wife?

Remembering things is hard! (Especially as with Newt when you treat people like things.)

[sendero]

28. LOL..

... here's the financial genius who is going to fix our economy What a douchebag.

[Chakaconcarne]

30. Compliments of the American Tax Payer...

[dwig3d]

31. Is Kim Jung Newt

trying for The Donald's endorsement? tia

[malaise]

32. Let him clean toilets

[SDjack]

35. Nootie resigns as chairman of the group in May, and 10 months later,

"Newt, Inc" (his healthcare think-tank) unravels into bankruptcy. Newt, Inc. couldn't survive a year without Nootie shifting money and debt around to create an illusion of financial well being. The forensic auditors should have a great time tracing the money, the debt, the swapping of debt for money, etc. Kinda like Enron. Maybe some jail time might result for some of the seniors.

[CAPHAVOC]

36. Everyone who is not in the 1%

Should file chapter 13. In five years things would be back to normal.

[hayrow1]

38. Too bad those damn liberals did away with debtors prisons.

Think of all the cheap labor if all those leaching Repukes had to work off their poor personal decisions in a good old fashioned debters prison.

[SemperEadem]

39. perhaps if they sold all the Tiffany's jewelry

he gave callista and they cut back on all the hair shellack she puts in her head-helmet, he might have been able to avoid filing.

[bluestate10]

40. Another stud republican business politician-person. nt

[fascisthunter]

42. frauds screwing tax payers

[klook]

43. Well, he did win 2 primaries

... so let's not call him A TOTAL FAILURE... A COLOSSAL, NOXIOUS WINDBAG and a PATHETIC, SOCIOPATHIC LEWSER!!!

Because that would be just rubbing salt into the wounds of someone often referred to as a TOXIC ASSHOLE!

[meow2u3]

44. Now his finances will finally match his morals: both bankrupt

Eye of Newt should have filed for moral bankruptcy the day he turned 21 (this was before the 26th amendment).

[d06204]

45. Karmas a Bit*h...

A very deserving fellow.

[PuraVidaDreamin]

47. Health Transformation?

LOL. He,s just a roll model for health.

[eppur_se_muova]

50. I see what you mean by "roll" model ...

[lunatica]

48. He deserves to have his petition denied

Make him pay his bills. He would say the same about all of us.

[cbrer]

49. Financial status now matches moral status

Please tell me I was the first to post it. I glanced and didn't see it.

[Monk06]

52. Classic skimming operation. Pull in the cash, load up on dept, transfer cash, go Chapter 7.

The investors don't care they get a tax deduction.

And you wonder why you don't have decent roads, highways and healthcare.

But hey, Lockheed Martin is doing fine on the public dime.

[hayrow1]

54. Another inside the 1% story that almost all working fools are too stupid to care about

[Typical NYC Lib]

53. The devastation rips through my heart!

[usrname]

57. Good for business because he's a wise business person

I see...