Newt Gingrich, the former speaker of the House, and currently campaigning to become the Republican presidential candidate, received even more bad news.
It turns out that the Center for Health Transformation, with offices in D.C., Atlanta, and St. Louis, which is Newt Gingrich's think tank, is going to be declaring bankruptcy, reports Atlanta Biz Journal.
According to records, Newt Gingrich’s think tank bankruptcy is brought on by the fact that it has less than $100,000 in assets, and liabilities between one and ten million dollars (that’s a big range), reports The Los Angeles Times.
Some of the main creditors listed are Gallup, the polling company; Gingrich Productions (so owing money to himself); and Moby Dick Airways (evoking a great white whale?), writes the Times.
And political scientists around the country will be pointing to the Center for Health Transformation’s bankruptcy as yet further evidence that the Newt Gingrich presidential campaign is probably over.
The Center for Health Transformation bankruptcy is a Chapter 7. Such a bankruptcy is defined as a liquidation bankruptcy, meaning that business is more or less kaput. With a Chapter 11 bankruptcy there is still a chance the company might come back and make a recovery. But with a Chapter 7, there is pretty much a concession that things have run their course.
Of course, not everyone has a think tank that they can afford to let go bankrupt; but Georgia’s Gingrich is not everyone, as he has often reminded the rest of the country.
For more information on bankruptcy, please see the resources below.