Gingrich Group Files Chapter 7
No doubt one of the most enjoyable entertainments to emerge from the GOP primary fight is the rise and fall and rise and spectacular fall of one Newt Gingrich. Those of us who remember him from the Clinton impeachment hearings know well what a loathsome individual he was, and still is. So it is with particular glee that we read today that The Gingrich Group LLC has just filed for Chapter 7 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.
Gingrich was chairman of the group until May of last year, when he announced he was running for president. Since focusing his efforts on his presidential run, the “Gingrich Group” has struggled to raise money, leading to its eventual collapse.
So in honor of this hilarious turn of events, please enjoy this recent video of a cocksure Newt Gingrich explaining how it’s basically impossible to imagine how he won’t be the GOP nominee come November. Think of it as the maraschino cherry topping your schadenfreude sundae: