Presidential hopeful Newt Gingrich once ran a healthcare think tank, The Gingrich Group LLC. The well-known group offered advising on various healthcare issues. The Gingrich Group was started by Newt Gingrich in 2000. The think tank is said to have had more than 300 members and clients – mostly businesses – that paid up to $200,000 a year for access to Mr. Gingrich and the center’s research.
Last week, the Gingrich Group LLC filed for Chapter 7 bankruptcy, meaning that is will cease operating and that a trustee will liquidate its assets.
The Gingrich Group's bankruptcy papers disclosed that it has less than $100,000 in assets and had up to $10 million in debt. Newt Gingrich left the group and sold off his interests once he announced his presidential campaign. The Gingrich Group, which basically sold access to Newt Gingrich, obviously ran into financial troubles once Mr. Gingrich left the group.
If you have any questions about bankruptcy, contact an Orange County Bankruptcy Attorney at 1st California Law!