Newt Gingrich’s think tank “Gingrich Group LLC” has filed for bankruptcy

Newt Gingrich could really use a political win right now, but it seems that was not in the cards.  The Gingrich Group LLC filed for Chapter 7 bankruptcy on Wednesday.  MSNBC is reporting that the majority of Gingrich’s wealth is tied up in Gingrich Group LLC.

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 the chairperson of the Gingrich Group LLC until last May when he went public with his plans to run for president.  Gingrich Group LLC has struggled to raise money since the candidate started focusing on his presidential run.

Continue reading on Examiner.com Newt Gingrich’s think tank “Gingrich Group LLC” has filed for bankruptcy – Wilmington Elections 2010 | Examiner.com http://www.examiner.com/elections-2010-in-wilmington/newt-gingrich-s-think-tank-gingrich-group-llc-has-filed-for-bankruptcy#ixzz1rD9dOKkd

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