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.
Gingrich’s campaign has lost momentum recently as he has won only two states, South Carolina and Georgia. Newt Gingrich was also unable to get on the ballot in Virginia so wasn’t able to vote for himself in the primary.
While on the campaign trail, Gingrich has spoken repeatedly about his ideas from the Gingrich Group LLC, which is his health think tank. There has been a lot of controversy regarding the think tank group throughout the campaign as many have questioned whether Gingrich acted as a lobbyist on the group’s behalf.
Gingrich will be on the defensive now regarding his think tank declaring bankruptcy and many are whispering this will be the end of his campaign:
“Much like his presidential campaign, even the receipt of millions of dollars could not keep Newt Gingrich’s health-care think tank afloat,” said Charles S. Bullock III, political science professor at The University of Georgia. “While health-care costs have bankrupted many without insurance, Gingrich may be the first to go broke studying health-care delivery.”
Regardless of how this changes the Gingrich campaign for president; one may be sure throughout the next few days that Gingrich will be asked some tough questions by the media.