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Dealipedia - Gingrich Group LLC Enters Bankruptcy

Gingrich Group LLC Announces Bankruptcy

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Deal Participants:
Bankrupt Company: Gingrich Group LLC View Profile Charts Homepage
Deal Financials:
Chapter: 7
Voluntary? Yes
Estimated Debt: $10 million
Estimated Assets: $0.10 million
 

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Date:
Announced: Apr 05, 2012
Banking Representation:
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PRESS RELEASE - Gingrich Group LLC Enters Bankruptcy

Gingrich Group LLC, a health-care “think tank” founded by U.S. Republican presidential candidate Newt Gingrich, sought bankruptcy protection from creditors without citing a reason.

Gingrich Group LLC, which operates the Center for Health Transformation, yesterday listed debt of as much as $10 million and assets of less than $100,000 in Chapter 7 documents filed in U.S. Bankruptcy Court in Atlanta, where it is based.

Chapter 7 of the Bankruptcy Code is used to liquidate assets by companies that don’t intend to continue operating. The Atlanta Business Chronicle reported the filing earlier today.

Gingrich, a former House speaker and Georgia state representative, founded the center in 2003 as a project of the Gingrich Group, according to its website. Members paid as much as $200,000 a year, according to company documents.

A book released by the center in May 2003 called “Saving Lives and Saving Money” describes a “vision of a 21st century system of health and health care.”

The center gained attention during the debate leading to passage of the 2010 health-care law, when it issued dozens of press releases in opposition.

In a March 5, 2010, release, Gingrich praised a congressman for staying in office “to help defeat a proposal that would ruin the American health care system and increase the national debt.”

Membership Decline
The center’s membership “really declined” after Gingrich ended his involvement with it in May to run for president, said Stefan Passantino, a lawyer for Gingrich’s campaign who formerly represented the Center for American Health Transformation. He described Gingrich’s thought process on health reform as “the secret sauce” that drew members.

“It’s Newt’s brain that people wanted,” he said.

American Solutions for Winning the Future, another Gingrich “think tank,” shut down in July as he prepared for his presidential bid.

Susan Meyers, a spokeswoman for the center, referred questions to bankruptcy attorney George M. Geeslin, who declined to comment. R.C. Hammond, Gingrich’s spokesman, wasn’t immediately able to respond to a call and e-mail for comment on the bankruptcy.

Gingrich, 68, has vowed to continue campaigning for the Republican presidential nomination after losing recent primary elections. His campaign reported more than $1.5 million in debts at the end of February, according to the most recent Federal Election Commission filings available.

The bankruptcy case is In re Gingrich Group LLC, 12-59065, U.S. Bankruptcy Court, Northern District of Georgia (Atlanta).

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Apr 05 '12
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