Another blow to Newt Gingrich’s presidential aspirations comes as his think tank files for Chapter 7 bankruptcy protection. The Center for Health Transformation, which reportedly has offices in Washington D.C., Atlanta and St. Louis, filed for bankruptcy in U.S. Bankruptcy Court in Atlanta Wednesday. Download the filing here.
Emory University political science professor Merle Black said “This ends his campaign. He’ll now be completely on the defensive about this,” the Atlanta Business Chronicle reports. The center listed estimated liabilities of $1 million to $10 million and 50 to 90 creditors.
But Stefan Passantino, national counsel for the Gingrich campaign, said the bankruptcy didn’t happen on Gingrich’s watch. As part of his preparations to run for president, Gingrich divested himself of any involvement in the think tank’s operations last May, Passantino said. “I don’t think this hurts his ability to run for president,” Passantino said. “If anything, it shows the importance of his leadership while he was there.” Source: Atlanta Business Chronicle
No matter how he spins it, this bankruptcy filing comes at a critical juncture for Newt Gingrich in the presidential campaign process as he was shellacked in the last three primaries by wide margins. This bankruptcy filing is further proof that Newt Gingrich isn’t equipped to run this country. If he can’t run his not-for-profit organization, then how can he be trusted to run this country?