Newt Inc. Going Bankrupt

The gentleman from Georgia’s work as a “historian” represented only part of his income between his time as Speaker of the House and his recent run for the Republican presidential nomination. But now, the conglomeration of Newt Gingrich-led companies that drew in $110 million for the former Speaker over the last ten years are hard up for cash, with bankruptcy proceedings under way in Atlanta that may take a substantial chunk out of Gingrich’s personal worth. Newt sold his stake in the Center for Health Transformation last May, but payments promised him may go unpaid as the company enters its final throes. It’s bad news for Gingrich, who closed out his failed campaign shouldering close to $5 million in debt.