Gingrich think tank files for bankruptcy

Mar 2009
CBS News) -- One of the many organizations started by former House Speaker Newt Gingrich filed for bankruptcy Wednesday, giving ammunition to his political rivals and possibly putting a stake in the heart of his already floundering run for the White House. The Center for Health Transformation, which Gingrich formed in 2003 as a for-profit organization "dedicated to the creation of a 21st Century Intelligent Health System that saves lives and saves money," filed for Chapter 7 in U.S. bankruptcy court in the northern district of Georgia.
Chapter 7 allows for the liquidation of assets and sale of proceeds to creditors. Gingrich is no longer involved in the day-to-day operations of the think tank.
Stefan Passantino, counsel to the Gingrich campaign, said the bankruptcy filing should not be taken as a failure of the former speaker's leadership ability, as he is no longer involved in the running of the organization.

What is there to say about Newt?:(

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