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Former House speaker Newt Gingrich's collection of enterprises, known as Newt Inc., are in financial shambles following his run for president, according to an extensive review of Gingrich's post-campaign finances by Reuters.
Gingrich Productions, the entity owned by wife Callista Gingrich, is currently awaiting a decision in an Atlanta bankruptcy court that will determine whether a promissory note from a former Gingrich holding will be paid.
"The bankrupt corporation is the Center for Health Transformation whose revenues came from the hefty dues paid by corporations for assistance in formulating and promoting certain health care policies," Reuters reports.
When Gingrich left the Center for Health Transformation last May his three partners bought him out for $6.4 million -- an amount that would be paid to the former speaker in $100, 000 installments.
The promissory note, that Reuters reports will likely go unpaid, was the largest asset listed by Gingrich in the financial disclosure reports filed last year.
The Gingrich GOP campaign reported $4.8 million in debt, including $1 million owed to a private jet company, in Federal Election Commission filings last week.