Newt Gingrich's health care think tank files for bankruptcy
LOS ANGELES (KABC) -- The health care think tank created by Republican presidential candidate Newt Gingrich has filed for Chapter 7 bankruptcy.
The Gingrich Group, also known as the Center for Health Transformation, filed for bankruptcy in federal court in Atlanta on Wednesday. According to court papers, the group has liabilities between $1 million and $10 million and assets of only about $100,000.
The bankruptcy filing marks an abrupt turn for the group, which raised millions just a few years ago to promote Gingrich's health care ideas.
Gingrich cut ties to the Center for Health Transformation and the Gingrich Group in May 2011 as he prepared his presidential run, said his attorney Stefan Passantino.
"It did exceptionally well under his leadership. What this shows is that he was integral to the operation and success of the operation," Passantino said. "It's not in any way a failure of leadership or management on his part. It just demonstrates how vital he was to the organization."
The Associated Press contributed to this report.
newt gingrich, business
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