Newt Gingrich's Health Care Think-Tank is Filing for Bankruptcy
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Newt Gingrich Health Care Think-Tank is Filing for Bankruptcy

April 9, 2012

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The Center for Health Transformation, a think-tank that was founded almost ten years ago by Newt Gingrich, recently announced that it is filing for bankruptcy, according to a report from the Washington Post.

Sources say that the think-tank, which focuses on health care policy, has seen a rapid decline in its financial health while its former leader has spent most of his time campaigning for the Republican presidential nomination.

In its Chapter 7 filing, the Center for Health Transformation claims to have between $1 million and $10 million in debts, but only a maximum of $100,000 in assets, which is a certainly a recipe for financial problems.

Sources say that the think-tank saw a mass exodus of employees last year after Gingrich announced that he was planning a run for the Republican nomination. After these departures, and Gingrich’s own personal financial struggles as his campaign tries to earn cash, the think-tank saw dark financial days.

According to Rick Tyler, a longtime spokesman for Gingrich, the leader’s departure led to the demise of the think-tank. "There are very few people capable of successfully leading such an organization," Tyler said. "It's unfortunate, but not surprising, that without Newt Gingrich's leadership, the organization failed."

Despite the failure of the think-tank, Tyler praised the center's efforts to "promote free-market consumer-driven solutions for better care of the highest quality with the most choices at the lowest costs."

The failure of his think-tank comes on the heels of another financial hit for Gingrich, as his highly successful political action group, American Solutions, had to close its doors in 2011 because his presidential campaign forced Gingrich to stop raising funds for the organization.

And in recent weeks, many Republicans have questioned why Gingrich continues to keep his name in the ring for the Republican presidential nomination, despite the fact that both Rick Santorum and Mitt Romney have won far more delegates and are doing much better in polls.

But despite his financial struggles, Gingrich remains in the race, perhaps hoping to cause a stir at the Republican National Convention this summer.

Until then, Gingrich will have to continue to search for alternative sources of funding, as many of his old cash sources seem to be closing shop.


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