by Dave Williams
The Center for Health Transformation , which has offices in Washington, D.C., Atlanta, and St. Louis, plans to liquidate its assets, according to a filing Wednesday in U.S. Bankruptcy Court in Atlanta. Download the filing here.
The think tank listed estimated liabilities of $1 million to $10 million dollars and 50 to 90 creditors.
Political observers said the negative publicity surrounding the bankruptcy spells the end of the former U.S. House speaker and Georgia congressman’s campaign.
“Much like his presidential campaign, even the receipt of millions of dollars could not keep Newt Gingrich’s health-care think tank afloat,” said Charles S. Bullock III, political science professor at The University of Georgia . “While health-care costs have bankrupted many without insurance, Gingrich may be the first to go broke studying health-care delivery.”
But Stefan Passantino, national counsel for the Gingrich campaign, said the bankruptcy didn’t happen on Gingrich’s watch.
As part of his preparations to run for president, Gingrich divested himself of any involvement in the think tank’s operations last May, Passantino said.
“I don’t think this hurts his ability to run for president,” Passantino said. “If anything, it shows the importance of his leadership while he was there.”
Publishers Note: It also shows how much the center could have used the millions he spent on his ego,
oops I meant campaign.