In the latest blow to Newt Gingrich’s candidacy, his health care think tank filed for bankruptcy on Thursday. The Gingrich Group LLC — which encompasses most of the former House Speaker's net worth — filed for Chapter 7 protection in Georgia, planning to liquidate its assets rather than restructure. The business is the flagship unit of what Washington insiders call "Newt Inc." It had been on the ropes since Gingrich began focusing his attention on his presidential run, which has yielded only two primary wins, in his home state of Georgia and in South Carolina. Gingrich attorney Stefan Passantino told The Associated Press Gingrich cut his ties to the group in May 2011 as he prepared his presidential run. "It's not in any way a failure of leadership or management on his part," Passantino said. "It just demonstrates how vital he was to the organization."