Gingrich Says Tiffany Credit Line Was Closed, Paid in Full
Former House Speaker Newt Gingrich, seeking the Republican presidential nomination, reported that he has closed and “paid in full” a line of credit of up to $1 million at Tiffany & Co.
The former speaker, 68, reported ownership of Gingrich Productions Inc., valued at $500,000 to $1 million, and a loan from Gingrich Group LLC, his consulting firm, to Gingrich Productions valued at between $5 million and $25 million.
He reported more than $2.5 million in outside income last year, most of it from Gingrich Productions, a documentary film and book company owned by Gingrich and his wife, Callista.
Gingrich, who represented part of Georgia in the U.S. House, indicated that he stepped down in May as an officer of a bevy of corporations known collectively as Newt Inc., including the Gingrich Group and Gingrich Productions. He also left his advisory board post at Omnicom Group Inc. (OMC)’s Fleishman-Hillard Inc. subsidiary. He announced his candidacy in May.
He reported campaign debts of about $1 million through June 30, including more than $450,000 owed to an air charter company and almost $50,000 to himself. More than a dozen campaign aides resigned in June, citing disagreements with the campaign. Two top fundraising aides also quit. Gingrich raised $2.1 million and had $322,222 in the bank.
Presidential candidates are required to file personal financial disclosure forms with the FEC.
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