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Gingrich Owed $4.78M When He Suspended Campaign, Report Finds

Business News

0  Updated at 11:40 am, May 20th, 2012 By: ABC Digital
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Chip Somodevilla/Getty Images(WASHINGTON) — By the time he announced his plans to suspend his campaign in late April, Newt Gingrich owed $4.78 million, according to his FEC filing for April, released Sunday.

The Gingrich campaign had just $806,960 cash on hand by the close of the reporting period, which was April 30. Gingrich took in only $638,830 in that month.

Gingrich’s largest debt—$1.03 million—is to Moby Dick Airways, a private jet company. Gingrich also owes a great deal to himself: $580,134.

Among Gingrich’s other debts are the $16,525 he owes Herman Cain Solutions for strategic consulting and travel, and the $12,763 he owes Twitter for a media buy, according to the FEC report.

The latest monthly report for the pro-Gingrich Super PAC Winning Our Future showed a very different financial picture. Winning Our Future reported no debt, and ended the reporting period with $5.6 million cash on hand.

Still, the PAC’s filing showed that the group could face a problem staying solvent in the long term. Winning Our Future raised just $478 in April, and it came from only one donor—Frank Hanna Jr. of Georgia, a member of the investment committee of the Paladin Capital Group in Washington, D.C. The PAC only spent $132,701 in April.

Copyright 2012 ABC News Radio