If he hopes to make it to the Convention, he will have to go in debt by the tens of millions. I don't think Newt is that stubborn or ignorant to believe that he is still a contender. He will probably pull out sometime this month.
The latest inside info I have on his supporters if he drops out, most of his support will likely go to Paul and the rest will go to Romney and Santorum in an even split. (About 1 point for each)