Gawker Files for Bankruptcy, Will Be Put Up for Auction

[don-o]

Gawker Files for Bankruptcy, Will Be Put Up for Auction

Move comes after $140 million Hogan judgment is ruled to stand; auction to begin with $100 million bid from publisher Ziff Davis

http://www.wsj.com/articles/gawker-declaring-bankruptcy-will-be-put-up-for-auction-1465578030?mod=e2fb

 By Lukas I. Alpert  Updated June 10, 2016 1:14 p.m. ET

Gawker Media filed for bankruptcy Friday and the company will be put up for auction after a judge ruled that a $140 million jury judgment against it in a costly legal battle with former professional wrestler Hulk Hogan would stand.

The sale auction will begin with an opening bid of $100 million from the digital media company and publisher Ziff Davis LLC, according to a person familiar with the matter.

The sale was triggered after the judge overseeing the invasion-of-privacy case brought by Hulk Hogan—whose real name is Terry Bollea—declined to issue a stay pending Gawker’s appeal. That required the company to put up a $50 million bond.

As a result, Gawker Media will declare bankruptcy in order to continue operating and paying its staff.

exc

[Weird Tolkienish Figure]

 

Biggest scumbags on the internet. Good riddance.

[SirLinksALot]

Question:

How much of the money they're required to pay will end up in Hulk Hogan's bank account?

[Weird Tolkienish Figure]

Question:

How much of the money they're required to pay will end up in Hulk Hogan's bank account?

NAL, but, they'll divide up the assets among the creditors. Hulk maybe see a fraction of his judgement. there's a difference between 11 and 7.