Two weeks ago, it was revealed that billionaire Silicon Valley investor and PayPal co-founder Peter Thiel, who Gawker had covered unflatteringly in its now-defunct tech blog, Valleywag, was secretly bankrolling Hogan’s lawsuit against Gawker. The Chapter 11 filing indicates Gawker has “between 200 and 1,000 creditors, between $50 million and $100 million in assets and $100 million to $500 million in liabilities.” If the verdict is upheld, the money will go to Hogan. If the judgment is overturned, the money from the sale will go back to Gawker founder Nick Denton and other company shareholders. When Gawker sells itself, the money it makes from a sale will be put in escrow during the appeals process. In the meantime, bankruptcy allows Gawker to avoid making its $140 million payment to Hogan while continuing to operate. Gawker continues to plan to appeal the verdict, The Wall Street Journal reports. Venture Partners-to help keep the lights on. In the meantime, the company will use two loans-a $7.6 million loan from Silicon Valley Bank and a $15 million loan from U.S.
GAWKER GOING OUT OF BUSINESS PC
The company will be put up for auction, and publisher Ziff Davis, which owns properties including PC Magazine and AskMen, is reportedly submitting an opening bid of $100 million, The Wall Street Journal reports. Gawker Media has filed for Chapter 11 bankruptcy to stay open and keep paying its staff after telling a judge it couldn’t afford to pay the $140 million in damages that a Florida court recently awarded former wrestler Hulk Hogan in his defamation suit against the company. Peter Thiel’s plan to take down Gawker seems to be working.
0 kommentar(er)
