SPOTLIGHTED PODCAST ALERT (YOUR ARTICLE BEGINS A FEW INCHES DOWN)...
Hulk Hogan vs. Gawker Aftermath – August 2016
– August 1 Update: Gawker founder Nick Denton filed for personal bankruptcy on Monday after exhausting options to be shielded from bankruptcy, reports the New York Daily News.
Denton, who is on the hook for $10 million of the $140 million judgment handed out against Gawker in Hulk Hogan’s lawsuit, broke down his assets and liabilities in Monday’s court filing.
- Assets: $10-50 million
- Liabilities: $100 to 500 million
- Included: Debt to Hogan and $11.5 million loan taken out June 10
Denton blamed the situation on Silicon Valley entrepreneur Peter Thiel, who helped pay for Hogan’s legal bill.
Hogan’s attorney David Houston replied: “His bankruptcy has nothing to do with who paid Mr. Bollea’s legal bills and everything to do with Denton’s own choices and accountability. If even one person has been spared the humiliation that Mr. Bollea suffered, this is a victory.”
Denton also predicted that Gawker will “thrive” under new ownership following bankruptcy auction proceedings in mid-August.
– July 29 Update: After the original case of Hulk Hogan vs. Gawker was “reopened” in Florida court on Wednesday, a strict ruling was handed down on Friday.
Judge Pamela Campbell ruled that Hogan can begin trying to collect the jury award of $140 million ($10 million individually against Gawker founder Nick Denton), reports Bloomberg.
Judge Campbell made her ruling based on feeling that Denton/Gawker misled the court in June when she allowed the defendants to put up company shares as a “hold” until the appeals process played out.
The next day, Gawker put itself up for Bankruptcy protection and a potential buyer emerged, which made Denton’s shares worth much less than what was presented to the court.
Denton said in a statement that he felt the company did not mislead the court, which valued the shares based on Hulk Hogan’s attorney’s valuation.
“We told the court they did not know what the company’s shares would be worth,” Denton said in a statement. “There was no misrepresentation.”
Barring a ruling at from the Florida appeals court or New York bankruptcy court, Judge Campbell’s ruling will allow Hogan to seek collection as soon as this coming week.
Meanwhile, Gawker goes up for auction in mid-August.