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• #Gawker files for bankruptcy plus#

One of his lawyers, David Houston, said in a statement that the wrestler and his legal team intend to pursue the judgment award and hold Gawker “accountable.” In the filing, Hogan, whose real name is Terry Bollea, was listed as Gawker’s biggest creditor. “While many of us disagreed with Gawker’s news judgment in this case, and many are ambivalent about Gawker itself, the issue here was a billionaire’s use and potential abuse of the legal process to drain a journalism outlet’s resources.” Online news site Gawker has filed for bankruptcy after losing a 140m (£97m) privacy case earlier this year. “You don’t want billionaires to be any final arbiter of press fairness - that’s just not democracy,” he said. Media analyst Dean Starkman, a fellow at the Center for Media, Data and Society at the Central European University in Budapest, said the bankruptcy was an “ominous development” for journalism. A Gawker-owned site, Valleywag, ran a number of stories skewering Facebook, which provided a big chunk of Thiel’s estimated $2.7 billion fortune.Ī spokesman for Thiel said he had no comment on Friday. Thiel, who co-founded PayPal and was an early investor in Facebook, has been a frequent target of Gawker writers, who have written unflattering pieces about his political beliefs and utopian goals. The fact of a media company declaring itself bankrupt, however, is pretty much. Only afterward did Thiel’s part in funding Hogan’s lawsuit become clear. The specific circumstances leading to that bankruptcy are unique and bizarre.

#Gawker files for bankruptcy plus#

Hogan still won a judgment for $115 million in compensatory damages plus an added $25.1 million in punitive damages. Gawker said the footage was newsworthy information about a public figure, and protected by the First Amendment. Hogan sued Gawker after it posted a video of him having sex with a friend’s wife. The New York publisher said in the filing that it has as much as $500 million in debt and up to $100 million in assets. Gawker filed for Chapter 11 bankruptcy protection about three months after Hogan won a lawsuit against the online gossip and news publisher. The wrestler had accused the site of violating his privacy by posting a sex tape featuring Hogan having sex with the wife of his then-best friend, the radio shock jock Bubba the Love Sponge Clem.Īccording to court documents, Denton is personally liable for $125 million of the $140 million judgment won by Hogan, whose real name is Terry Bollea.The move also allows Gawker’s web sites to keep operating normally, the company says. Gawker Media filed for bankruptcy in June after Hogan won the judgment. Bankruptcy Court for the Southern District of New York.Įarlier on Monday, he tweeted that he wanted to protect colleagues from a “vendetta” by tech billionaire Peter Thiel, who funded Hogan’s Florida lawsuit. REUTERS/John Pendygraft/Pool/File Photo - RTSIRJPĭenton listed assets of $10 million to $50 million and liabilities of $100 million to $500 million in his Chapter 11 petition filed at the U.S. File Photo: Nick Denton, founder of Gawker, talks with his legal team before Terry Bollea, also known as Hulk Hogan, testifies in court, in St Petersburg, Florida, United States, March 8, 2016.