![]() When the Observer covered the trial, a Gawker employee mused over drinks about the odd coincidence that one of Hogan’s lawyers, Charles J. Dan Abrams floated the possibility on his legal news site LawNewz, wondering whether there was anything to the tip he had received that some Tampa lawyers believed a benefactor had agreed to cover Hogan’s legal fees. The Observer noted that the Thiel connection was widely considered little more than a conspiracy theory until May 2016:ĭuring the trial, conspiracy theories began gaining steam. Gawker founder Nick Denton told the Observer that the company considered the "revenge-funder idea as too evil to be true," adding that "in retrospect all along there were some obvious signs.” Those "signals" included the plaintiff's lack of inclination to settle out of court, his opting for a public trial in a case involving a sex tape, and his refusal to work out a deal in a manner covered by Gawker media's insurance. In March, a two-week trial was held that resulted in a victory for Hogan as well as Thiel, who provided secret financial backing after being the target of unflattering posts on Gawker's former site, Valleywag. 2012 about the wonders of watching celebrity sex. The wrestler whose real name is Terry Bollea filed suit against Gawker after a post in Oct. Hogan, of course, is listed as the biggest unsecured creditor in a disputed claim. ![]() All told, that's $22 million in debtor financing as Gawker aims to restructure itself and fight off collection efforts from Hogan as its dispute with the former professional wrestler goes to an appeals court. Additionally, it's got a second credit agreement worth $15 million with US VC Partners. Hollywood Reporter published details of the bankruptcy filing, noting that an individual not party to the case (Peter Thiel) assisted Bollea legally, purportedly as retribution for the site outing him and publishing unflattering posts about him in 2007:Īccording to bankruptcy papers, Gawker has also secured a $7.66 million loan from Silicon Valley Bank with a line of credit of $5.3 million. ZiffDavis, a digital media company, has submitted an opening bid of $90 million to $100 million, the person said. The company is beginning an auction, said the person, who spoke on condition of anonymity because the auction has not been announced. The company filed for Chapter 11 bankruptcy on Friday after a judge overseeing the suit against the company entered the full judgment and denied Gawker’s request for a stay under terms the company could meet. Gawker Media, under pressure from a $140 million legal judgment in an invasion-of-privacy lawsuit by the former wrestler Hulk Hogan, is putting itself up for sale, according to a person briefed on the plan. ![]() In March 2016, a jury awarded Bollea $115 million and then an additional $25 million in punitive damages. The New York Times reported that Gawker Media planned to auction off its assets and filed for Chapter 11 bankruptcy after the stay was denied: Bollea initially sought $100 million in damages in his suit against the company for its release of a video of him having sex with the wife of a radio shock jock. Gawker's legal troubles began in 2012, with publication of sex tape footage involving wrestler Terry G. The move comes after a judge in Florida reportedly allowed a $140 million dollar judgment against Gawker to stand. Gawker Media has filed for bankruptcy, and founder Nick Denton says he plans to sell the company. ![]()
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