[Russian Rocket]

Bunch of dumbfukks destroyed a multimillion business in less than a minute with a 20 second vid.

Gawker Media is declaring Chapter 11 bankruptcy, and will be put up for auction. The move comes shortly after a lawyer for the website told a Florida judge that Gawker can’t afford to pay a $140 million judgment against it to former wrestler Hulk Hogan. The filing came Friday morning in New York federal court. The gossip site has between 200 and 1,000 creditors; $50 million to $100 million in assets; and between $100 million and $500 million in liabilities, according to court documents.
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The sale auction will start with an opening bid of $100 million from Ziff Davis LLC, a digital media company and publisher that itself has gone through a Chapter 11 filing, Recode reported.
In March, Gawker lost its legal battle against Hogan, whose real name is Terry Bollea, after the site published a sex tape in 2012 that the wrestler claimed was recorded secretly.
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Hogan testified that the sex tape “turned my world upside down.”
It showed him having sex with Heather Cole, then-wife of his best friend, Tampa-area radio shock jock Bubba the Love Sponge. It also featured Hogan making racist comments.
Gawker had to put up a $50 million bond after the judge in the Hogan case declined to issue a stay pending the company’s appeal.
It has secured a $7.66 million loan from Silicon Valley Bank with a line of credit of $5.3 million, as well a second credit agreement of $15 million with venture capital firm US VC Partners, court documents said.
Proceeds from the auction will go into a fund to finance further litigation costs and any future damages Gawker may have to pay after the appeals process is exhausted, which could take several years, the Wall Street Journal reported. Any money left over from the sale after that point would go to Gawker founder Nick Denton, who owns 68 percent of the company, and other shareholders, including Columbus Nova Technology Partners. That company took an undisclosed minority stake in Gawker earlier this year ahead of the Hogan trial.
The legal costs for the former wrestler are being bankrolled by billionaire Peter Thiel, who co-founded PayPal.
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The website is also facing defamation lawsuits from a journalist and the man who claims to have created email, a copyright suit filed this week over a photograph of an Uber car, and a court case involving the parent company of the Daily Mail, according to the Hollywood Reporter.
Gawker, a network of blogs built on gossip, was founded in 2003 by Denton. In 2012 it was incorporated as Gawker Media in the Cayman Islands, an international tax haven. In 2014, the company made a $6.7 million profit from $45 million in revenue, mostly from advertising ($35 million) and e-commerce ($10 million).

[t-wizzle]

This was news about 8 hours ago dumbfukk.

[Russian Rocket]

hey clown who told you it's a breaking news?


I see you're still mad at me for completely embarrassing you in ALL of your season-long tracking threads


get over it little RAT - you can't cape for shit and all of us on this board know it


...PS: I'm still waiting on your golf tickets clown...it's only been a little over a month...yerr airbetting fraud

[Waterstpub87]

Good. This is what happens to journalists who cross the line and intrude into people's personal life.

[19th Hole]

Just desserts.
Build a corporation on Bloggers slinging rumors and see what happens.

Don't Fuk with The Hulkster...

[Russian Rocket]

Good. This is what happens to journalists who cross the line and intrude into people's personal life.

agreed...this should be a good lesson for them

[TheMoneyShot]

Well I figured they would of filed bankruptcy. Clearly shows you how the system works... and why Hogan won't see hardly anything.

Just trying to figure out what are we auctioning off here? Is the judge in charge here? Is he even thinking straight? What the hell is worth 100 million dollars?

[Russian Rocket]

Just trying to figure out what are we auctioning off here?

intellectual property, man...Gawker is a massive e-commerce and advertising platform
I think I read somewhere a few years back that they did about 150mil in gross sales on e-commerce platform along...and their revenue was growing every year

[agendaman]

Hogan will get very little if anything

[TheMoneyShot]

intellectual property, man...Gawker is a massive e-commerce and advertising platform
I think I read somewhere a few years back that they did about 150mil in gross sales on e-commerce platform along...and their revenue was growing every year

Well... I don't know all the numbers involved. The judge could possibly be feeling everything out. Meaning... could Gawker still operate on a payment plan to Hogan? Even with all the other company debt? I still don't believe Gawker is worth 100 million. Did anyone even offer 100 million? Haven't been following this...

I'm just suggesting that.... I kinda knew the owner would try corporate bankruptcy.... definitely trying to walk away clean... Hogan may not even see 15-20 million out of this... his attorney fees alone must be around 1-2 million if not more? Plus, the bankruptcy judge typically divides the amount with everyone on the list. It's just an odd concept. These creditors maybe won't even see a dime. Keep me posted on this story.... I'd like to know who bids 100 million for this operation. You're better off starting your own company from scratch with that kind of money.

[Russian Rocket]

Yeah I'm not sure what and how Hogan is gonna get anything out of this, but as far as their evaluation goes, right after he filed a lawsuit, they were saying that the company is worth north to 250mil.
Obviously they got a whole bunch new multi-million dollar loans over the last year to fight Hogan in court and that will bring the overall value down.