And nothing of value was lost: Gawker Bankrupt…

Gawker Media Is Filing For Chapter 11 Bankruptcy, Will Be Put Up For Sale

ggoi02d8vdb5xic6pcxv

Executives at Gawker Media told employees today that the company has filed for Chapter 11 bankruptcy due to Silicon Valley billionaire Peter Thiel’s third-party funding of several lawsuits against the company. This plan will allow Gawker to continue functioning, but will require selling the company to another entity. The move came after the Hon. Pamela A.M. Campbell of Pinellas County, Florida denied Gawker’s request to stay the enforcement of a $50 million bond that would allow it to appeal the $140 million verdict that a 6-person jury awarded Hulk Hogan in March.

The filing is not expected to affect Gawker Media’s normal editorial or business operations for the foreseeable future.

Who could have seen this coming? That verdict of $140,000,000 was meant to put them out of business.

Advertisements

About PoliTech

Inquisitor of reason and objective analysis of modern politics and technology.

One thought on “And nothing of value was lost: Gawker Bankrupt…

Comments are closed.