Tag Archives: Gawker

Several weeks ago, we wrote about how Gawker Media Group is filing for Chapter 11 bankruptcy to save the company. Broadcast network Univision has bought Gawker for $135 million. However, this case has taken an interesting turn for other reasons. Recent circumstances have caused Gawker’s founder, Nick Denton, to file for Chapter 11 bankruptcy to protect his assets. Hulk Hogan, whose real name is Terry Bollea, will be temporarily barred from collecting his judgment against Denton. Bollea secured a judgment of $10 million against Denton. Denton is also jointly liable for another $115 million judgment. Remember, filing for bankruptcy issues an automatic stay, which temporarily halts collection activities. So how did Denton file for Chapter 11 bankruptcy as an individual? After all, we are used to hearing about companies, not people, filing for Chapter 11. Individuals file for Chapter 11 bankruptcy all the time, but their finances are often very…
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Gawker Media Group, the company behind online publications like Gizmodo, Jezebel and Lifehacker, has filed for Chapter 11 bankruptcy after losing an embarrassing lawsuit to former professional wrestler Hulk Hogan (whose real name is Terry Bollea). After being hit with a judgment demanding Gawker Media Group pay Bollea $140.1 million, the company was at risk of losing its assets to creditors. Some people have wondered if Gawker Media Group, a company whose publications thrived on scandal and controversy, could survive after losing its case against Bollea. The struggling media company’s situation creates an ideal context to discuss the benefits of Chapter 11 bankruptcy. Gawker Media Group’s Situation Can Show Us the Benefits of Chapter 11 Bankruptcy Although Gawker Media Group has filed for Chapter 11 bankruptcy, that does not mean its days of writing snarky articles and engaging in controversy are over. Keep in mind that in addition to filing…
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