Nick Denton of Gawker Media seeks Chapter 11 bankruptcy protection
Posted on Tuesday, August 9th, 2016 at 4:32 pm
CEO of Gawker Media, Nick Denton, filed Chapter 11 Bankruptcy protection for himself on August 1 amid a $140 million judgment from a privacy violation lawsuit filed by wrestler Hulk Hogan, a report of Huffington Post said.
According to reports, Denton himself is liable for paying $125 million to the wrestling legend, whose real name is Terry Bollea. Gawker was slapped with a multi-million dollar lawsuit after posting a sex tape featuring Hogan on their website. Court papers showed Denton listed $10 million to $50 million worth of assets. His liabilities listed amounted between $100 million and $500 million. Denton identified Bollea as his major creditor. Gawker Media was reportedly protected from the judgment after filing for bankruptcy both in Florida and New York. The company Ziff Davis, LLC is expected to buy Gawker Media for $90 million as part of the bankruptcy process.
Chapter 11 Bankruptcy can provide necessary protection to business owners. In the tough situation that you decide to file for bankruptcy, working with a qualified lawyer, especially if you are not aware of the law. Get in touch with a Raleigh attorney at the Bradford Law Offices, PLLC today by calling (919) 758-8879 to discuss your legal options.