Peter Kafka reports that Gawker's filed for bankruptcy protection to avoid paying Hulk Hogan the $140m judgment he won against it. Though legal experts believe the judgment will be much-reduced or overturned at appeal, the filing readies Gawker for the block. Ziff Davis, the tech publisher, is reportedly offering $90-$100m.
Gawker and its banker Mark Patricof assume that the company will eventually see higher bids while it is in bankruptcy protection. Last year, in advance of the Hogan trial, Denton figured his company was worth something in the $250 million to $300 million range.
But in any case the company won’t trade hands until Gawker either beats back Thiel and Hogan or it finishes a court-approved restructuring. Because no one wants to buy an ongoing lawsuit from Peter Thiel.
Ziff Davis itself is a company that has gone through the Chapter 11 process. The company was once a dominant force in the trade and hobbyist magazine business, but its fortunes declined along with the print industry, and it filed for bankruptcy protection in 2008.
It emerged in recent weeks that billionaire Peter Thiel funded Hogan's lawsuit, exacting long-awaited revenge for Gawker having outed him as gay in 2007.
FBI and other federal agencies probe venture capital fund started by Peter Thiel
In a Fox & Friends newsbrief, Thiel spurred President Trump to promise to look into baseless claim that Google committed treason.
Palmer Luckey (previously) the alt-right financier who was made a billionaire by Mark Zuckerberg's decision to acquire his VR startup Oculus, is now running a Peter-Thiel-backed surveillance startup called Anduril Industries, which has won a contract to contribute to Project Maven, the Pentagon's controversial AI-for-drones system (Google's involvement in Project Maven sparked an employee uprising […]
As much as some of us fear the loss of our jobs to robots, there’s one job we’re pretty sure they are welcome to: vacuuming. There’s nothing quite like kicking back and watching a robot vacuum do one of the most time-consuming tasks on the household chore list. And there are few ‘bots that do […]
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