Gawker’s Denton sought Chapter 11 Bankruptcy protection
Posted on Wednesday, August 3rd, 2016 at 6:23 pm
After Gawker Media filed for Chapter 11 Bankruptcy, its CEO Nick Denton also had filed for bankruptcy in connection with a judgment ordering them to settle $140 million to wrestling star Hulk Hogan, the Huffington Post reported on August 1.
In the Chapter 11 personal bankruptcy protection filed by Denton in New York, it identified the wrestler, whose real name is Terry Bollea, as his biggest creditor. Reports revealed that Denton will pay personally for the bulk of the settlement won by Hogan amounting to $125 million. A judgment favored Hogan after one of Gawker’s website posted a sex video showing him and the partner of one of his friends. Documents revealed that Denton listed $10 million to $50 million worth of assets while his liability was between $100 million and $500 million. The bankruptcy filing protected Gawker’s assets from being immediately seized by Hogan. Part of the bankruptcy, a $90 million was initially offered by Ziff Davis to buy the gossip media group.
Chapter 11 Bankruptcy also works like Chapter 13 to protect persons from creditors. If you want to know more about this legal option to get back your financial footing in Fayetteville, speak with a Bradford Law Offices, PLLC attorney today by calling (910) 668-0006.