GAWKER SITE TRIAL
GAWKER SITE PROFESSIONAL

Gawker has been controversial from its genesis as a blog that had a feature called “ Gawker Stalker” reporting on the movements of celebrities. Gawker Files Bankruptcy Lawsuit Against Foes Including Hulk Hogan This week, the Florida judge heard Gawker’s motion to forgo putting up a $50 million bond pending the appeal and thanks to the outcome, Gawker felt the need to seek the protections of the bankruptcy court.

GAWKER SITE TRIAL

In March, a two-week trial was held that resulted in a victory for Hogan as well as Thiel, who provided secret financial backing after being the target of Gawker’s former site, Valleywag, which outed him as gay. The wrestler, whose real name is Terry Bollea, filed suit against Gawker after a post in October 2012 about the wonders of watching celebrity sex.

Hogan, of course, is listed as the biggest unsecured creditor in a disputed claim.

GAWKER SITE PROFESSIONAL

Gawker will also be seeking $22 million in debtor financing while it aims to restructure itself and fight off collection efforts from Hogan as its dispute with the former professional wrestler goes to an appeals court. Additionally, it’s got a second credit agreement worth $15 million with US VC Partners. “The sale and filing are intended to preserve the value of GMG’s pioneering digital news business, safeguard the jobs of journalists and other staff, and allow GMG to fund the appeal against the $130 million judgment in the Hulk Hogan case against the company in a Florida state court,” states a press release.Īccording to bankruptcy papers, Gawker has secured a $7.66 million loan from Silicon Valley Bank with a line of credit of $5.3 million. The sale could trigger an auction process for other potential buyers and is subject to approval from a bankruptcy court. The financial terms should be released soon, but it is believed that the tech publisher will be putting up $100 million for the site, which had about 44 million unique visitors last month. In conjunction with the bankruptcy filing, Gawker also announced it had entered into an asset purchase agreement to sell its assets to Ziff Davis. Gawker has hired the investment bank Houlihan Lokey to advise it on a possible sale.

Gawker site