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Gawker Files For Bankruptcy
Couldn't happen to 'nicer' people...Gawker filed for bankruptcy Friday in New York federal court shortly after a lawyer for the gossip website told a Florida judge that it couldn’t afford to pay a $140 million jury award to wrestling legend Hulk Hogan for posting his sex tape online. The Chapter 11 bankruptcy filing says that Gawker has between 200 and 1,000 creditors, between $50 million and $100 million in assets and $100 million to $500 million in liabilities. The company says that it will use two loans, one $15 million one made by Menlo Park, Calif. venture capital firm US VC Partners, and another $7.6 million one made by Silicon Valley Bank, to stay afloat during the proceeding. Posted by: Raj 2016-06-10 |
| http://www.rantburg.com/poparticle.php?ID=458712 |