Gawker Founder Nick Denton Files For Bankruptcy (nydailynews.com)

An anonymous reader quotes a report from New York Daily News: Gawker's founder Nick Denton filed for personal bankruptcy Monday after a Florida appeals court refused to give him an emergency order that would block wrestler Hulk Hogan from collecting on a $140 million jury verdict. The District Court of Appeal in Lakeland, Fla., denied a request by Gawker and Denton to stay a ruling by lower court judge Pamela Campbell -- who said Hogan could start collecting on his award immediately. But declaring bankruptcy will give Denton protection from collectors including Hogan, whose real name is Terry Bollea. In the filing, Denton says he has assets of $10 to $50 million and liabilities of $100 to $500 million. His debts includes $125 million that he owes to Hogan, an $11.5 million loan that he took out on June 10 from Silicon Valley Bank, a $50,000 loan he took from his 401(k) at Gawker and his Time Warner Cable bill for $120.88. The jury's March verdict was the result of Gawker's decision to publish a tape on the internet of Hogan having sex with a friend's wife. The former WWF star said it was an invasion of his privacy. Gawker filed for bankruptcy shortly after the jury's verdict, but Denton resisted, asking the bankruptcy court to protect him as part of the process. The federal court refused. Now that the Florida courts have opened the door for Hogan to start collecting from Denton, he is expected to follow Gawker into federal bankruptcy court in lower Manhattan.

Comments

Re:Tough call

[SvnLyrBrto]

Well, there can't really be any much doubt that Thiel was planning his revenge for a long time and just waiting for the right opportunity to do so. The guy's company makes software to help the three-letter-agencies spy on us. And he named it Palantir... as in the talisman that the dark lord Sauron used to corrupt Denethor and Saruman, driving the first to madness and suicide, and turning the latter into a minion of pure evil devoted to the destruction of mankind. Like I said: a creep and a tool; or at the very least someone with some seriously Blofeldian aspirations.

But every time I think of Gawker, all of its works, all of its people, all of its history, all of its existence, being utterly consumed and destroyed; I must confess I giggle a little on the inside. It's just a shame they're based in New York and it'd be impractical to raze their building and plow the land through with salt.