#GAWKER SUED PC#

Thiel as unapologetic, too, calling the effort to bankrupt the media organization through litigation “one of my greater philanthropic things that I’ve done.” (More philanthropic than the money he has donated to the free-press nonprofit organization Committee to Protect Journalists, evidently.) The lawsuit, Thiel insisted in a story in The New York Times, was “more about specific deterrence” than exacting revenge. Today, Gawker Media filed a Freedom of Information Act complaint in U.S. In 2007, Gawker published an article outing Thiel, titled “Peter Thiel is totally gay, people.” Thiel later admitted that he had been working to fund lawsuits against Gawker for years, and has spent about $10 million of his own money to fund Hogan’s lawsuits. Two weeks ago, it was revealed that billionaire Silicon Valley investor and PayPal co-founder Peter Thiel, who Gawker had covered unflatteringly in its now-defunct tech blog, Valleywag, was secretly bankrolling Hogan’s lawsuit against Gawker. The Chapter 11 filing indicates Gawker has “between 200 and 1,000 creditors, between $50 million and $100 million in assets and $100 million to $500 million in liabilities.” If the verdict is upheld, the money will go to Hogan. If the judgment is overturned, the money from the sale will go back to Gawker founder Nick Denton and other company shareholders. When Gawker sells itself, the money it makes from a sale will be put in escrow during the appeals process. Thiel then bankrolled a privacy lawsuit brought by Hulk Hogan, a 6’7, 300-pound wrestler named Terry Bollea after Gawker published a 40-second video of Hogan having sex with the wife of a radio. In the meantime, bankruptcy allows Gawker to avoid making its $140 million payment to Hogan while continuing to operate. Gawker continues to plan to appeal the verdict, The Wall Street Journal reports.

Venture Partners-to help keep the lights on. Gawker was a lawsuit filed in 2013 in the Circuit Court of the Sixth Judicial Circuit in and for Pinellas County, Florida, delivering a verdict on March 18, 2016.

In the meantime, the company will use two loans-a $7.6 million loan from Silicon Valley Bank and a $15 million loan from U.S.

#GAWKER SUED PC#

The company will be put up for auction, and publisher Ziff Davis, which owns properties including PC Magazine and AskMen, is reportedly submitting an opening bid of $100 million, The Wall Street Journal reports. Hogan first sued Gawker after it posted a 2007 video of him having sex with Heather Clem, his then-best friends wife. Gawker Media has filed for Chapter 11 bankruptcy to stay open and keep paying its staff after telling a judge it couldn’t afford to pay the $140 million in damages that a Florida court recently awarded former wrestler Hulk Hogan in his defamation suit against the company. Peter Thiel’s plan to take down Gawker seems to be working.

Gawker sued