Gawker Files For Bankruptcy

[Strangebrew]

http://www.zerohedge.com/news/2016-0...les-bankruptcy

Moments ago the financially challenged tabloid nemesis of Peter Thiel, Nick Denton's Gawker Media, filed for bankrutpcy - an outcome predicted by many as inevitable - listing assets between $50 and $100 million, and liabilities between $100 and $500 million.

No matter on which side of the Thiel-Denton debate one sides, we doubt many tears will be shed as yet another chapter in "new media" comes to a close.

From the petition:

The above-captioned debtor and debtor in possession (the "Debtor") filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code. The following is the list of the Debtor's creditors holding the twenty (20) largest unsecured claims based on the Debtor's books and records as of appro,.imately June 9, 2016 (the "Creditor List"). This list is prepared in accordance with Rule 1007( d) of the Federal Rules of Bankruptcy Procedure. The Creditor List does not include (1) persons who come within the definition of "insider" set forth in section 101(31) of the Bankruptcy Code; or (2) secured creditors. The information contained herein shall neither constitute an admission of liability by, nor bind, the Debtor. The information herein, including the failure of the Debtor to list any claim as contingent, liquidated, or disputed, does not constitute a waiver of the Debtor's right to contest the validity, priority, or amount of any claim.
Why is the company filing now? Simple: to make Hulk Hogan's aka Terry Bollea's $130 million claim part of the prepetition, unsecured liabiltiies.

Beautiful, god bless you Hogan.
Let's hope someone decent picks up the remains, and we don't get anything worse coming out of this.

[Jotaux]

I hope Hogan gets a decent portion of his money.

[zealo]

Good riddance. Gawker is awful.

[nextormento]

My heart goes to all of the talented writers working for them.
Truly tragic.

[NoiseTank13]

If only they complied with the court order they wouldn't be in this mess.

But hey, what can one expect from a piss-yellow journalism site that posts revenge porn, outs gay people and aid their blackmailers, and jokes about child pornography in a court setting?

My heart goes to all of the talented writers working for them.
Truly tragic.

lmao

[RickJamesLich]

Truly a great day, I just hope Hogan at least gets a fraction of his money. It's ironic, Hogan, known for taking out villains in the 80's and 90's, ended up toppling the biggest villain of today.

[Super Friendly Kitty Cat]

Good.

Fuck em.

[Cricket22]

Meh, if they filed early they can get away with giving him nothing if they have enough secured higher ranking debt ahead of that.

My bet is they had that covered, before the case went to trial. seriously doubt Hulk Hogan will ever see dime one.

[glo]

Good. Hopefully this has the chance to rid the cancer known as Kotaku from the internet.

[Skroe]

Good. They've been losing staff left and right for months. Foxtrot Alpha is basically dead. io9's founders left. Gizmodo's best people left. Kotaku's people quit.

Gawker is dying, and the world is better for it.

- - - Updated - - -

My heart goes to all of the talented writers working for them.
Truly tragic.

I'm looking forward to Hamilton Nolan going back right where he belongs: the Target stockroom.

[Theodarzna]

One of my good friends once said, his dream as a comedian will be to have a Jezebel article written about him. I guess the dream is now dead, I best send him my condolences.

[Super Friendly Kitty Cat]

Now get rid of Buzzfeed, Jezebelle and Huffington Post and the world can be at peace.

Only idiot rubes read from those websites anyways. It is better for them to be gone.

[Tinykong]

I hope Jezebel goes down with the ship. Good riddance.

[Deleted]

sucks for any decent people there that will lose their jobs (did gawker have any decent people? im not sure) but otherwise gawker will not be missed, good riddance.

[Paklaaji]

Foxtrot Alpha is basically dead.

Good thing Tyler left it for The War Zone, no one else can replace him.

I don`t think there`s a defence writer nowadays who can do pieces like this.

[Beazy]

Good. I wonder how much $$ will be left over to pay the Hulkster. . . since he pretty mcuh owns Gawker now.

[Skroe]

Good thing Tyler left it for The War Zone, no one else can replace him.

I don`t think there`s a defence writer nowadays who can do pieces like this.

He really is the absolute best.

[Zcion999]

My heart goes to all of the talented writers working for them.
Truly tragic.

hahha well done!

[Goondicker]

We can only hope Kotaku goes down with the ship.

[Morgaith]

Today is a good day.