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Gawker files bankruptcy

Discussion in 'BlackHat Lounge' started by Reaver, Jun 10, 2016.

  1. Reaver

    Reaver Jr. VIP Jr. VIP

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    So apparently Gawker filed chapter 11 bankruptcy in order to pay Hulk Hogan the $180 million he got awarded from his lawsuit against them.

    They already have someone interested in buying them too.

    You can either Google it or check up on it here: http://www.usatoday.com/story/money/2016/06/10/gawker-media-files-bankruptcy/85699728/

    I've read a few articles that said Gawker filed bankruptcy to get out of paying the money. But according to USA Today, they have other creditors. Hogan is just the biggest one.

    It wouldn't surprise me one bit if the second part is true.

    It just brings to mind that thread someone posted about how 16 companies dominate the search engines. Gawker is one of those companies. They estimate themselves to be worth over $100 million. I'm sure that's because they dominate Google's front page for a ton of search results. But I wonder if that's what got them in trouble in the first place.

    Not the search results themselves, but the fact that their blog network has grown so huge and popular that they basically thought themselves untouchable. They do have a pretty questionable history with publishing news.

    I wonder how this will affect them. They said their other sites will continue to run as normal, but will they be more careful with what they publish from now on?
     
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  2. rob1977

    rob1977 Power Member

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    what ive never understood is that to be legally bust/bankrupt, you must have more going out than you have coming in and in reserve.

    if someone buys gawker they are doing it in the full understanding that the biz has liquidity issues, with a hefty legal bill (if it was the company and not the individual) so in theory the new owner assumes liability, but it never seems to work that way.

    in some cases ive seen companies 'fold'. assets including branding get sold to the new buyer who then sets up a new company called gawker 2.0. the original company still holds the debt and these companies keep on keeping on.

    I wonder if the tax man came for me could I rename myself, rob 2.0 and fuck them off. I bet I couldn't.
     
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  3. The Scarlet Pimp

    The Scarlet Pimp Senior Member

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    hogan was sued by john stossel after he smacked him in the head for saying wrestling was fake.
     
  4. Reaver

    Reaver Jr. VIP Jr. VIP

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    Businesses operate by a different set of rules than normal people. We all know that. But it is increasingly disturbing the amount of wiggle room they get when it comes to owing large amounts of money.

    That seems to be the backdoor for every business that owes more than they can pay: declare bankruptcy. People do the same thing too. They owe more than they can pay, they file for bankruptcy and just walk away. Their creditors get the middle finger, and they get to start all over again.

    I understand that bankruptcy is necessary for certain cases but companies (and people) increasingly abuse the privilege.

    I sincerely doubt Hulk Hogan is going to get his money. He is owed $180 million plus $25 million in restitution. That's $205 million. Gawker may be worth a lot of money, but I don't think it's worth that much. If it is, it's just barely. Some of their creditors aren't going to get paid from that sale.
     
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  5. fc-dh

    fc-dh Elite Member

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    Good, i hate fucking Gawker and their leftwing righteous SJW attitude, getting people fired because they said things they didn't like...
     
  6. ignotus

    ignotus Junior Member

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    Gawker is a complete offshore company he will be lucky if he gets 1 penny. Shame it will just be put up for sale and all trademarks will be transferred and whatnot. It just needs to go away
     
  7. The Scarlet Pimp

    The Scarlet Pimp Senior Member

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    most large judgments are never collected. the courts can decide that you owe someone millions but collecting it is up to the winner.

    carol burnett sued the enquirer for libel but didn't get anything.
     
  8. macdonjo3

    macdonjo3 Jr. VIP Jr. VIP

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  9. Reaver

    Reaver Jr. VIP Jr. VIP

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    Boy, that came out of nowhere.

    Idk about Gawker getting anyone fired. I do agree they're pretty sensational as news outlets go. But that's what people want to read, so they cater to that. It's what got them in this boat in the first place. Too bad it won't do jack shit.

    I agree that it does need to go away. Gawker is as much of a news site as Taco Bell is real Latin food. I didn't know they were an offshore company though.

    I assumed that he wouldn't get anything. That's way too much money, and they aren't worth that much.

    Exactly. They say they filed so they could pay him, but I think they filed so they wouldn't have to. It's not like someone can force them to pay.