Gawker Founder Nick Denton To File For Bankruptcy – Barely a month after online media company Gawker filed for bankruptcy, its founder Nick Denton is preparing to do the same.
The company’s troubles stem after it lost an invasion of privacy lawsuit to Hulk Hogan, and was ordered to pay the iconic wrestler $140.1 million by a Florida court.
Hulk Hogan’s lawsuit was funded by PayPal founder Peter Thiel, who Denton slammed as he prepares to sell the company.
Denton said the sale will leave Gawker’s websites “sheltered under new ownership.” Thiel, Denton added, “will have nothing to show for his petty grudge other than legal expenses and a reputation for thin skin.”
“As I’ve said, Peter Thiel’s vendetta against my company may well require me as well as the company to file for bankruptcy protection until the Florida appeals court can rule on the extraordinary $140 million judgment,” Denton said. “I’m focused now on the sale process which will conclude in a month, and maintaining the value of the business.”