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Gawker Files For Bankruptcy Following Lawsuit From Hulk Hogan – Full Details

Gawker was back in court on Friday morning to try and get a judge to postpone the $140.1 million judgment awarded to Hulk Hogan.

Hogan sued Gawker after they released sex tapes that included himself and Bubba The Love Sponge’s then-wife Heather Clem. The case went to trial, and the jury awarded Hogan $115 million in damages. Hogan was awarded an additional $25 million for punitive damages. Gawker owing Hogan $15 million, Gawker website owner Nick Denton owing $10 million, and former Gawker editor A.J. Daulerio owing $100,000.

The judge issued a $140 million final judgment in favor of Hogan. This has led to Gawker Media filing for Chapter 11 bankruptcy. Gawker plans to find a new owner for the company and has a “firm bid” from Ziff Davis to buy the company for under $100 million, according to Recode.

  • Brian

    Florida requires the loser of a civil lawsuit to deposit the entire amount of the judgment before an appeal will be allowed. $50 million is the maximum the state requires, so Gawker would have had to deposit that money, or their appeal will not be allowed.

    And I don’t see how selling the company is going to help, because no one will buy the company with the lawsuit attached to it.

  • D2K

    Last I checked they cannot file for bankruptcy to get out of paying punitive damages in the state of Florida. These people obviously have no idea on how the legal system works. Their case against Hogan was laughable. Then they thought they could appeal until they found out that they would have to post a 50 million dollar bond to file that appeal. Now they are trying for bankruptcy.

    Face it. You guys screwed up. Pay Hogan whatever you have, go find REAL jobs, and call it a day.