The Committee of Unsecured Creditors, comprised of Hogan and others who have asserted claims over Gawker Media articles, has recently retained foreign lawyers and has pushed for discovery to investigate how money has flowed at the company. The six major brands sold to Unimoda ( Jalopnik, Jezebel, Deadspin, Lifehacker, Gizmodo and Kotaku) reflect the value of the URLs, trademarks, brands and other intangible assets that Gawker Hungary owns.”
“The Debtors believe that this allocation continues to reflect the relative value attributable to Gawker Hungary, on the one hand, and Gawker Media, on the other, as of the closing of the Unimoda Sale. “These economic agreements that Gawker Media and Gawker Hungary arrived at reflect an approximate allocation of the value of assets of two-thirds of the value attributable to Gawker Hungary assets, and one-third of the value attributable to Gawker Media assets,” states the liquidation papers. The papers describe how much has been allocated to the foreign subsidiary. The so-called centerpiece of the liquidation plan involves resolving intercompany disputes that Gawker Media estimates could cost $9 million to 12 million litigating.Īmong the biggest potential conflicts is how much Gawker Hungary obtains from the Univision sale. Consequently, a similar appellate ruling on that same legal issue would likely result in a reversal of the Bollea judgment, or at least a significant reduction of that judgment … he bankruptcy court can take into account the particular posture of the case solely in connection with weighting the fairness of the Plan Settlements.” “Instead, the Bollea Judgment is in the unusual posture of being based on a ruling that Gawker Media publication was not speech protected under the First Amendment, when two other courts … have already … ruled against the plaintiff on that same key legal issue. “Although there is a judgment against Gawker Media, the Bollea Judgment, that state law judgment is not merely subject to an appeal of factual findings in that case,” states the liquidation papers. The debtors are now trying to navigate this morass with description of how the estate is going to be liquidated.Ī bankruptcy judge will need to confirm the plan after creditors vote, and before that happens, there’s talk in the debtors’ papers of favorable appellate decisions during the pre-trial stages of Hogan’s invasion-of-privacy suit over a publishing of his sex tape.
WWE Facing Investigations Related to Vince McMahon Payments, Former CEO Paid $14.6M Since 2006 Those financiers have secured claims as well. Further, Gawker Media has been the recipient of multimillion-dollar bank loans that have allowed operations to continue during trying times.
Gawker deals software#
The plan is not only complicated by an ongoing court dispute with Hulk Hogan (aka Terry Bollea), who got a $130 million judgment against the company and may have to survive an appeal to collect there’s also the relationship between the company and its officers as well as between Gawker Media and Gawker Hungary, a foreign affiliate that owned the proprietary publishing and discussion software that Gawker used.
Gawker deals how to#
Hundreds of pages have been filed in connection with this liquidation plan, which contemplates how to distribute the Univision money plus other lingering assets. The debtors are now seeking confirmation for a liquidation plan that includes the sale of upon the expiration of a non-compete with Univision. On Friday, it was revealed in bankruptcy papers that the sale of various Gawker Media properties to Univision for $135 million didn’t include the domain name and content of the company’s flagship website. If there’s to ever be a rebirth for, it won’t happen through Univision.
0 kommentar(er)
