“As long as you are going to be thinking anyway, think big.” - Donald J. Trump
"I don't get all the women I want, I get all the women who want me." - David Lee Roth
Quote: (06-11-2016 05:57 PM)Andreas Wrote:
I hope this encourages more people to successful sue big corrupted media like Gawker.
Quote: (06-11-2016 01:47 PM)General Stalin Wrote:
Quote: (06-11-2016 12:53 PM)EvanWilson Wrote:
snip
If all these terms are accurate, I don't see who in their right mind would even want to consider buying a company with such a debt load. The new would-be owner of GMG would have to cough up an extra $73mio (plus interest) to clear the company out of debt, and it would take years and years to make that money back. That is assuming the business is even profitable after the acquisition and continues to be profitable enough to turn an ROI.
Quote: (06-12-2016 02:03 PM)Disco_Volante Wrote:
that is true, gawker will survive. but the new company who 'saves' them will lay off many of their workers anyways and install their own management. At least a good chunk of gawker employees will get fucked.
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Gawker, which filed for bankruptcy protection Friday, said Cerberus Business Finance, the private-equity firm’s lending arm, has agreed to provide it with $14 million on an interim basis plus another $8 million following final bankruptcy court approval.
Absent the cash, Gawker restructuring chief William Holden said Monday, the company would be unable to pay its employees or vendors and be forced to liquidate.
The bulk of the Cerberus loan, $12.3 million, will pay off Gawker’s lender Silicon Valley Bank, according to the filing in U.S. Bankruptcy Court in New York.
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The company plans to sell its assets in bankruptcy court and has received an opening bid of $90 million from the digital-media company and magazine publisher Ziff Davis LLC. That offer is subject to higher bids at a bankruptcy auction.
Ziff Davis, Gawker’s so-called stalking horse bidder, will receive a $2.475 million breakup fee if bested at auction. Bankruptcy courts routinely approve such fees to encourage potential buyers to come forward and set a floor price for a bankrupt company’s assets.
Gawker on Monday also laid out a proposed timeline for the sale of its business. Bids are due July 27 and an auction, if necessary, will be held on July 29 at the offices of Ropes & Gray, Gawker’s bankruptcy lawyers, in New York. A hearing to approve the sale is slated for Aug. 3.
Proceeds from a sale will be funneled to a trust to finance further litigation or cover whatever damages may ultimately be leveled following appeals, which could take years to resolve. Gawker has said that it expects to ultimately prevail.
Whatever money is left at the end of the legal process will go to Gawker Founder and Chief Executive Nick Denton, who owns most of the company, and other shareholders. Earlier this year, Columbus Nova Technology Partners -- the U.S. investment arm of the Renova Group, a conglomerate owned by Russian billionaire Viktor Vekselberg—took an undisclosed minority stake in the media company as it shored up its books for the trial. Gawker owes the company $15 million, according to court filings.
Gawker is scheduled to make its debut appearance in bankruptcy court on Wednesday. In addition to seeking approval of its routine bankruptcy requests, the company is set to ask Judge Stuart Bernstein to rule that the bankruptcy code’s automatic stay provision covers Mr. Denton as well as Gawker, even though the media company founder hasn’t personally filed for bankruptcy protection.
The automatic stay, a cornerstone of U.S. bankruptcy law, puts the brakes on lawsuits when a company filed for chapter 11. Bankruptcy judges are often reticent to extend chapter 11 protections to individuals not in bankruptcy.
If approved, the injunction would prevent Mr. Bollea and a number of other former subjects of Gawker articles who have sued the company---including blogger Charles C. Johnson, journalist Ashley Terrill and tech entrepreneur Shiva Ayyadurai—from attempting to seize Mr. Denton’s personal assets.
Gawker is trying to shield not only Mr. Denton but also Executive Editor John Cook, former Gawker.com editor in chief A.J. Daulerio and several current and former writers, all of whom are subjects of pending litigation related to Gawker articles.
Quote: (08-16-2016 08:18 PM)NilNisiOptimum Wrote:
Univision to buy Gawker for $135 mil.
http://arstechnica.com/business/2016/08/...5-million/
....
Meanwhile, I must not have been paying attention because the article mentions in addition to Hulk Hogan's lawsuit, Gawker is facing a $35 mil libel suit over a piece about a man who claims to be the sole inventor of email.
Quote: (08-18-2016 03:50 PM)TravelerKai Wrote:
Univision is very far from feminist. They are just too Mexican to stop having sexy women flaunting on their shows.
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Last summer, Univision acknowledged that Fusion and another start-up TV channel, El Rey, lost $85.2 million in 2014, according to regulatory filings.