![]() ![]() Selling Gawker without filing for bankruptcy would have been difficult, since businessmen typically don’t like purchasing companies with apocalyptic jury verdicts hanging over their balance sheets. But the company apparently decided that was a no-go and headed to bankruptcy court instead.Ībout that last bit. According to the Tampa Bay Times, Judge Campbell ruled Friday morning that Gawker Media could post shares in its company rather than cash. Under normal circumstances, defendants in Florida are required to post a bond for damages when they appeal a verdict Gawker Media, for its part, would have had to pony up a cool $50 million. Campbell essentially refused to stay the judgment. But it finally chose to seek Chapter 11 protection after Pinellas County Judge Pamela A.M. Gawker Media reportedly began exploring the idea of a sale soon after a Florida jury decided the company owed Hogan $140 million dollars for violating his privacy by posting excerpts of a sex tape featuring the former pro wrestler. Perhaps you have questions, such as: Why now? Why bankruptcy? Will I still be able to read Deadspin when I can’t bear to keep staring at Excel spreadshseets during work? Here are some answers. Facing a financially crippling verdict in its legal battle with Hulk Hogan, Gawker Media filed for bankruptcy in New York on Friday and will soon be sold at auction. Among them: assertions that Hogan filed the lawsuit to hide racist comments made on video, that the woman who Hogan had sex with knew it was being filmed, and that Hogan participated in an FBI investigation and sting because he was being extorted.Įarlier Friday, in spirited closing arguments, lawyers for Hogan and Gawker discussed themes of personal life versus celebrity and freedom of speech versus the right to privacy.So it’s come to this. The documents outline allegations, facts and conflicting testimony. The civil court judge in the case had ruled that the documents be sealed, but an appellate court sided with the media companies, saying they were of legitimate public interest. The evidence was unsealed because a group of media companies, including The Associated Press, sued for access and won. The unsealed documents will undoubtedly be key in Gawker's appeals process. There was wrestling history, videos of Hogan yukking it up with Howard Stern and, most notably, how Gawker - a 12-year-old news and gossip website in New York City- does journalism differently from legacy media. Jurors, media and thousands who followed the case on Twitter and livestream video were treated to days of details about Hogan's sex life, body part size, and images of him in thong underwear. ![]() The verdict and the unsealing of hundreds of pages of documents late in the day capped a three week judicial circus in the sleepy St. Hogan contended the 2012 post violated his privacy. Hogan, 62, whose given name is Terry Bollea, sued Gawker for $100 million for posting a video of him having sex with his former best friend's wife. We think it represents a statement as to the public's disgust with the invasion of privacy disguised as journalism. Hogan's team issued a statement as well: "We're exceptionally happy with the verdict. "Given the key evidence and the most important witness in this case were withheld from the jury, we all knew the appeals court would need to resolve this case," Denton said. Just moments after the verdict, Gawker founder Nick Denton said he will appeal, based on evidence that wasn't introduced in court. The jury isn't finished they will return to court Monday to award punitive damages. The trial lasted two weeks, and Hogan wept as the verdict was read. The jurors reached the decision Friday evening, less than six hours after they began deliberations. PETERSBURG - A Florida jury sided with ex-pro wrestler Hulk Hogan on Friday and awarded him $115 million in his sex tape lawsuit against Gawker Media. ![]()
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