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Friday, June 10, 2016

#GamerGate wins! #GamerGate wins!

Gawker Media files for bankruptcy:
Gawker Media has filed for Chapter 11 bankruptcy after a Florida judge issued a $140 million final judgment in favor of Hulk Hogan in the invasion-of-privacy lawsuit over the posting of a sex tape.

The online news organization founded in 2003 by Nick Denton which now includes other sites like Deadpin, Jezebel and Kotaku, reports that it has less than $100 million in assets and hundreds of millions in liabilities. Gawker is currently facing a wrath of litigation that's been connected to Silicon Valley billionaire Peter Thiel. Besides the Hogan suit, there's claims from a journalist and the alleged inventor of e-mail who both say they were defamed. Gawker is also facing off against the parent company of Daily Mail in court and was hit with a copyright lawsuit this week over a photograph of an Uber car.

Gawker has hired the investment bank Houlihan Lokey to advise it on both a possible sale and the restructuring process.

According to bankruptcy papers, Gawker has also secured a $7.66 million loan from Silicon Valley Bank with a line of credit of $5.3 million. Additionally, it's got a second credit agreement worth $15 million with US VC Partners. All told, that's $22 million in debtor financing as Gawker aims to restructure itself and fight off collection efforts from Hogan as its dispute with the former professional wrestler goes to an appeals court.
Thank you, Peter Thiel! We are all Hulkamaniacs now.

Labels: ,

83 Comments:

Anonymous Til June 10, 2016 1:29 PM  

WHERE WERE YOU WHEN THE HULKSTER WON GAWKERMANIA?!?

Blogger Anchorman June 10, 2016 1:30 PM  

Couldn't happen to a nicer rag.

Blogger Sagramore June 10, 2016 1:32 PM  

Keep your clickbait spayed and neutered.

Blogger dlstacy June 10, 2016 1:32 PM  

I love happy endings.

Blogger Mr.MantraMan June 10, 2016 1:37 PM  

Clinton campaign will hire some of those flacks at cut rate and send them out to "thought lead" and tone police the net.

In 2008 the oildrum website lost a third of its traffic after the McCain campaign nosed into the ground. But on the other hand dipshit Scalzi will get sudden surges of popularity that will quickly disappear

Anonymous Nicolai Zolnir June 10, 2016 1:39 PM  

BOOM, Headshot!

Blogger Ingot9455 June 10, 2016 1:39 PM  

Whatcha gonna do when Hulkamania runs wild on you?

Go bankrupt, and go home.

Anonymous andon June 10, 2016 1:42 PM  

wonder if he'll be able to collect

Blogger John Williams June 10, 2016 1:45 PM  

We are all Hulkamaniacs now.
Don't forget to take your vitamins.

Anonymous Elipe June 10, 2016 1:46 PM  

Gawker is kill. LONG LIVE THE HULK!

Blogger Ben Cohen June 10, 2016 1:48 PM  

Hulk smash!

Blogger Cataline Sergius June 10, 2016 1:49 PM  

Gawker has hired the investment bank Houlihan Lokey to advise it on both a possible sale and the restructuring process.

Sale?

SALE?!?!!?

If you're interested in buying Gawker I've got a radioactive plague rat, I'd like to show you.

Anonymous andon June 10, 2016 1:50 PM  

9. Blogger John Williams June 10, 2016 1:45 PM
We are all Hulkamaniacs now.
Don't forget to take your vitamins.


lol, yeah "vitamins"

Blogger Aeoli Pera June 10, 2016 1:52 PM  

Hulk smash.

According to bankruptcy papers, Gawker has also secured a $7.66 million loan from Silicon Valley Bank with a line of credit of $5.3 million. Additionally, it's got a second credit agreement worth $15 million with US VC Partners.

I don't know the ins and outs of this stuff, but surely those banks never expected a return on this debt. Isn't that right?

Anonymous szIlk June 10, 2016 1:53 PM  

And say yer prayers

Blogger Aeoli Pera June 10, 2016 1:53 PM  

Ben Cohen wrote:Hulk smash!

Dammit, I should have dropped the banking stuff and gone straight for the joke :-P.

Blogger _vvv_ June 10, 2016 1:54 PM  

Well, it's a Chapter 11, so they may still survive... Hopefully not, though.

Blogger Dirtnapninja June 10, 2016 1:59 PM  

AT LAST! VG DAY!

WHATCHA GONNA DO WHEN HULKAMANIA RUNS WILLLLLLLLD ON YOU?

/wishes he could draw..would create a picture of Vivian James posing with a joystick like the Motherland Calls statue in Russia

Blogger tz June 10, 2016 2:00 PM  

2 kings 9:10
As for Jezebel, dogs will devour her on the plot of ground at Jezreel, and no one will bury her.

Blogger tz June 10, 2016 2:05 PM  

Don't toxic superfund sites, even virtual ones, have NEGATIVE value?

Plus This memorable Trump article

Even for those in the media confident in their abilities and job security, the fear of getting “scooped” (someone else writes your shit before you can write your shit) outweighs all other considerations. I can’t imagine a single reporter or editor in the world sitting on a good story for months, for the simple reason that (on both sides of the political spectrum) we’re all desperate for attention and completely bent on destroying Donald Trump.

God, Ted, we’ve been trying! It’s not like we haven’t tried. Over the past year Gawker has posted:
The Time Donald Trump’s Ex-Wife Accused Him of Brutally Raping Her
The Best Theory of 1992: Donald Trump Took Amphetamine-Like Diet Pills
Does Donald Trump Want to Have Sex With His Daughter?
Voicemails Reveal Donald Trump’s Cozy Relationship With the Liberal Media
Donald Trump Spun a 9/11 Conspiracy Scenario So Loony It Ended Up Almost True
How We Fooled Donald Trump Into Retweeting Benito Mussolini
Donald Trump Brags About Fucking Another Guy’s Girlfriend in Old Howard Stern Interview

None of it has even slightly hurt Trump or changed the mind of his supporters. We’re at a complete loss. We’re out of ideas. I honestly can’t even imagine something at this point that would scuttle the Trump campaign given how perfectly calibrated his core following is to reject anything and everything they see in the media. I could publish a recording of Donald Trump screaming “ISIS IS GOOD! ISIS IS GREAT!” during sex and he would brush it off in one tweet—Gawker, a loser website. They want me to be politically correct. Sad!

Anonymous Eduardo June 10, 2016 2:07 PM  

Isn't a Ben Cohen owns The Daily Banter?

Blogger Titus Quinctius Cincinnatus June 10, 2016 2:10 PM  

Isn't a Ben Cohen owns The Daily Banter?

Don't you mean (((Ben Cohen)))?

/sorry, couldn't resist

Blogger tz June 10, 2016 2:12 PM  

I missed the most prophetic quote from Biddle:

Not many of us are even confident enough that our jobs or publications will even exist in their current forms by June or July to sit on something big, so if you’ve got something worth publishing, we’ll put it up today, promise.

The Trump Train runs on time!

OpenID ghost-tiger88 June 10, 2016 2:17 PM  

Hulkamaniacs indeed! Wutchagonna do?!!

Blogger tz June 10, 2016 2:18 PM  

No one yet mentioned the "Puny God!" scene from The Avengers with Loki.

@22 (((They))) will join any constellation as long as it has the star of David at the center,

Anonymous Longtime Lurker June 10, 2016 2:18 PM  

Now that's "progress."

Blogger VoodooJock June 10, 2016 2:19 PM  

A good start. Let's add to the scalp collection.

Blogger Salt June 10, 2016 2:25 PM  

Has Denton opened his Patreon yet?

Blogger Ingot9455 June 10, 2016 2:26 PM  

While I am not an expert, the upshot of what I was reading about the appeals process for Gawker indicates that in order to pursue the appeal, they have to 'post bond' just like a criminal 'posts bail' before his trial.

So if the Judge says $10,000 bail, the criminal can either put up $10,000 which the court holds and which he gets back by showing up for the trial; or he can borrow money from a Bail Bondsman. He pays the Bail Bondsman $1000 (ten percent is customary) which he does not get back, and the Bondsman puts up the $10k, and if the perp doesn't show up in court he sends bounty hunters after him to make him show up in court.

If you have a history of jumping bail you might be considered a bad risk and the Bail Bondsman people might not be willing to lend you that money even if the court is still willing to set bail on you.

So, in order for Gawker to pursue an appeal, they have to put $140 million dollars in the bank under the court's control. Denton and Gawker can either do that themselves, or they can borrow it, at a cost.

From what I've been reading, everyone is saying things like '50 million dollar bond to continue.' I am not sure if that means that someone who wants to loan them $140 million is requiring that they pay them 50 million up front that they don't get back, or what. But that's what it sounds like the rumor is; that whoever is willing to lock up 140 million is going to charge 33% on this one.

The little lines of credit are just for paying to keep the servers on, the adverts running, and a skeleton crew; it doesn't make the 50 million dollar bond.

Anyone better educated than me on this, feel free.

Blogger Al From Bay Shore June 10, 2016 2:26 PM  

This comment has been removed by the author.

Blogger Al From Bay Shore June 10, 2016 2:29 PM  

HULKAMANIA IS RUNNING WILD!

Blogger Cluebat Vanexodar June 10, 2016 2:29 PM  

Just in time for the weekend.

Blogger James Higham June 10, 2016 2:35 PM  

Yes but will he avoid paying?

Anonymous Spartacus xxxxx June 10, 2016 2:42 PM  

tz wrote:Don't toxic superfund sites, even virtual ones, have NEGATIVE value?

Plus This memorable Trump article

Even for those in the media confident in their abilities and job security, the fear ... we’re all desperate for attention and completely bent on destroying...
We’re at a complete loss. We’re out of ideas... he would brush it off in one tweet—Gawker, a loser website... Sad!


Why yes, that is an interesting piece of bleed out, almost like he means it. It doesn't have the subtle doubletake irony of the Scott Adams piece.

https://www.reddit.com/r/KotakuInAction/comments/2jhtnx/nerdbodybuilder_mike_cernovich_challenges_gawker/ Cernovich can take credit for softening them up ahead of the atomic leg drop.

From the same piece-

We are sublimating our own sense of terror and irrelevance via blogs. We will be spinning our wheels like this until Trump either self-destructs or wins the election. We’ll be spinning our wheels because we don’t have any bombshells... We are desperate and scared

Sam project much? He'll be spinning his wheels like this until HE self-destructs.

Blogger 4499 June 10, 2016 2:43 PM  

"Need a little excitement? Snap into it! Snap into a lawsuit! Big beefy juicy taste . . ."

Anonymous Spartacus xxxxx June 10, 2016 3:03 PM  

Just a thought- Maybe the SJW Point-and-shriekers have been burning out the market demand for Gawker-style yellow journalism. Too much competition from the independent SJW contractors leads to Shriek Fatigue.

On the supply side, President "We Don't Care" Trump is already leading by example. More shrieks chasing fewer marks. Are the print rags like National Inquirer down in sales too?

Anonymous LastRedoubt June 10, 2016 3:06 PM  

@Til

WHERE WERE YOU WHEN THE HULKSTER WON GAWKERMANIA?!?

Awesome

Anonymous Mike June 10, 2016 3:09 PM  

Looks like Ziff Davis may be preparing to swoop in and buy up all of their properties at auction and continue them.

Blogger L. Beau June 10, 2016 3:18 PM  

Five Fundamental Forces (weakest to strongest): Gravity, the Weak Nuclear Force, Electromagnetism, the Strong Nuclear Force, and Hulkamania.

Hulkamania, defined as the "strongest force in the universe",
here: http://www.urbandictionary.com/define.php?term=Hulkamania

"Whatcha ya gonna do brother, when the 24" pythons and Hulkamania run wild on you!?"

Anonymous JAG June 10, 2016 3:25 PM  

Gamers tag team with Hulk Hogan to give the big boot and leg drop combo on Gawker in a loser leaves town match!

This is even bigger than body slamming Andre the Giant.

Anonymous 43rd Virginia Cavalry June 10, 2016 3:49 PM  

There are many things that I don't understand and one of them is, How does one secure 22 million dollars in financing after losing a 120 million dollar lawsuit ?

Anonymous Conrad Stonebanks June 10, 2016 3:56 PM  

Speaking of Thiel, what is he doing at the Bilderberg group? Allegedly, one of the main points of this years conspiracy/conference is how to stop Trump from getting elected president.

Blogger Rabbi B June 10, 2016 4:15 PM  

Guitarman Retweeted

Urbanski

Urbanski‏ @KasimirUrbanski

"Gamers are dead" -Gawker
"Gawker is dead." -Gamers


#poeticjustice

Anonymous Icicle June 10, 2016 4:17 PM  

Of course Hulk Hogan wins.

REMEMBER MR. NANNY???

Blogger Lovekraft June 10, 2016 4:18 PM  

One head of the Soros-Zuckerberg-Google snake is cut, another grows.

Blogger Krul June 10, 2016 4:20 PM  

This is awesome

Anonymous Wanderer June 10, 2016 4:50 PM  

OT, but it is no wonder that all those people are threatening to migrate to Canada if Trump wins:

Canadian Supreme Court legalizes bestiality.

Where are the animal (lovers) supporters when needed?

Anonymous Wanderer June 10, 2016 4:52 PM  

@38: Can you say "boycott Zif-Davis?" I knew you could.

Blogger S. Misanthrope June 10, 2016 5:06 PM  

Damn, thank you Thiel and Gamergate. I owe you guys a such a debt. Literally saving the world.

Blogger Bob Loblaw June 10, 2016 5:09 PM  

Ah, there's nothing like schadenfreude on a slow Friday to set up the weekend.

I hope to see Nick Denton begging for change in front of my local Greyhound terminal someday.

Anonymous Millenium June 10, 2016 5:49 PM  

@12 I'd buy Jezebel if I had the shekels and turn it into a 1950s style good wife's guide. Articles on cooking, cleaning and how to always look good for your husband. The feminist wailing would be reward enough.

Blogger Sean June 10, 2016 6:42 PM  

I guess now we finally know the answer to the eternal question: "Gawker, watcha gonna do when Hulkamania runs wild on you?"

Blogger Robert What? June 10, 2016 6:47 PM  

Couldn't happen to a more deserving organization.

Blogger ghostfromplanetspook June 10, 2016 7:07 PM  

So does this scalp still count as only one?

Anonymous EH June 10, 2016 7:33 PM  

@53 Gawker counts as enough scalps to make a decent-sized rug.

Blogger owlish June 10, 2016 7:40 PM  

@29: IANAL, but, when an individual posts bond, they get that money back after the court appearance. The only way a bondsman loses the money is if the person charged doesn't show up.

In Gawker's case, they've lost the case, and are going to appeal. I think the money they have to put up would be paid out, unless they succeed in the appeals court.

Blogger TontoBubbaGoldstein June 10, 2016 7:57 PM  

BROTHER!!!!

Anonymous Atropos June 10, 2016 8:10 PM  

*Yawn*

Told you all this 6 months ago, even made reference to it on J. Scalzi's blog.

They were all like "LOL, NO, YOU DON'T UNDERSTAND MEDIA"

I was all like: "LOL, THEY'RE FUCKED".


You fuckers are sloooow. Told everyone this about 6-9 months ago, before the initial filings were made.



The more interesting question is how I knew that before it happened, but hey.


Y'all batting for the wrong team.



p.s.


When in a binary situation, always look for the tertiary strings: chances are, they're fucking with you badly.


p.p.s


Kids.

I'll respect Host enough for him to do his homework and note that this isn't ravings, it's bared teeth and some little bit of "community service" to those who call our names.

But, the rest of you: "βάλλ' εἰς κόρακας"


And yeah. That Hits My Odin Bone as well.

Blogger Ingot9455 June 10, 2016 8:12 PM  

@55 What I'm saying is: You have to put up the money before you can appeal the verdict. It goes into a court-controlled account, so the court knows it has the money if you lose the appeal. Otherwise, you don't get to appeal.

It's looking like Gawker is unable to put the money up to go into an appeal, so it's got to sell up, finish out business, resolve remaining lawsuits, and pay out to all its creditors.

Blogger Bob Loblaw June 10, 2016 8:30 PM  

Even if they don't have the money to pay the judgement they'll probably be able to borrow it unless lenders feel they won't be able to make a profit without taking more legal risks. I doubt we're looking at Chaper 7 just yet.

Blogger Groot June 10, 2016 8:34 PM  

@57. Atropos:

"βάλλ' εἰς κόρακας"

Pronounced: Balle eis Korakas. This literally means "throw yourself to the crows" in ancient Greek or, more figuratively, "Go to hell." Often used by Aristophanes.

Anonymous Atropos June 10, 2016 8:37 PM  

It's looking like Gawker is unable to put the money up to go into an appeal, so it's got to sell up, finish out business, resolve remaining lawsuits, and pay out to all its creditors.

Sigh, no.

The way business works is that you always pare off entities to their own branch. Mainly for tax reasons [c.f. Gawker Tax returns, Offshore holdings]

The Father group owes the debt, the rest will be sold off as self contained entities without any legal duty to said debt. In effect, each web site is a self-contained LLC and cannot be held responsible for the parent debt: the sale of these will go towards the court ruling.


This is business 101.


p.s.


Watch for the parent to declare bankruptcy and the sale to go ahead to a 3rd party LLC. Denton was dumb, didn't put in certain legal barriers to his ownership and liability. Then again, that's the only way he was ever "worth" 100 mil.


Meta point for any smart bears: this is a billionaire slapping a millionaire and teaching him how the world works.

Blogger Megalomaniacal, Misogynist, Racist, Islamophobic, Ableist, Transphobic Hellhound June 10, 2016 8:49 PM  

This is more of a Hollywood Hogan move than a Hulkamania, BRUTHA!

Anonymous Atropos June 10, 2016 8:53 PM  

@57

Yeah, and if you prod it a little you'll get the Odin joke as well.


Y'all need to ditch this hate thing.


Hate denoted weakness and fear. I'm sure you can understand what I'm saying here. Plus, it's not very Christian.

Blogger Megalomaniacal, Misogynist, Racist, Islamophobic, Ableist, Transphobic Hellhound June 10, 2016 8:59 PM  

Hogan Knows Best, you know he does :P

Anonymous JAG June 10, 2016 9:19 PM  

Hey Atropos, nobody is impressed with you. Go take a flying leap...

Blogger Nate June 10, 2016 9:44 PM  

http://tobtr.com/s/8976045

Dread Ilk Radio.

I have no idea what we'll be talking about. Poetry inspired by Claymores cannot be ruled out... and a rant about Trump and chimichangas is almost guaranteed.

Blogger BigFire June 10, 2016 9:53 PM  

Not sure how Denton is going to discharge his own $10 judgment that's part of the lawsuit. The LA law firm that Thiel funded went out of their way to structured the suit in such way that Gawker's liability insurance isn't on the hook for the payment. They also make sure Denton and the editor that ran the video are personally liable for the payout.

Blogger BigFire June 10, 2016 9:54 PM  

That's should be Denton is personally on the hook for $10 million.

Anonymous SumDood June 10, 2016 10:13 PM  

...and the other clownshoe is dropping:

http://www.forbes.com/sites/ryanmac/2016/06/10/gawker-exploring-lawsuit-against-peter-thiel/#253af3ac3755

Anonymous helmuth June 10, 2016 10:45 PM  

off topic - I finally read a throne of bones then I read the last witchking,very enjoyable. is there anything else to read in this setting?

Anonymous andon June 10, 2016 10:58 PM  

57. Anonymous Atropos June 10, 2016 8:10 PM
*Yawn*

Told you all this 6 months ago, even made reference to it on J. Scalzi's blog.

They were all like "LOL, NO, YOU DON'T UNDERSTAND MEDIA"

You fuckers are sloooow.
Y'all batting for the wrong team.

blah bla bla......blah bla blah


is you one of them brilliant geniushes?

Blogger LurkingPuppy June 10, 2016 11:09 PM  

helmuth wrote:off topic - I finally read a throne of bones then I read the last witchking,very enjoyable. is there anything else to read in this setting?
All the other Selenoth stories are in ‘Summa Elvetica’ now.

Blogger LurkingPuppy June 10, 2016 11:11 PM  

andon wrote:is you one of them brilliant geniushes?
He's chiding Vox (and the rest of us) for not being Christian enough, and claiming to be a prophet. Let Matthew deal with him.

Blogger Lazarus June 10, 2016 11:36 PM  

Atropos wrote:*Yawn*

Told you all this 6 months ago, even made reference to it on J. Scalzi's blog.



Oh yah? I told em all this 8 MONTHS AGO, and was on the Jimmy Fallon Show about it!!!

Didn't see you there!!!

Anonymous andon June 11, 2016 12:02 AM  

73. Blogger LurkingPuppy June 10, 2016 11:11 PM
andon wrote:
is you one of them brilliant geniushes?

He's chiding Vox (and the rest of us) for not being Christian enough, and claiming to be a prophet. Let Matthew deal with him.


oh.

he certainly seem impressed with himself

Anonymous Takin' a Look June 11, 2016 2:35 AM  

@ Sumdood

As one of the commentors stated, a lawsuit like that in favor of Gawker/Denton would set a very bad precedent. The SPLC, NAACP, heck, any organization that helped out a plaintiff or possibly even defendants would be subjected to counter-suits.

SJWs and their enablers don't often think things through so it would be par for the course. <------me grinning evily

Anonymous Takin' a Look June 11, 2016 2:37 AM  

Hmm, wrong thread, disregard the above.

Anonymous Takin' a Look June 11, 2016 2:41 AM  

N/m I'm on the right thread. This is just me after an hour shushing a crying baby. I'll have my coffee before I comment again.

Blogger Scott Birch June 11, 2016 11:58 AM  

Chapter 11 is a way to keep a company going, at least for a while. Gawker will be able to restructure, delay payments, and reduce penalties by appeal. It's still embarrassing for Denton though. And a lesson for me personally: I don't have to be that good, integral or even honest a writer to make shitloads of money just so long as I learn to position myself properly. Jeez but our world is a mess.

Blogger GFR June 11, 2016 8:07 PM  

Bend over Nick - squeal like a pig, now smile for the camera..

Blogger LP9 Solidified in Gold! Rin Integra June 12, 2016 11:31 AM  

Happy for Thiel, I watching this from the Bloomberg News or Zerohedge perspective, was just waiting on the sinkdown. Consider how Macys (went against Trump), TargetTransgen and GlennBec (whom went against Trump) all seem to be in decline. Gawker wasn't going to make as a forum, or platform, I rather promote but I'm probably wrong, facebook, twitter, sirius radio, etc., will all fail so do the screen shots, Doc or Document everything for archives.

Anonymous Atropos June 12, 2016 9:05 PM  

He's chiding Vox (and the rest of us) for not being Christian enough, and claiming to be a prophet. Let Matthew deal with him.

I'm actually doing a little bit more than that.

Ask your glorious Host where he's getting his leads from.

And no, I'd rather scrub my non-penis endowed parts with battery acid than be a Prophet in your understanding of the concept.

Oh, and please:

Matthew was the dumb goat-herder putting it out for the peasants.

Mark for the lowest class urbanites.

Luke for the Professional Classes.

John for the Intelligentsia.


Thank-you for explaining just where your version of Christianity is based though.


Illuminating.

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