Gawker has officially fired for chapter 11. What do you guys think this means for the future of online journalism?
Apparently, they're doing this so they don't have to pay Hogan and are going to Sell the Company to Ziff Davis.
They already have a buyer and will continue on
How butthurt are the /pol/ stormfags now?
>>76766881
The more things change, the more they stay the same.
I just had an anal fissure erupt.
There will still be clickbait in the form of race and gender baiting, but they'll make less money because they won't publish illegal videos anymore.
>>76766881
>>76767034
Even if they do have a buyer lined up already, unless this buyer is paying the entire sum of their outstanding debts (This includes the Hulk Hogan payout) Gawker's properties and assets will probably end up being auctioned off individually.
>>76766881
>>76766785
>>76767034
>>76767769
I wish Peter Thiel would buy them... that would be legendary.
>>76766495
wasnt it gawker that said they wouldnt play donald trump ads? didnt pol say theyd go under soon?
>>76766495
Heil Hitler, fellow /gamergater/
If Milo actually buys them and turns them into conservative news outlets, the massive butthurt outcry would be heard around the world.
Also, before the "hurr why are you guys celebrating surpression of free speech" retard comes in, here's the rebuttal: filming someone having sex with a hidden camera, then posting it on your website, then refusing a judge's lawful order to take it down - none of this is covered by free speech, it's all fucking illegal and absolute scumbaggery. There's a reason Gawker's editor-in-chief A.J. Daulerio stated under oath that he'd publish the sex tape of a five-year-old. They're all absolute scumbags.
>>76766495
It means online journalism will have to grow up.
>>76766785
They still have to sell every single asset they have and pay Hogan whatever they get from them. Hogan still gets paid he just doesn't get everything that he legally deserves. The rest of the money that cannot be paid is forgiven but the person's credit is ruined for years.
>>76770470
Not true. It's important to make a distinction between Ch. 7 and Ch. 11 bankruptcy. Ch. 7 is a liquidation bankruptcy. Ch. 11 is a reorganization bankruptcy. Gawker filed Ch. 11.
Under Ch. 11, Gawker will have to submit a reorganization plan. It will have to be approved by its various classes of creditors, as well as the court. If approved, then Gawker will have a set period of time to reorganize.
Bankruptcy law is very complex, but this is the basics of it.
t. an actual attorney, not a /pol/ attorney.
>>76770734
So they pay Hogan after the reorganization then? Does that mean Hogan gets the entire amount?
>>76770734
get out of here with your facts
>>76771259
It's very complicated, but the short answer is maybe not.
Hogan is what's known as an unsecured creditor. IE, the debt Gawker owes him is not secured by an asset. Unsecured creditors get paid last, if at all. Secured creditors get paid first.
An example of a secured creditor would be the bank that owns the office on which Gawker has a mortgage. The debt owed to the bank is secured by the building.
Hogan's debt is not secured by an asset that has value. It merely exists on paper.
That's why unsecured debt - like credit cards - typically have higher interest rates than secured debt - like mortgages. Because unsecured debt is inherently more risky.
I'm really sick of the false premise that this was a rich man somehow preventing freedom of the press. They broke the law.
>>76771872
That makes sense. Is it possible Hogan might get nothing from this reorganization then?
>>76773411
It's possible, but there are a variety of things his attorneys can attempt to do to prevent him from getting shafted. With a sum this large, I imagine both sides will pull out all the stops.
>>76770734
In restructuring, do you think main Gawker base will close or vastly restructure? Might be better to rebrand or shut the doors. Will the parent companies will remain?
>>76774859
It's completely up in the air at this point, but I believe the most likely buyer at this moment seems interested in some of the Gawker sites, but not others.
>>76766881
Well seeing as how ownership through purchase comes with essentially a lien, not too mad.
I mean, why would you buy something where the added cost is as much as the actual value?
>>76766495
gawker is shit
