Gawker Media filed for Chapter 11 bankruptcy on Friday — hours before the media company was sold at auction to another media giant.
The move came after a Florida judge ruled Gawker must pay former wrestler Hulk Hogan $140 million for publishing a sex tape that shows him having intimate relations with the then-wife of his best friend.
A judge refused to grant owner Nick Denton a new trial and ordered him to put up a $50 million bond to file an appeal.
Denton chose to sell the company instead.
In the bankruptcy filing Denton said his company has $2 million in cash and 200-500 creditors with an estimated $100 million to $500 million in debt.
He said he filed for bankruptcy to scrape up enough cash for an appeal and to preserve jobs.
Filing for an appeal means Hogan probably won’t see a penny of his $140 million judgment for years.
Hopefully he won’t die of a heart attack before then.
