"BrtStlnd" (BrtStlnd)
06/10/2016 at 13:07 • Filed to: Hulkamania
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"BrtStlnd" (BrtStlnd)
06/10/2016 at 13:07 • Filed to: Hulkamania | 3
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Bloomberg is reporting that Gawker filed for bankruptcy today in New York.
!!! UNKNOWN CONTENT TYPE !!!
Nibby
> BrtStlnd
06/10/2016 at 13:09 |
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Thanks for the reminder. I got a few paychecks to deposit now.
The perks of Jalopnik Gold. :)
Supreme Chancellor and Glorious Leader SaveTheIntegras
> BrtStlnd
06/10/2016 at 13:11 |
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hulk came and took all my checks...
HammerheadFistpunch
> BrtStlnd
06/10/2016 at 13:11 |
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Ah good, I’m sure we’ll hear about this from the official GM channels when the lights go dark and we are all wondering if we were kinja’d or hulk’d?
ws6chicken
> BrtStlnd
06/10/2016 at 13:11 |
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Now if only we could go back to the jalopnik of the late aughts
McMike
> BrtStlnd
06/10/2016 at 13:11 |
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I just saw that. As a matter of fact, it was via a Tweet by Sean MacDonald.
Margin Of Error
> BrtStlnd
06/10/2016 at 13:13 |
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It was nice interacting with (some) of you, especially Roberto G.
may you all GTFAC and save the manuals.
Krieger (@FSKrieger22)
> BrtStlnd
06/10/2016 at 13:14 |
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Got it via Reuters. Well, I wonder if they will release Kinja tech into the wild so Oppo, CL, LaLD and the others can stand a chance on their own...
Sam
> HammerheadFistpunch
06/10/2016 at 13:15 |
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And since it’s Gawker, they’ll blame everyone else but themselves and claim that they are the good guys, fighting for our freedom or something. In fact, that is probably exactly what they’ll say, I’m calling it now.
EL_ULY
> BrtStlnd
06/10/2016 at 13:15 |
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bankruptcy of course doesn’t 100% mean shutting down... right?
shop-teacher
> McMike
06/10/2016 at 13:16 |
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I’m sure he was smirking when he sent that.
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BrtStlnd
> EL_ULY
06/10/2016 at 13:17 |
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I read a quote from Denton saying they’d continue operations.
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EL_ULY
> Krieger (@FSKrieger22)
06/10/2016 at 13:17 |
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hopefully dude. LaLD has got for pretty rad things in the works for this year. This would be a disaster for our crew
crowmolly
> EL_ULY
06/10/2016 at 13:17 |
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No.
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shop-teacher
> EL_ULY
06/10/2016 at 13:17 |
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Not at all, but you know how the ultranets love to freak out :)
They’re probably just trying to avoid paying the Hulkster.
area man
> BrtStlnd
06/10/2016 at 13:17 |
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Of course I pick today to publish my weeks-in-the-making long read...
JRapp: now as good as new again
> BrtStlnd
06/10/2016 at 13:18 |
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Is it time to start setting up an alternative Oppoverse sans Gawker?
Party-vi
> BrtStlnd
06/10/2016 at 13:19 |
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I should know this by now, but there is a difference between bankruptcy and bankruptcy protection, right?
Quadradeuce
> Krieger (@FSKrieger22)
06/10/2016 at 13:19 |
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Anything that doesn’t generate revenue but costs hosting will get axed real soon. Enjoy Oppo while you can...
WiscoProud
> EL_ULY
06/10/2016 at 13:21 |
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No. For an asset intensive business like a manufacturer, someone might buy it and strip out all the assets. For a company like Gawker, there really aren't any tangible assets, so the value is in keeping it running. The big question is who buys it and what they change the strategy to be.
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crowmolly
> Party-vi
06/10/2016 at 13:21 |
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They appear to have filed Chapter 11. So
protection from creditors given to a company in financial difficulties for a limited period to allow it to reorganize.
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Sam
> shop-teacher
06/10/2016 at 13:21 |
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That won’t work, of course. They still have to win the cases or settle them at the least. Mostly it depends on the terms of the restructuring. I wouldn’t be surprised if Denton is sued personally after trying to evade the lawsuits.
qbeezy
> BrtStlnd
06/10/2016 at 13:22 |
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Doesn’t mean they’re through, but someone will come in and buy it on the hella cheap
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BrtStlnd
> Party-vi
06/10/2016 at 13:22 |
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I’m no bankruptcy lawyer, but the biggest difference is between Chapter 7 & Chapter 11
http://www.investopedia.com/ask/answers/19…
StingrayJake
> EL_ULY
06/10/2016 at 13:23 |
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Probably not but things could certainly change. New owners could see Jalopnik as unnecessary. Or (a bit less worse but still bad), decide it’s not worth the server space to maintain the community-ran blogs like Oppo and LaLD.
I said this on Twitter and I’ll add it here. If you have any good content on a community blog that you don’t want to go missing, I suggest copy/pasting it into a word document on your hard drive. Not sure if community authors even own the copyright to their own content here, but at least it would be saved somewhere.
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BrtStlnd
> McMike
06/10/2016 at 13:25 |
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The WSJ adds that the company will be put for sale in bankruptcy auction, which will begin with an opening bid of $100 million from the digital media company and publisher Ziff Davis LLC
http://www.zerohedge.com/news/2016-06-1…
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Party-vi
> crowmolly
06/10/2016 at 13:25 |
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So essentially, they get a bid for GM and if the case is denied an appeal it goes to Bollea & Crew, but if they are granted an appeal and win/have a reduced amount then the balance would go back to GM?
not for canada - australian in disguise
> BrtStlnd
06/10/2016 at 13:30 |
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Hulkamania ran wild.
unclevanos (Ovaltine Jenkins)
> not for canada - australian in disguise
06/10/2016 at 13:32 |
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OH BROTHER!
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Sam
> Party-vi
06/10/2016 at 13:33 |
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With my limited understanding, I think the suit continues on with the company, even if sold. So they will probably have a hell of a time finding someone to buy in to that mess.
facw
> Sam
06/10/2016 at 13:41 |
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In a bankruptcy, Hulk Hogan becomes just another creditor, which means that he would almost certainly have to take less than the full amount. The personal penalties for Denton and AJ still exist, but it’s quite possible that will mean bankruptcy for both of them as well, since AJ has a negative net worth, and most of Denton’s worth is based on Gawker and would be wiped out in a bankruptcy.
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Sam
> facw
06/10/2016 at 13:44 |
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What about the Thiel suit, since that is still ongoing?
Mojo Jojo
> facw
06/10/2016 at 13:58 |
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Not entirely true, settlements are often not able to be discharged. If they were, anyone that lost a civil case would just go down the hall in the courthouse and declare bankruptcy.
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facw
> Mojo Jojo
06/10/2016 at 14:02 |
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But in the case of a corporation, they can sell their assets and leave the company with only liabilities plus whatever they raised from the sale. That of course will wipe out the current owners though. Harder to do that if you are a person.
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Mojo Jojo
> facw
06/10/2016 at 14:07 |
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Which is what they seem to be doing.
Step 1 - reduce outstanding debt.
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McMike
> BrtStlnd
06/10/2016 at 14:27 |
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Ziff Davis
EDIT - Damnit, that’s the CEO from nine years ago.
Leaving it because I can’t make another one before the edit timeout. Have a nice weekend everyone.