Gawker founder files for bankruptcy after Hogan suit

August 02, 2016 03:53

Gawker Media founder Nick Denton has filed for personal bankruptcy protection in a bid to stop Hulk Hogan from seizing his assets in a multimillion-dollar sex tape judgment.

The office of the British internet entrepreneur, who controls a 68 percent stake in the news and entertainment website, confirmed the move to AFP. His lawyers gave no further details when asked to comment.

In March, a US jury in Florida ordered that wrestling star Hogan be allowed to collect USD 140 million in total compensation after Gawker published a tape of him having sex with a friend's wife.

Gawker Media filed for Chapter 11 bankruptcy protection in June, also seeking to sidestep a shutdown over the jury's verdict.

Denton estimated his assets at $10-15 million, according to a copy of his Chapter 11 individual bankruptcy filing published by Politico. In a memo to staff, obtained by AFP, Denton appeared upbeat about the prospects of Gawker surviving.

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