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"A Pinellas County judge granted Gawker Media's motion to postpone the $140.1 million judgment awarded to former professional wrestler Hulk Hogan pending a review from an appeals court with the condition that stock shares from the media company be used as security.", www.tampabay.com
"Gawker filed for bankruptcy Friday in New York federal court shortly after a lawyer for the gossip website told a Florida judge that it couldn't afford to pay a $140 million jury award to wrestling legend Hulk Hogan for posting his sex tape online. The Chapter 11 bankruptcy filing says that Gawker has between 200 and 1,000 creditors, between $50 million and $100 million in assets and $100 million to $500 million in liabilities. The company says that it will use two loans, one $15 million one made by Menlo Park, Calif. venture capital firm US VC Partners, and another $7.6 million one made by Silicon Valley Bank, to stay afloat during the proceeding. The filing also says that Gawker plans to start 'the process of marketing and selling assets of the company.' Gawker's largest creditor is Hogan, followed by the law firm Morrison Cohen LLP, to which it owes $115,000 in legal fees. Other creditors include an $82,000 debt to the risk strategy company DeWitt", nypost.com
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