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Gawker Media files for Chapter 11 failure protection
- Updated: June 11, 2016
New York: Gawker Media has filed for Chapter 11 failure protection, about 3 months after pro wrestler Hulk Hogan won a USD 140 million lawsuit opposite a online report and news publisher.
The New York association says in a filing that it has as most as USD 500 million in debt and adult to USD 100 million in assets.
Hogan sued Gawker after it posted a video of him carrying sex with a friend’s wife. Hogan was awarded USD 115 million in saving indemnification and an combined USD 25.1 million in punitive damages.
It was after suggested that billionaire tech financier Peter Thiel had been personally appropriation Hogan’s lawsuit.