the Plan Administrator will only depress the value to be achieved in any sale," the billionaire's lawyers argue. Thiel, the most able and logical purchaser, from the sale process on specious grounds. Thiel's interest in participating in the sale process," but that they had been rebuffed and then ignored. Thiel's representatives also said that they contacted those administrating the sale of last month "to express Mr. The marketing of those claims is at the center of Thiel's complaint, in which his lawyers argue that Holden should not be able to conduct a sale of those claims and ask that the court drop a motion that allows for discovery to move forward. The Wall Street Journal reported that Holden has been exploring the sale of since July, and that he recently marketed the site’s potential legal claims against Thiel as part of its appeal.
Since then, Gawker’s estate administrator and lawyers have been in and out of federal bankruptcy court in New York, where they’ve ironed out provisions from the sale of Gawker’s assets and sought to open legal discovery into Thiel for his role in aiding Hogan’s lawsuit. Unable to pay the $140 million verdict awarded to Hogan by a Florida jury, Gawker Media filed for bankruptcy and sold most of its sites to Univision last year. In May 2016, Forbes revealed that Thiel, motivated in part by a 2007 Gawker story about his sexuality, had spent millions of dollars funding Hogan’s legal challenge.
#Gawker bankrupcy archive
The sale of ’s assets - including its domain name, social media channels, and 14-year archive - is one of the last chapters of a saga that began with former professional wrestler Hulk Hogan’s invasion of privacy lawsuit and resulted in Gawker Media’s bankruptcy.
Holden and Galardi did not immediately respond to requests for comment.
Thiel as a bidder are resolved,” the filing reads.Ī spokesperson for Thiel declined to comment. Thiel's counsel requested that the Plan Administrator agree to pause the ongoing sale process so that a sale of the assets is not consummated until the issues concerning the Plan Administrator's blockade of Mr. Thiel to participate in the sale process, Mr. “In light of the Plan Administrator's refusal to allow Mr. Holden and Galardi have been “maintaining selective secrecy over that process,” according to Thiel’s lawyers from Skadden, Arps, Slate, Meagher & Flom LLP. In the filing, Thiel’s lawyers allege that he was prevented from receiving information in regard to a potential bid for by plan administrator William Holden and his counsel, Gregg Galardi, following a Wall Street Journal story in October that said Holden and Galardi had started to market the website to potential buyers. Whoever ends up buying the site will also buy its archives, which are still up, and will have the right to do with them what they want, including delete them. While its sister sites were sold to Univision in August 2016 for $135 million following Gawker Media’s bankruptcy, a bankruptcy plan administrator has not been able to find a buyer for. The filing, which comes more than a year after the revelation that Thiel helped finance a clandestine legal war to destroy ’s parent company, Gawker Media, lays the groundwork for the Facebook board member’s possible bid for the dormant website. In a federal bankruptcy court filing on Wednesday, lawyers for venture capitalist Peter Thiel objected to the ongoing sale process of, arguing that the billionaire has been unfairly excluded from bidding for the assets of the defunct news website.
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