Denton issued a statement saying Campbell “got this one wrong” because his initial $81 million estimate was actually Hogan’s. The internet entrepreneur owes the famous wrestler $125 million on a $140 million jury award for an invasion of privacy lawsuit.
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Hulk Hogan looks on moments after a St. Petersburg, Fla., jury hit Gawker Media with $15 million in punitive damages and its owner with $10 million in March.
“On this bitter day for me, I am consoled by the fact that my colleagues will soon be freed from this tech billionaire’s vendetta”, Denton tweeted Monday.
Denton listed assets of US$10 million to US$50 million and liabilities of US$100 million to US$500 million in his Chapter 11 bankruptcy petition, filed in U.S. Bankruptcy Court for the Southern District of NY.
The former professional wrestler sued Gawker Media after the website published a 90-second excerpt of Hogan’s sex tape.
Gawker filed for bankruptcy shortly after the jury’s verdict, but Denton resisted, asking the bankruptcy court to protect him as part of the process.
“Gawker Media Group’s resilient brands and people will thrive under new ownership”, he took to Twitter to say.
In bankruptcy court, Denton’s argument was that he knew that his personal filing was inevitable, but that it was best for all involved, including Hogan as Gawker’s largest creditor, to limit distractions while courting buyers for the company assets in its upcoming bankruptcy court auction.
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David Houston, Hogan’s lawyer said the filing spelled victory for his client. He was also a defendant in the lawsuit.
